Question 1

For products designed for business markets, market testing is ________.

Accepted Answer

A)   identical to the testing in B2C market
B)   smaller in scope and involves fewer individuals and companies
C)   larger in scope and involves more individuals and companies
D)   insignificant in the new-product development process
E)   not conducted for sustainable innovationsF) A) and B)
G) C) and D)

Question 2

When products like cell phones are promoted as a safety device for working women and moms, this demonstrates that one way to find "new" markets is to ________.

Accepted Answer

A)   develop product penetration strategies
B)   sell added benefits to the existing customers
C)   reposition the existing products targeting different customer segments
D)   alter the cost so more people can afford the product
E)   create advertisements targeting working women and momsF) D) and E)
G) A) and E)

Question 3

The primary function of marketing and the entire organization, in a broader context, is to ________.

Accepted Answer

A)   increase employee turnover
B)   offer highly customized products
C)   deliver value to the customer
D)   focus on short-term benefits
E)   eliminate barriers to market entryF) A) and B)
G) D) and E)

Question 4

A stock-keeping unit (SKU) is a unique identification number used to track a product in the consumer's home.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following helps clarify the basic operationalization of a product during product testing, such as the physical characteristics and features?

Accepted Answer

A)   alpha testing
B)   beta testing
C)   business case analysis
D)   innovation diffusion process
E)   concept testingF) A) and E)
G) A) and B)

Question 6

The targeted consumers during the maturing phase of a product life cycle are innovators and early adopters.

Accepted Answer

A) True 
 B)False

Question 7

Companies often use features to differentiate themselves from competitors. However, a company must balance the features customers want with ________.

Accepted Answer

A)   what the competition offers
B)   the ability to manufacture the feature in a timely way
C)   what customers will pay
D)   the configurations that make a positive brand look stylish
E)   the resources available for productionF) B) and D)
G) C) and D)

Question 8

________ can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas.

Accepted Answer

A)   Utility
B)   Strategy
C)   Exchange
D)   Product
E)   MarketF) B) and E)
G) C) and E)

Question 9

________ is the focus of a product launch marketing plan, because if you can get consumers to use the product once, you can win them over with superior product design, features, and value.

Accepted Answer

A)   Adoption
B)   Trial purchase
C)   Interest
D)   Evaluation
E)   AwarenessF) C) and D)
G) B) and E)

Question 10

In the ________ phase of the product life cycle (PLC) , sales continue to increase but at a decreasing rate.

Accepted Answer

A)   maturity
B)   growth
C)   introduction
D)   decline
E)   initialF) None of the above
G) C) and E)

Question 11

During the decline phase of the product life cycle, ________.

Accepted Answer

A)   promotion is focused on product awareness
B)   companies boost customer service efforts to keep up with product
C)   channel members cease to support the product
D)   the product reaches its maximum distribution
E)   promotion emphasizes brand advertising and comparative adsF) All of the above
G) A) and E)

Question 12

While screening and evaluating ideas, a go-to-market mistake happens when ________.

Accepted Answer

A)   a good idea is prematurely eliminated during the screening process
B)   a company fails to stop a bad product idea from moving into product development
C)   a company uses only internal sources to generate product ideas
D)   a company uses only external sources to generate product ideas
E)   a good idea that involves high costs is implementedF) A) and B)
G) A) and E)

Question 13

When consumer product market tests are created, what four key decisions must be made, and why?

Accepted Answer

1. Where: The location of the market tes...

Question 14

In the context of criteria used to prioritize product ideas, time to market refers to the time taken to ________.

Accepted Answer

A)   create awareness about a product among new market segments
B)   generate product ideas using internal forces
C)   develop and get the product to market
D)   get the product through the introduction stage to the growth stage
E)   analyze market conditions to forecast salesF) None of the above
G) B) and D)

Question 15

Product followers who purchase older generation models with lower prices and fewer features are called ________.

