Question 1

In consumer-goods market testing, the company seeks to estimate four variables. These four variables are: trial, first repeat, adoption, and ________.

Accepted Answer

A)  guaranteed response 
B)  price sensitivity 
C)  purchase frequency 
D)  usage convenience 
E)  preferential treatment 
A)  guaranteed response 
B)  price sensitivity 
C)  purchase frequency 
D)  usage convenience 
E)  preferential treatment C

Question 2

Modern firms use the ________ tool to design products on a computer and then produce rough models to show potential consumers for their reactions.

Accepted Answer

A)  morphological analysis 
B)  rapid prototyping 
C)  concept testing 
D)  perceptual mapping 
E)  conjoint analysis 
A)  morphological analysis 
B)  rapid prototyping 
C)  concept testing 
D)  perceptual mapping 
E)  conjoint analysis B

Question 3

Identify the five main characteristics that affect the diffusion of innovations. Describe each and provide an example.

Accepted Answer

The five main characteristics that affect the diffusion of innovations are relative advantage, compatibility, complexity, trialability, and observability.

1. Relative advantage: This refers to the degree to which an innovation is perceived as better than the idea it supersedes. For example, the introduction of smartphones had a relative advantage over traditional cell phones because they offered more features and capabilities.

2. Compatibility: This refers to the degree to which an innovation is perceived as consistent with existing values, past experiences, and needs of potential adopters. For example, the adoption of electric cars is influenced by their compatibility with environmental concerns and the desire for sustainable transportation.

3. Complexity: This refers to the degree to which an innovation is perceived as difficult to understand and use. For example, the adoption of new software in a workplace may be hindered if it is perceived as too complex for employees to learn and use effectively.

4. Trialability: This refers to the degree to which an innovation can be experimented with on a limited basis. For example, free trial versions of software or sample products allow potential adopters to try out the innovation before committing to full adoption.

5. Observability: This refers to the degree to which the results of an innovation are visible to others. For example, the adoption of solar panels becomes more likely when people can observe the energy savings and environmental benefits experienced by others in their community.

These characteristics play a significant role in determining the rate and extent of adoption of innovations in various contexts.

Question 4

Brown & Smith Inc. engages in the design, development, making, and retail selling of designer jewelry in North America. Before approving a new design, the company draws it on a computer and then produces models to show potential consumers and get their reactions. This allows the company to analyze the possible customer reaction. Identify the concept testing method used here.

Accepted Answer

A)  conjoint analysis 
B)  perceptual mapping 
C)  virtual reality testing 
D)  rapid prototyping 
E)  digital fabrication 
A)  conjoint analysis 
B)  perceptual mapping 
C)  virtual reality testing 
D)  rapid prototyping 
E)  digital fabrication

Question 5

Consumer preferences for alternative product concepts can be measured through ________, a method for deriving the utility values that consumers attach to varying levels of a product's attributes.

Accepted Answer

A)  concept testing 
B)  perceptual mapping 
C)  gap level analysis 
D)  conjoint analysis 
E)  morphological analysis 
A)  concept testing 
B)  perceptual mapping 
C)  gap level analysis 
D)  conjoint analysis 
E)  morphological analysis

Question 6

Increasingly, new-product ideas arise from ________ that combines two product concepts or ideas to create a new offering.

Accepted Answer

A)  reverse assumption analysis 
B)  lateral marketing 
C)  attribute listing 
D)  forced relationships 
E)  morphological analysis 
A)  reverse assumption analysis 
B)  lateral marketing 
C)  attribute listing 
D)  forced relationships 
E)  morphological analysis

Question 7

The trade-off approach may be easier to use when there ________.

Accepted Answer

A)  are many variables 
B)  are only a few alternatives 
C)  are observers that are biased 
D)  are possible offers that are limited 
E)  is only one highly desirable solution 
A)  are many variables 
B)  are only a few alternatives 
C)  are observers that are biased 
D)  are possible offers that are limited 
E)  is only one highly desirable solution

Question 8

Identify a shortcoming of giving the responsibility to develop new products to the product managers of a company.

Accepted Answer

A)  They would not be familiar with the industry standards. 
B)  Product managers would not have an operational focus. 
C)  Product managers are often busy managing existing lines. 
D)  They will find it difficult to gain support from employees. 
E)  Product managers are less likely to use participative management. 
A)  They would not be familiar with the industry standards. 
B)  Product managers would not have an operational focus. 
C)  Product managers are often busy managing existing lines. 
D)  They will find it difficult to gain support from employees. 
E)  Product managers are less likely to use participative management.

