Exam 8: New Product Development

Marketers for Stoic televisions use promotional tactics to attract consumers and boost purchases.The product is most likely in its growth stage.

Yezi Instant Noodles is a well-established brand.It has launched Yezi Instant Soup in four new and different flavours, to offer more variety to its existing consumers.This is an example of the _____ approach to new product development.

Which of the following products experiences an immediate rapid growth, followed by an equally rapid decline?

Which of the following marketing objectives should a product in the introduction stage of the product life cycle have?

The _____ is generally the longest stage in the product life cycle with marketers using short-term promotional tactics such as consumer promotions.

In the introduction stage of the product life cycle there is typically minimal competition.

Marketers at Polka Ltd.are using the price skimming strategy.This means that they are using low prices to enter the market.

Many marketers use the concept of _____ to manage a product from its initial launch through to its eventual decline.

When the Nokia cellphone was launched in the market, it required little education on behalf of consumers.Consumers trusted the brand and, within a few days, Nokia had sold more than a million units.This is an example of a _____ product.

The stage of the product life cycle when a product is first presented to its intended target market is called the _____ stage.

The sequential diffusion and acceptance of an innovation into the market by consumers is called _____.

Describe the maturity stage of a product life cycle.

Which of the following is a marketer adopting if he is targeting new markets with current products?

Once a product has reached its maturity stage, it often needs an injection of newness to focus the market on the product and to provide a competitive advantage.This strategy is called repositioning.

Which of the following is true of a fashion product?

The maturity stage of a product life cycle is characterized by a slowdown of growth in both sales and profit areas.

Business analysis involves determining financial projections on bringing a new product to the market.

A low-learning product is one where there is an extended introductory period due to the significant efforts required to educate customers.

Klen, a cellphone manufacturer, realizes that one of its products is experiencing a consistent decline in sales and profits.The company, however, decides to keep the product, but reduces marketing support in an attempt to reap minor profits.This strategy is called _____.

What is meant by commercialization?