Exam 8: Product, Branding, and Packaging Decisions

Protégé Inc.produces hockey accessories in Canada.As first movers, the company was able to fulfill the high demand for these accessories in Canada where hockey is a popular sport.Which of the following is a product characteristic that contributed to the high diffusion of products from Protégé Inc.?

The first physical tentative form of a new product that has the same properties as a new product but is produced through different manufacturing processes is called a(n):

A key characteristic of brainstorming sessions used to generate new ideas is that:

In which of the following stages of the product life cycle are sales low and profits small or negative?

Natalie is a stockbroker who is comfortable using her old phone, which does nothing more than make calls and send and receive text messages.Though her work requires her to be updated about the stock market throughout the day, she decides to wait for the smartphone market to mature and for the prices to decrease.She decides to invest in a smartphone only after being convinced that the price is just right for her budget.Natalie belongs to the group of buyers.

Brenda wanted to buy an LCD TV when it was released, but waited for more options and better quality.She bought it at a later stage when companies reduced the prices because of competition in the market.Brenda belongs to the group.

The method used by the engineering team at the firm to test the product prototype is known as:

A leather company manufactures high-quality handbags for women.All bags carry a prominent logo of the company and consumers associate this logo with excellent quality.Despite their high price, these handbags are extremely popular.The factor affecting the quick diffusion of these handbags is:

Molly Ann, a clothing company, is unable to improve sales after its designer failed to create designs that satisfied current trends in the market.Rigby, on the other hand, is having a successful season and its designs are the current rage in the market.After a careful study of Rigby's designs, Molly Ann analyzed them, improved upon them, and created a whole new range of designs.The method of idea generation being used by Molly Ann is:

Until recently, Tina has been watching cable TV, even though 50 percent of the country has moved to satellite TV.Though she was aware of the benefits of satellite television, Tina did not make the move to adopt the new technology until after her friend explained that Tina could receive good benefits at low costs.Tina belongs to the category of buyers according to the diffusion of innovation theory.

The method of testing being employed by the cosmetics firm to test its product in the above scenario is:

Eric is enthusiastic about online video games.He has extensive knowledge about the technical aspects of developing games and usually purchases licensed versions of most of the games as soon as they are launched.Eric belongs to the group of buyers.

Which of the following is an advantage for product pioneers in new product development?

The method of idea generation that involves the analysis of a competitor's product is known as:

Why do many biotechnology firms license their new products to pharmaceutical companies?

The group of buyers who enter a new product market when the product has achieved its full market potential are referred to as the:

Alice asks a group of people to test the skateboards she has manufactured.She needs to determine whether or not they are functioning as intended and if they require any changes before they are released.The type of test being conducted by Alice is called:

The later phases of the maturity stage of a product are characterized by:

The diffusion of innovation theory is useful for firms because it helps them:

Personal music players that were initially released into the market were expensive, huge, and provided limited options.Anna and her husband did not buy at that time and waited for more selection.When they finally bought the product, the sales had levelled off and the size and prices had reduced significantly.Anna and her husband belong to the group of buyers.