Question 1

What is included in the first part of a marketing strategy statement?

Accepted Answer

A)  distribution strategy 
B)  product longevity 
C)  long-run sales goals 
D)  promotional mixes 
E)  target market description 
A)  distribution strategy 
B)  product longevity 
C)  long-run sales goals 
D)  promotional mixes 
E)  target market description

Question 2

The PLC concept can be applied by marketers as a useful framework for describing how ________.

Accepted Answer

A)  competitors' moves are predicted 
B)  marketing strategies are developed 
C)  products and markets work 
D)  concept testing is conducted 
E)  product ideas are developed 
A)  competitors' moves are predicted 
B)  marketing strategies are developed 
C)  products and markets work 
D)  concept testing is conducted 
E)  product ideas are developed

Question 3

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?

Accepted Answer

A)  brainstorming 
B)  idea screening 
C)  crowdsourcing 
D)  outsourcing 
E)  concept testing 
A)  brainstorming 
B)  idea screening 
C)  crowdsourcing 
D)  outsourcing 
E)  concept testing

Question 4

New product success requires all of the following EXCEPT ________.

Accepted Answer

A)  a whole-company commitment 
B)  a holistic approach for finding new ways to create valued customer experiences 
C)  thinking up a few good ideas 
D)  introducing products that will satisfy a want or need for customers 
E)  efficient engineering and manufacturing 
A)  a whole-company commitment 
B)  a holistic approach for finding new ways to create valued customer experiences 
C)  thinking up a few good ideas 
D)  introducing products that will satisfy a want or need for customers 
E)  efficient engineering and manufacturing

Question 5

Explain common reasons for the failure of new products. What must be the goals for a company to create successful new products?

Accepted Answer

Although an idea may be good, the market

Question 6

Which of the following is NOT likely to be a question asked in the new product screening process?

Accepted Answer

A)  Is there a real need and desire for the product? 
B)  Is there a clear product concept? 
C)  Does the product offer a sustainable advantage? 
D)  How many items will the company sell in the first two years? 
E)  Does the product fit the company's overall growth strategy? 
A)  Is there a real need and desire for the product? 
B)  Is there a clear product concept? 
C)  Does the product offer a sustainable advantage? 
D)  How many items will the company sell in the first two years? 
E)  Does the product fit the company's overall growth strategy?

Question 7

The business analysis stage represents the first large jump in financial investment in the new product development process.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following best describes the role of a product steward?

Accepted Answer

A)  to protect employees and laborers from harm 
B)  to evaluate new product ideas against a set of general criteria 
C)  to develop a new product concept into a physical product 
D)  to protect consumers from harm and the company from liability 
E)  to decide whether to maintain, harvest, or drop the product in the decline stage of the PLC 
A)  to protect employees and laborers from harm 
B)  to evaluate new product ideas against a set of general criteria 
C)  to develop a new product concept into a physical product 
D)  to protect consumers from harm and the company from liability 
E)  to decide whether to maintain, harvest, or drop the product in the decline stage of the PLC

Question 9

Adapting marketing strategies is not a challenge faced in the product life cycle.

Accepted Answer

A) True 
 B)False

Question 10

Marketers often involve actual customers in product testing.

Accepted Answer

A) True 
 B)False

Question 11

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

Accepted Answer

A)  the entire marketing program 
B)  which market to compete in 
C)  whether to launch the new product 
D)  how to compete in the market 
E)  how long to compete in the market 
A)  the entire marketing program 
B)  which market to compete in 
C)  whether to launch the new product 
D)  how to compete in the market 
E)  how long to compete in the market

Question 12

________ is the product life cycle period when sales fall off and profits drop.

Accepted Answer

A)  Introduction 
B)  Growth 
C)  Maturity 
D)  Decline 
E)  Product development 
A)  Introduction 
B)  Growth 
C)  Maturity 
D)  Decline 
E)  Product development

Question 13

Steelz Inc. has designed a process that manufactures an improved version of steel more efficiently, which will save the firm both money and resources. In considering the launch of this new steel in the market, the firm must first decide on ________.

Accepted Answer

A)  timing 
B)  location 
C)  organizational structure 
D)  test marketing 
E)  product mix 
A)  timing 
B)  location 
C)  organizational structure 
D)  test marketing 
E)  product mix

Question 14

Which of the following is the goal of the team-based new product development approach when it uses cross-functional teams that overlap the steps in the process?