Accepted Answer

A)   laggards
B)   early adopters
C)   innovators
D)   the late majority
E)   the early majorityF) A) and D)
G) A) and C)

Question 16

Clothes, furniture, and major appliances such as refrigerators and dishwashers are examples of ________ goods.

Accepted Answer

A)   convenience
B)   specialty
C)   unsought
D)   capital
E)   shoppingF) B) and D)
G) A) and B)

Question 17

Informing and educating the target audience about the product's benefits and features is part of the communication strategy in the ________ phase of the product life cycle.

Accepted Answer

A)   introduction
B)   growth
C)   maturity
D)   decline
E)   regressionF) D) and E)
G) A) and D)

Question 18

Barbara's Bakery sells custom cakes, cookies, and other pastries. These represent Barbara's Bakery's product line.

Accepted Answer

A) True 
 B)False

Question 19

The failure of Apple Newton, the first PDA, highlights the fact that ________.

Accepted Answer

A)   the essential benefit is not the fundamental need met by a product
B)   people look for products that are technically superior
C)   the best product technically is not always the most successful product
D)   the essential component in delivering value is product pricing
E)   intense marketing communications can even make a wrong product successfulF) None of the above
G) A) and D)

Question 20

Luxury cars such as the Chevrolet Corvette are available with tires that enable a driver to continue driving even after the tire has been damaged. This is an example of Corvette using style as a product discriminator.

Accepted Answer

A) True 
 B)False

Exam 8: Product Strategy and New Product Development

Luxury cars such as the Chevrolet Corvette are available with tires that enable a driver to continue driving even after the tire has been damaged. This is an example of Corvette using style as a product discriminator.

Correct AnswerverifiedShow Answer

Product followers who purchase older generation models with lower prices and fewer features are called ________.

Correct AnswerverifiedShow Answer

While screening and evaluating ideas, a go-to-market mistake happens when ________.

Correct AnswerverifiedShow Answer

________ is the focus of a product launch marketing plan, because if you can get consumers to use the product once, you can win them over with superior product design, features, and value.

Correct AnswerverifiedShow Answer

For products designed for business markets, market testing is ________.

Correct AnswerverifiedShow Answer

Informing and educating the target audience about the product's benefits and features is part of the communication strategy in the ________ phase of the product life cycle.

Correct AnswerverifiedShow Answer

________ can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas.

Correct AnswerverifiedShow Answer

Barbara's Bakery sells custom cakes, cookies, and other pastries. These represent Barbara's Bakery's product line.

Correct AnswerverifiedShow Answer

When products like cell phones are promoted as a safety device for working women and moms, this demonstrates that one way to find "new" markets is to ________.

Correct AnswerverifiedShow Answer

Clothes, furniture, and major appliances such as refrigerators and dishwashers are examples of ________ goods.

Correct AnswerverifiedShow Answer

Companies often use features to differentiate themselves from competitors. However, a company must balance the features customers want with ________.

Correct AnswerverifiedShow Answer

Which of the following helps clarify the basic operationalization of a product during product testing, such as the physical characteristics and features?

Correct AnswerverifiedShow Answer

When consumer product market tests are created, what four key decisions must be made, and why?

Correct Answerverified1. Where: The location of the market tes...View AnswerShow Answer

In the context of criteria used to prioritize product ideas, time to market refers to the time taken to ________.

Correct AnswerverifiedShow Answer

The failure of Apple Newton, the first PDA, highlights the fact that ________.

Correct AnswerverifiedShow Answer

The targeted consumers during the maturing phase of a product life cycle are innovators and early adopters.

Correct AnswerverifiedShow Answer

The primary function of marketing and the entire organization, in a broader context, is to ________.

Correct AnswerverifiedShow Answer

During the decline phase of the product life cycle, ________.

Correct AnswerverifiedShow Answer

In the ________ phase of the product life cycle (PLC) , sales continue to increase but at a decreasing rate.

Correct AnswerverifiedShow Answer

A stock-keeping unit (SKU) is a unique identification number used to track a product in the consumer's home.

Correct AnswerverifiedShow Answer

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1. Where: The location of the market tes...
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