Question 1

Although innovation strategies may not work in the long run, overriding short-term reasons compel firms to introduce new products and services.

Accepted Answer

A) True 
 B)False  False

Question 2

The owner of a fast-food restaurant in a city continues to accept only cash for transactions, although credit/debit cards are common practice in other business establishments.The owner has not adopted the technology because of her fears with regard to the security of these transactions.Hence, she can be considered a(n):

Accepted Answer

A) early adopter. 
B) innovator. 
C) laggard. 
D) lead user. 
E) pioneer. 
A) early adopter. 
B) innovator. 
C) laggard. 
D) lead user. 
E) pioneer. C

Question 3

The process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product is called:

Accepted Answer

A) concept testing. 
B) idea generation. 
C) product launching. 
D) alpha testing. 
E) product design. 
A) concept testing. 
B) idea generation. 
C) product launching. 
D) alpha testing. 
E) product design. E

Question 4

When the product design team of a firm takes ideas with potential, develops them into visual images, and presents them to potential buyers to get their reactions, they are engaging in:

Accepted Answer

A) brainstorming. 
B) idea generation. 
C) concept testing. 
D) prototyping. 
E) reverse engineering. 
A) brainstorming. 
B) idea generation. 
C) concept testing. 
D) prototyping. 
E) reverse engineering.

Question 5

The test conducted by firms before a newly developed product or service is brought to the market to determine how many customers will try it and then continue to use it is known as:

Accepted Answer

A) a premarket test. 
B) alpha testing. 
C) beta testing. 
D) a concept test. 
E) hypothesis testing. 
A) a premarket test. 
B) alpha testing. 
C) beta testing. 
D) a concept test. 
E) hypothesis testing.

Question 6

Why are new-to-the-world products called "disruptive"?

Accepted Answer

They are called "disruptive" because the

Question 7

Lead users are those buyers who want to be the first to have the new product or service.

Accepted Answer

A) True 
 B)False

Question 8

How does the use of the adoption cycle benefit firms?

Accepted Answer

By using the adoption cycle, firms can p

Question 9

During the growth stage of a product life cycle, firms attempt to:

Accepted Answer

A) successfully market a newly launched product. 
B) reach new consumers by studying their preferences and producing different product variations. 
C) increase their customer base by entering into new markets or market segments. 
D) defend their market share by developing new products or promotions. 
E) market their products to a niche segment of loyal customers. 
A) successfully market a newly launched product. 
B) reach new consumers by studying their preferences and producing different product variations. 
C) increase their customer base by entering into new markets or market segments. 
D) defend their market share by developing new products or promotions. 
E) market their products to a niche segment of loyal customers.

Question 10

Firms try to target innovators while introducing new products into the markets because innovators:

Accepted Answer

A) prefer products from established market leaders. 
B) are easily influenced by advertising. 
C) are regarded by other consumers as highly knowledgeable and firms will ask for their suggestions. 
D) are considered opinion leaders and influence other majority groups. 
E) form a major group of consumers in the market. 
A) prefer products from established market leaders. 
B) are easily influenced by advertising. 
C) are regarded by other consumers as highly knowledgeable and firms will ask for their suggestions. 
D) are considered opinion leaders and influence other majority groups. 
E) form a major group of consumers in the market.

Question 11

The firm marketed its product by educating consumers about the benefits of the additional feature it provided in its product.The marketing mix variable that benefited from the results of the tests is:

Accepted Answer

A) timing. 
B) promotion. 
C) place. 
D) price. 
E) size. 
A) timing. 
B) promotion. 
C) place. 
D) price. 
E) size.

Question 12

How do firms market a product in the growth stage of the product life cycle?

Accepted Answer

During the growth stage, firms attempt t

Question 13

An automobile firm wants to introduce cars into new international markets to increase its customer base.Since it does not know about customer needs in these markets, it associates itself with a local firm that has developed a prototype based on the customer needs of that market.The method of idea generation used by the automobile firm is:

Accepted Answer

A) licensing. 
B) customer research. 
C) internal research. 
D) reverse engineering. 
E) brainstorming. 
A) licensing. 
B) customer research. 
C) internal research. 
D) reverse engineering. 
E) brainstorming.