Accepted Answer

A)  gain a big competitive edge by getting the right new products to market 
B)  save time and increase effectiveness 
C)  increase production efficiency and customer satisfaction 
D)  speed product distribution to market and reduce costs 
E)  reduce organizational tension and confusion 
A)  gain a big competitive edge by getting the right new products to market 
B)  save time and increase effectiveness 
C)  increase production efficiency and customer satisfaction 
D)  speed product distribution to market and reduce costs 
E)  reduce organizational tension and confusion

Question 15

Marketers can prolong the lives of many products in the maturity or decline stages of the PLC, sometimes even moving these products back into the growth stage. How is this undertaken?

Accepted Answer

Marketers can change any element of the

Question 16

Product improvements, product modifications, and original products can all be classified as ________.

Accepted Answer

A)  blueprints 
B)  new products 
C)  prototypes 
D)  product extensions 
E)  test products 
A)  blueprints 
B)  new products 
C)  prototypes 
D)  product extensions 
E)  test products

Question 17

Explain why the PLC can be applied to more than just brands.

Accepted Answer

The PLC can be applied to new products a

Question 18

A style is best defined as a ________.

Accepted Answer

A)  currently popular trend in retail goods 
B)  popular consumer taste at a given time 
C)  temporary period of unusually high sales 
D)  short-term component of the marketing mix 
E)  basic and distinctive mode of expression 
A)  currently popular trend in retail goods 
B)  popular consumer taste at a given time 
C)  temporary period of unusually high sales 
D)  short-term component of the marketing mix 
E)  basic and distinctive mode of expression

Question 19

Flurrbies, a brand of unique winter accessories that quickly fell in and out of favor with customers, is an example of a ________.

Accepted Answer

A)  style 
B)  fashion 
C)  fad 
D)  norm 
E)  subculture 
A)  style 
B)  fashion 
C)  fad 
D)  norm 
E)  subculture

Question 20

In the ________ stage of the new product development process, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them.

Accepted Answer

A)  product design 
B)  idea generation 
C)  concept development and testing 
D)  product development 
E)  product activation 
A)  product design 
B)  idea generation 
C)  concept development and testing 
D)  product development 
E)  product activation

What is included in the first part of a marketing strategy statement?

The PLC concept can be applied by marketers as a useful framework for describing how ________.

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?

New product success requires all of the following EXCEPT ________.

Explain common reasons for the failure of new products. What must be the goals for a company to create successful new products?

Which of the following is NOT likely to be a question asked in the new product screening process?

The business analysis stage represents the first large jump in financial investment in the new product development process.

Which of the following best describes the role of a product steward?

Adapting marketing strategies is not a challenge faced in the product life cycle.

Marketers often involve actual customers in product testing.

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

________ is the product life cycle period when sales fall off and profits drop.

Steelz Inc. has designed a process that manufactures an improved version of steel more efficiently, which will save the firm both money and resources. In considering the launch of this new steel in the market, the firm must first decide on ________.

Which of the following is the goal of the team-based new product development approach when it uses cross-functional teams that overlap the steps in the process?

Marketers can prolong the lives of many products in the maturity or decline stages of the PLC, sometimes even moving these products back into the growth stage. How is this undertaken?

Product improvements, product modifications, and original products can all be classified as ________.

Explain why the PLC can be applied to more than just brands.

A style is best defined as a ________.

Flurrbies, a brand of unique winter accessories that quickly fell in and out of favor with customers, is an example of a ________.

In the ________ stage of the new product development process, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them.

Marketing: Creating Customer Value and Engagement

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 9: Developing New Products and Managing the Product Life Cycle

What is included in the first part of a marketing strategy statement?

The PLC concept can be applied by marketers as a useful framework for describing how ________.

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?

New product success requires all of the following EXCEPT ________.

Explain common reasons for the failure of new products. What must be the goals for a company to create successful new products?

Which of the following is NOT likely to be a question asked in the new product screening process?

The business analysis stage represents the first large jump in financial investment in the new product development process.

Which of the following best describes the role of a product steward?

Adapting marketing strategies is not a challenge faced in the product life cycle.

Marketers often involve actual customers in product testing.

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

________ is the product life cycle period when sales fall off and profits drop.

Steelz Inc. has designed a process that manufactures an improved version of steel more efficiently, which will save the firm both money and resources. In considering the launch of this new steel in the market, the firm must first decide on ________.

Which of the following is the goal of the team-based new product development approach when it uses cross-functional teams that overlap the steps in the process?

Marketers can prolong the lives of many products in the maturity or decline stages of the PLC, sometimes even moving these products back into the growth stage. How is this undertaken?

Product improvements, product modifications, and original products can all be classified as ________.

Explain why the PLC can be applied to more than just brands.

A style is best defined as a ________.

Flurrbies, a brand of unique winter accessories that quickly fell in and out of favor with customers, is an example of a ________.

In the ________ stage of the new product development process, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them.

Marketing: Creating Customer Value and Engagement

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters