Exam 8: Developing and Managing Products and Services

Companies rarely solicit ideas from customers during the idea generation stage of product development.

The R-W-W framework asks three questions: Is it real? Can we win? Is it worth doing? Marketers should ask these questions during the ________ stage of the new-product development process. idea generation idea screening concept testing product development commercialization

Product support services identify the product or brand, describe several things about the product, and promote the product through attractive graphics.

In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness? product development introduction growth maturity adoption

In a service business, the customer and front-line service employee interact to create the service.

What do industrial supplies and consumer convenience products have in common? How do they differ?

________ are products and services bought by final consumers for personal consumption.These include convenience products, shopping products, specialty products, and unsought products. Services Consumer products Line extensions Industrial products Straight extensions

The __________ is a model that proposes that a "chasm" exists between early adopters of a product and the early majority. innovation life cycle technology adoption life cycle product life cycle diffusion cycle marketing life cycle

What does test marketing tell the company? Why would a company want to perform test marketing?

Introducing a new product into the market is called ________. test marketing new product development experimenting commercialization marketing development

Service providers must consider four special service characteristics when designing marketing programs.Which is the BEST description? service intangibility, service heterogeneity, service inseparability, service variability service inseparability, service heterogeneity, service intangibility, service variability service perishability, service heterogeneity, service inseparability, service variability service heterogeneity, service perishability, service inseparability, service intangibility service variability, service intangibility, service inseparability, service perishability

Which of the following would lead to greater competition in the maturity stage of the PLC? overcapacity of products in the market market pioneers poor management inadequate promotion diminishing budgets

In a brief statement, what is the purpose of concept testing?

__________ refers to inviting broad communities of people (such as customers, employees, independent scientists, and researchers) into the new-product innovation process. Internal teams External teams Crowdsourcing Recruitment Market development

Paper, pencils, lubricants, paint, nails, and brooms are examples of ________. supplies capital items raw materials specialty products installations

Scenario Herb Marks built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors.But after two years, the maker of novelty pens and pencils had to rethink his strategy when his two-year contract with Elmore ended. erb built a company reputation on the manufacturing and distribution of a variety of wooden writing utensils with customized engravings.Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable.Herb Marks established a brand name, known merely as Marks, and decided to expand on it. erb extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors.He even added a line of various grades of personalized stationery and business cards.Perhaps Herb's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Marks, as well as nurture existing accounts. We make an excellent product," Herb Marks stated, "and we honour a good guarantee on everything we sell.But let's face it-we face hundreds of competitors! We need Marks representatives out there to help prospects understand what they should demand in something as simple as a writing tool." he Marks brand is now fast-becoming synonymous with top-notch customer service.Part of the purchase package brought personal visits from the Marks representative, before the purchase and long after. Are examples of product mix depth evident in this scenario Explain.

Your company decides to use external sources for developing new product ideas.Which of the following would be consulted? company executives and professionals company records and data intrapreneurial programs suppliers salespeople

According to the authors, _______ should be followed in order to help commercialize a product. the research team the product life cycle the market segmentation the boss the idea generation

A company's product mix has four important dimensions: width, length, depth, and consistency.

Scenario Herb Marks built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors.But after two years, the maker of novelty pens and pencils had to rethink his strategy when his two-year contract with Elmore ended. erb built a company reputation on the manufacturing and distribution of a variety of wooden writing utensils with customized engravings.Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable.Herb Marks established a brand name, known merely as Marks, and decided to expand on it. erb extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors.He even added a line of various grades of personalized stationery and business cards.Perhaps Herb's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Marks, as well as nurture existing accounts. We make an excellent product," Herb Marks stated, "and we honour a good guarantee on everything we sell.But let's face it-we face hundreds of competitors! We need Marks representatives out there to help prospects understand what they should demand in something as simple as a writing tool." he Marks brand is now fast-becoming synonymous with top-notch customer service.Part of the purchase package brought personal visits from the Marks representative, before the purchase and long after. Why is it critical that these products have the Marks name attached?