Exam 8: Developing and Managing Products and Services

The ________ requires sellers to provide detailed nutritional information on all prepackaged food products. Fair Packaging and Labeling Act of 1966 Consumer Packaging and Labelling Act. Labeling Act of 1970 Packaging Act of 1970 Federal Trade Commission Act of 1914

Give two examples of fads that passed through the PLC quickly.

Once managers of The Grecian Urn have decided on their product concept and marketing strategy, they can evaluate the business attractiveness of the proposal in the ________ stage of the new-product development process. business feasibility feasibility study business analysis product acceptance concept testing

Companies need to pay attention to their aging products.Management should regularly review sales, market shares, costs, and profit trends, and then decide whether to maintain, harvest, or drop these declining products.

Sony offers consumers more than just camcorders; it provides consumers with a complete solution to their picture-taking problems.This offering is called an augmented product.

________ calls for testing new-product concepts with groups of target consumers. Concept development Concept testing Idea generation Idea screening Test marketing

The maturity stage of the PLC is characterized by a slowdown in sales growth.

When sales of a product falter during the PLC, a company can take several approaches.The more common ones are to modify the marketing mix, modify the product, or modify the market.

When the Twin Six Cafe provides gourmet menu options to its customers, as well as impeccable service-which even allows customers to hand-select their own cuts of meat-________ is/are evident. only an actual product only an augmented product only a core benefit both a core benefit and an actual product a core benefit, an actual product, and an augmented product

Which term best describes the following statement? "Campbell's products are highly uniform in that they perform similar functions for buyers and are available via the same distribution channels." marketing length marketing height product mix consistency marketing strategic perimeter marketing mix depth

What are the two ways that a company can obtain new products? line extension and brand management internal development and merger new-product development and acquisition service development and product extension market mix modification and research and development

A ________ is defined as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. private brand service variability service product service encounter

To test the product concept of a new idea, the R&D department of a firm will develop a prototype that will excite consumers and can be produced quickly at budgeted costs.

Product planners consider products and services on three levels.The most basic level is the ________, which addresses the question, "What is the buyer really buying?" actual product augmented product core customer value co-branding exchange

What are two major sources of new-product ideas? internal sources and external sources core-member sources and non-core-member sources government sources and non-government sources direct competitor sources and indirect competitor sources distributor sources and non-distributor sources

What are the stages, in correct order, of the product life cycle? Introduction, Maturity, Growth, and Decline Introduction, Growth, Decline, and Maturity Introduction, Growth, Maturity, and Decline Growth, Introduction, Maturity, and Decline Decline, Introduction, Growth, and Maturity

New product development begins with a systematic search for new product ideas through idea generation.

A firm can obtain new products in two ways: acquisition or new-product development.

GreenTree Lawn and Garden Products is engaged in marketing strategy development.Management should first create a statement outlining the product's planned price, distribution, and marketing budget for the first year.