Question 9

Joseph, a student of Columbia University, finds many of his classmates have purchased an iPad tablet from Apple. The iPad, launched a few months before has been identified as a very useful product and many students in the US have rated it highly. Considering all these, Joseph also decides to purchase an iPad. Which of the following is the adopter group to which Joseph belongs?

Accepted Answer

A)  early adopter 
B)  innovator 
C)  late majority 
D)  laggard 
E)  early majority 
A)  early adopter 
B)  innovator 
C)  late majority 
D)  laggard 
E)  early majority

Question 10

Adopters of new products move through five stages. These stages begin with ________ and follow with interest, evaluation, trial, and adoption.

Accepted Answer

A)  awareness 
B)  investigation 
C)  trial 
D)  innovation 
E)  diffusion 
A)  awareness 
B)  investigation 
C)  trial 
D)  innovation 
E)  diffusion

Question 11

The ________ creativity technique begins with a thought that is written down, then proceeds to develop other thoughts that are linked to the first thought, and finally a new idea materializes by associating all of the thoughts.

Accepted Answer

A)  mind mapping 
B)  contextual analysis 
C)  attribute listing 
D)  reverse assumption analysis 
E)  morphological analysis 
A)  mind mapping 
B)  contextual analysis 
C)  attribute listing 
D)  reverse assumption analysis 
E)  morphological analysis

Question 12

After creating a product prototype, a company tests it within the firm to see how it performs in different applications. The company refines the prototype to correct the mistakes found in in-house testing. What should be the next step?

Accepted Answer

A)  commercializing the product 
B)  performing concept testing 
C)  conducting beta testing with customers 
D)  creating a marketing strategy for the product 
E)  performing business analysis 
A)  commercializing the product 
B)  performing concept testing 
C)  conducting beta testing with customers 
D)  creating a marketing strategy for the product 
E)  performing business analysis

Question 13

Which of the following characteristics is closely associated with late majority adopter groups?

Accepted Answer

A)  superior technological knowledge 
B)  low price sensitiveness 
C)  opinion leadership 
D)  deliberate pragmatism 
E)  high risk aversion 
A)  superior technological knowledge 
B)  low price sensitiveness 
C)  opinion leadership 
D)  deliberate pragmatism 
E)  high risk aversion

Question 14

Expensive industrial goods and new technologies will normally undergo alpha and beta testing.

Accepted Answer

A) True 
 B)False

Question 15

Perceived value refers to the gap between actual needs and satisfied needs of a customer.

Accepted Answer

A) True 
 B)False

Question 16

Angell Healthcare, the world's largest manufacturer of protective gloves and clothing, adopted a spiral development process, which divided the innovation process into stages with checkpoints at the end of each stage, to develop products that increased overall sales from 4.6 percent to 13 percent in a little over two years.

Accepted Answer

A) True 
 B)False

Question 17

Sales-wave research can be implemented quickly and carried out without final packaging and advertising.

Accepted Answer

A) True 
 B)False

Question 18

________ testing is a customer test that involves placing the product within the firm to see how it performs in different applications.

Accepted Answer

A)  Beta 
B)  Research 
C)  Sales-wave 
D)  Alpha 
E)  Simulated 
A)  Beta 
B)  Research 
C)  Sales-wave 
D)  Alpha 
E)  Simulated

Question 19

Rapid prototyping refers to designing products on a computer and then producing rough models to show potential consumers for their reactions.

Accepted Answer

A) True 
 B)False

Question 20

A group of young students run an Internet center. In an attempt to increase their profitability they start a cafe alongside the existing business. Explain the type of marketing used here.

Accepted Answer

Lateral marketing is

In consumer-goods market testing, the company seeks to estimate four variables. These four variables are: trial, first repeat, adoption, and ________.

Modern firms use the ________ tool to design products on a computer and then produce rough models to show potential consumers for their reactions.

Identify the five main characteristics that affect the diffusion of innovations. Describe each and provide an example.

Consumer preferences for alternative product concepts can be measured through ________, a method for deriving the utility values that consumers attach to varying levels of a product's attributes.

Increasingly, new-product ideas arise from ________ that combines two product concepts or ideas to create a new offering.

The trade-off approach may be easier to use when there ________.

Identify a shortcoming of giving the responsibility to develop new products to the product managers of a company.

Adopters of new products move through five stages. These stages begin with ________ and follow with interest, evaluation, trial, and adoption.

The ________ creativity technique begins with a thought that is written down, then proceeds to develop other thoughts that are linked to the first thought, and finally a new idea materializes by associating all of the thoughts.

After creating a product prototype, a company tests it within the firm to see how it performs in different applications. The company refines the prototype to correct the mistakes found in in-house testing. What should be the next step?

Which of the following characteristics is closely associated with late majority adopter groups?

Expensive industrial goods and new technologies will normally undergo alpha and beta testing.

Perceived value refers to the gap between actual needs and satisfied needs of a customer.

Sales-wave research can be implemented quickly and carried out without final packaging and advertising.

________ testing is a customer test that involves placing the product within the firm to see how it performs in different applications.

Rapid prototyping refers to designing products on a computer and then producing rough models to show potential consumers for their reactions.

A group of young students run an Internet center. In an attempt to increase their profitability they start a cafe alongside the existing business. Explain the type of marketing used here.

Defining Marketing for the New Realities

Developing Marketing Strategies and Plans

Collecting Information and Forecasting Demand

Conducting Marketing Research

Creating Long-Term Loyalty Relationships

Analyzing Consumer Markets

Analyzing Business Markets

Tapping Into Global Markets

Identifying Market Segments and Targets

Crafting the Brand Positioning

Creating Brand Equity

Addressing Competition and Driving Growth

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing Channels

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications: Advertising, Sales Promotions, Events and Experiences, and Public Relations

Managing Digital Communications: Online, Social Media, and Mobile

Managing Personal Communications: Direct and Database Marketing and Personal Selling

Managing a Holistic Marketing Organization for the Long Run

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Exam 15: Introducing New Market Offerings

In consumer-goods market testing, the company seeks to estimate four variables. These four variables are: trial, first repeat, adoption, and ________.

Modern firms use the ________ tool to design products on a computer and then produce rough models to show potential consumers for their reactions.

Identify the five main characteristics that affect the diffusion of innovations. Describe each and provide an example.

Consumer preferences for alternative product concepts can be measured through ________, a method for deriving the utility values that consumers attach to varying levels of a product's attributes.

Increasingly, new-product ideas arise from ________ that combines two product concepts or ideas to create a new offering.

The trade-off approach may be easier to use when there ________.

Identify a shortcoming of giving the responsibility to develop new products to the product managers of a company.

Adopters of new products move through five stages. These stages begin with ________ and follow with interest, evaluation, trial, and adoption.

The ________ creativity technique begins with a thought that is written down, then proceeds to develop other thoughts that are linked to the first thought, and finally a new idea materializes by associating all of the thoughts.

After creating a product prototype, a company tests it within the firm to see how it performs in different applications. The company refines the prototype to correct the mistakes found in in-house testing. What should be the next step?

Which of the following characteristics is closely associated with late majority adopter groups?

Expensive industrial goods and new technologies will normally undergo alpha and beta testing.

Perceived value refers to the gap between actual needs and satisfied needs of a customer.

Sales-wave research can be implemented quickly and carried out without final packaging and advertising.

________ testing is a customer test that involves placing the product within the firm to see how it performs in different applications.

Rapid prototyping refers to designing products on a computer and then producing rough models to show potential consumers for their reactions.

A group of young students run an Internet center. In an attempt to increase their profitability they start a cafe alongside the existing business. Explain the type of marketing used here.

Defining Marketing for the New Realities

Developing Marketing Strategies and Plans

Collecting Information and Forecasting Demand

Conducting Marketing Research

Creating Long-Term Loyalty Relationships

Analyzing Consumer Markets

Analyzing Business Markets

Tapping Into Global Markets

Identifying Market Segments and Targets

Crafting the Brand Positioning

Creating Brand Equity

Addressing Competition and Driving Growth

Setting Product Strategy

Designing and Managing Services

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing Channels

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications: Advertising, Sales Promotions, Events and Experiences, and Public Relations

Managing Digital Communications: Online, Social Media, and Mobile

Managing Personal Communications: Direct and Database Marketing and Personal Selling

Managing a Holistic Marketing Organization for the Long Run

Filters