Question 14

The category of innovators differs from the category of early adopters in that early adopters:

Accepted Answer

A) help the product gain market acceptance by spreading positive word of mouth. 
B) enjoy taking risks and are not price sensitive. 
C) want to be the first on the block to have a new product or service. 
D) tend to enjoy novelty and purchase a product after careful review. 
E) are regarded as highly knowledgeable as they keep themselves well informed about the
Different product categories. 
A) help the product gain market acceptance by spreading positive word of mouth. 
B) enjoy taking risks and are not price sensitive. 
C) want to be the first on the block to have a new product or service. 
D) tend to enjoy novelty and purchase a product after careful review. 
E) are regarded as highly knowledgeable as they keep themselves well informed about the
Different product categories.

Question 15

Firms that invest in the latest technology, either to use in their new products or services or to make the firm more efficient, are considered:

Accepted Answer

A) first movers. 
B) innovators. 
C) lead users. 
D) laggards. 
E) early adopters. 
A) first movers. 
B) innovators. 
C) lead users. 
D) laggards. 
E) early adopters.

Question 16

The manager of an ice cream parlour is planning to introduce new flavours into his product line.He decides to take feedback and suggestions from consumers as part of the process to develop innovative and interesting new ice cream flavours.He is using for idea generation.

Accepted Answer

A) internal research 
B) reverse engineering 
C) brainstorming 
D) customer input 
E) licensing 
A) internal research 
B) reverse engineering 
C) brainstorming 
D) customer input 
E) licensing

Question 17

Innovative product users who modify existing products according to their own ideas to suit their specific needs are called:

Accepted Answer

A) pioneers. 
B) lead users. 
C) innovators. 
D) laggards. 
E) early adopters. 
A) pioneers. 
B) lead users. 
C) innovators. 
D) laggards. 
E) early adopters.

Question 18

The process by which an idea that describes a product or a service is presented to potential buyers to obtain their reactions is called:

Accepted Answer

A) test marketing. 
B) product development. 
C) concept testing. 
D) diffusion of innovation. 
E) reverse engineering. 
A) test marketing. 
B) product development. 
C) concept testing. 
D) diffusion of innovation. 
E) reverse engineering.

Question 19

A car manufacturing firm is experiencing a decline in sales for a model that it released during the 1990s.At this stage, the firm should focus all its marketing efforts toward:

Accepted Answer

A) producing new variations of its product. 
B) increasing the number of users and the frequency of use for its product. 
C) developing new uses for its product. 
D) altering the appearance of its product. 
E) targeting a particular segment of brand loyalists. 
A) producing new variations of its product. 
B) increasing the number of users and the frequency of use for its product. 
C) developing new uses for its product. 
D) altering the appearance of its product. 
E) targeting a particular segment of brand loyalists.

Question 20

Baked Treats introduced maple syrup cookies that became an instant hit with Canadians.The product characteristic that contributed to the success of these cookies was:

Accepted Answer

A) compatibility. 
B) trialability. 
C) complexity. 
D) visibility. 
E) observability. 
A) compatibility. 
B) trialability. 
C) complexity. 
D) visibility. 
E) observability.

Although innovation strategies may not work in the long run, overriding short-term reasons compel firms to introduce new products and services.

The process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product is called:

When the product design team of a firm takes ideas with potential, develops them into visual images, and presents them to potential buyers to get their reactions, they are engaging in:

The test conducted by firms before a newly developed product or service is brought to the market to determine how many customers will try it and then continue to use it is known as:

Why are new-to-the-world products called "disruptive"?

Lead users are those buyers who want to be the first to have the new product or service.

How does the use of the adoption cycle benefit firms?

During the growth stage of a product life cycle, firms attempt to:

Firms try to target innovators while introducing new products into the markets because innovators:

The firm marketed its product by educating consumers about the benefits of the additional feature it provided in its product.The marketing mix variable that benefited from the results of the tests is:

How do firms market a product in the growth stage of the product life cycle?

The category of innovators differs from the category of early adopters in that early adopters:

Firms that invest in the latest technology, either to use in their new products or services or to make the firm more efficient, are considered:

The manager of an ice cream parlour is planning to introduce new flavours into his product line.He decides to take feedback and suggestions from consumers as part of the process to develop innovative and interesting new ice cream flavours.He is using for idea generation.

Innovative product users who modify existing products according to their own ideas to suit their specific needs are called:

The process by which an idea that describes a product or a service is presented to potential buyers to obtain their reactions is called:

A car manufacturing firm is experiencing a decline in sales for a model that it released during the 1990s.At this stage, the firm should focus all its marketing efforts toward:

Baked Treats introduced maple syrup cookies that became an instant hit with Canadians.The product characteristic that contributed to the success of these cookies was:

Developing a Marketing Strategies and a Marketing Plan

Analyzing the Marketing Environment

Understanding the Marketplace Consumer Behaviour

Business-To-Business Marketing

Targeting the Marketplace Segmentation, Targeting, and Positioning

Marketing Research

Value Creation Developing New Products

Services the Intangible Product

Transacting Value Pricing Concepts and Strategies : Establishing Value

Value Delivery : Designing the Distribution Channel and Supply Chain Marketing Channels

Retailing and Multichanneled Marketing

Value Communication Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Marketing in the Global Environment Global Marketing

Ethics and Socially Responsible Marketing

Filters

Exam 8: Product, Branding, and Packaging Decisions

Although innovation strategies may not work in the long run, overriding short-term reasons compel firms to introduce new products and services.

The process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product is called:

When the product design team of a firm takes ideas with potential, develops them into visual images, and presents them to potential buyers to get their reactions, they are engaging in:

The test conducted by firms before a newly developed product or service is brought to the market to determine how many customers will try it and then continue to use it is known as:

Why are new-to-the-world products called "disruptive"?

Lead users are those buyers who want to be the first to have the new product or service.

How does the use of the adoption cycle benefit firms?

During the growth stage of a product life cycle, firms attempt to:

Firms try to target innovators while introducing new products into the markets because innovators:

The firm marketed its product by educating consumers about the benefits of the additional feature it provided in its product.The marketing mix variable that benefited from the results of the tests is:

How do firms market a product in the growth stage of the product life cycle?

The category of innovators differs from the category of early adopters in that early adopters:

Firms that invest in the latest technology, either to use in their new products or services or to make the firm more efficient, are considered:

The manager of an ice cream parlour is planning to introduce new flavours into his product line.He decides to take feedback and suggestions from consumers as part of the process to develop innovative and interesting new ice cream flavours.He is using for idea generation.

Innovative product users who modify existing products according to their own ideas to suit their specific needs are called:

The process by which an idea that describes a product or a service is presented to potential buyers to obtain their reactions is called:

A car manufacturing firm is experiencing a decline in sales for a model that it released during the 1990s.At this stage, the firm should focus all its marketing efforts toward:

Baked Treats introduced maple syrup cookies that became an instant hit with Canadians.The product characteristic that contributed to the success of these cookies was:

Developing a Marketing Strategies and a Marketing Plan

Analyzing the Marketing Environment

Understanding the Marketplace Consumer Behaviour

Business-To-Business Marketing

Targeting the Marketplace Segmentation, Targeting, and Positioning

Marketing Research

Value Creation Developing New Products

Services the Intangible Product

Transacting Value Pricing Concepts and Strategies : Establishing Value

Value Delivery : Designing the Distribution Channel and Supply Chain Marketing Channels

Retailing and Multichanneled Marketing

Value Communication Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Marketing in the Global Environment Global Marketing

Ethics and Socially Responsible Marketing

Filters