Question 1

The stage in a product life cycle in which innovators are the main consumers is called the stage.

Accepted Answer

A) innovation 
B) maturity 
C) growth 
D) introduction 
E) decline 
A) innovation 
B) maturity 
C) growth 
D) introduction 
E) decline

Question 2

Infotech Inc., a technology firm, is trying to develop new software that will facilitate the transfer of documents in a secure and fast manner.The engineering team at the firm is having a detailed discussion on the best possible options.This type of idea generation is called:

Accepted Answer

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

Question 3

The term di fusion of innovation refers to the:

Accepted Answer

A) degree of vertical integration between a manufacturer and its suppliers. 
B) process in which a statement that describes a product or a service is presented to potential buyers or users to obtain their reactions. 
C) process by which a product or a service spreads throughout a market group over time and over various categories of adopters. 
D) process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product. 
E) taking apart a competitor's product, analyzing it, and creating an improved product that
Does not infringe on the competitor's patents. 
A) degree of vertical integration between a manufacturer and its suppliers. 
B) process in which a statement that describes a product or a service is presented to potential buyers or users to obtain their reactions. 
C) process by which a product or a service spreads throughout a market group over time and over various categories of adopters. 
D) process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product. 
E) taking apart a competitor's product, analyzing it, and creating an improved product that
Does not infringe on the competitor's patents.

Question 4

If a firm is facing intense competition on the prices of its product and in turn it is leading to a decrease in the firm's profit margins, then the product is said to be in the stage of its life cycle.

Accepted Answer

A) decline 
B) introduction 
C) maturity 
D) growth 
E) deterioration 
A) decline 
B) introduction 
C) maturity 
D) growth 
E) deterioration

Question 5

An electronics company manufactures LCD TVs that are in high demand when compared to competitor products.Competitors find it difficult to provide the same reliability and after-sales service that this company provides, which leads to high consumer acceptability.The factor that is contributing the high adoptability of this product is:

Accepted Answer

A) compatibility. 
B) complexity. 
C) trialability. 
D) relative advantage. 
E) observability. 
A) compatibility. 
B) complexity. 
C) trialability. 
D) relative advantage. 
E) observability.

Question 6

Innovators are crucial to the success of a new product because they help the product gain market acceptance.

Accepted Answer

A) True 
 B)False

Question 7

A brief written description of a product or service; its technology, working principles, and forms; and what customer needs it satisfies is a:

Accepted Answer

A) data. 
B) hypothesis. 
C) theory. 
D) concept. 
E) information. 
A) data. 
B) hypothesis. 
C) theory. 
D) concept. 
E) information.

Question 8

Jeremy is interested in buying a phone that has a music player and provides access to the Internet.After doing a detailed analysis of all the phones in the market that offer these features, he decides to buy a recently released model.Jeremy's buying behaviour is similar to the buying behaviour of:

Accepted Answer

A) innovators. 
B) early adopters. 
C) laggards. 
D) early majority buyers. 
E) late majority buyers. 
A) innovators. 
B) early adopters. 
C) laggards. 
D) early majority buyers. 
E) late majority buyers.

Question 9

What is diffusion of innovation?

Accepted Answer

The process by which the use of an innov

Question 10

How does market testing help in the promotion of products?

Accepted Answer

The test results help the firm determine

Question 11

When the firm launched its product, it was no longer a new product, as it had to compete with two competitors in the market and hence the firm released the product with a variation.Because of this, the product would be in the stage of the product life cycle.

Accepted Answer

A) introduction 
B) growth 
C) maturation 
D) decline 
E) levelling 
A) introduction 
B) growth 
C) maturation 
D) decline 
E) levelling

Question 12

The method of determining the potential success of a new product by introducing the product to a limited geographical area prior to a national launch is called:

Accepted Answer

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

Question 13

Which of the following idea generation methods saves the high costs of in-house research and development for a firm?

Accepted Answer

A) brainstorming 
B) licensing 
C) customer inputs 
D) reverse engineering 
E) market research 
A) brainstorming 
B) licensing 
C) customer inputs 
D) reverse engineering 
E) market research

Question 14

Which of the following is true regarding the maturity stage of the product life cycle?

Accepted Answer

A) It is characterized by the adoption of products by early adopters and early majority. 
B) Firms try to ride the sales trend and firmly establish the brand during this stage. 
C) It is characterized by rising sales, increasing profits, and few competitors. 
D) Most firms usually exit the market at this stage on account of low profit margins. 
E) It is characterized by increased marketing costs, low profits, and market saturation. 
A) It is characterized by the adoption of products by early adopters and early majority. 
B) Firms try to ride the sales trend and firmly establish the brand during this stage. 
C) It is characterized by rising sales, increasing profits, and few competitors. 
D) Most firms usually exit the market at this stage on account of low profit margins. 
E) It is characterized by increased marketing costs, low profits, and market saturation.

Question 15

What advantages do pioneers have in a market?

Accepted Answer

Pioneers have the advantage of being fir

Question 16

When Glenn asked a few of his regular customers to test his prototype surfboard, he was engaging in alpha testing.

Accepted Answer

A) True 
 B)False

Question 17

Based on the graph, which of the following stages in a product's life cycle is characterized by increasing competitors and a rapid rise in industrial sales?

Accepted Answer

A) maturity stage 
B) growth stage 
C) introduction stage 
D) domination stage 
E) decline stage 
A) maturity stage 
B) growth stage 
C) introduction stage 
D) domination stage 
E) decline stage

Question 18

The growth stage of the product life cycle is characterized by intense competition for market share among firms.

Accepted Answer

A) True 
 B)False

Question 19

Explain with an example how a successful new product launched by a company can overcome the various factors that affect its diffusion rate with reference to the diffusion of innovation theory.

Accepted Answer

Student answers will vary.Example: Amazo

Question 20

Buyers who enjoy taking risks, are regarded as knowledgeable, and are not price sensitive are called:

Accepted Answer

A) laggards. 
B) innovators. 
C) early adopters. 
D) early majority. 
E) late majority. 
A) laggards. 
B) innovators. 
C) early adopters. 
D) early majority. 
E) late majority.

The stage in a product life cycle in which innovators are the main consumers is called the stage.

Infotech Inc., a technology firm, is trying to develop new software that will facilitate the transfer of documents in a secure and fast manner.The engineering team at the firm is having a detailed discussion on the best possible options.This type of idea generation is called:

The term di fusion of innovation refers to the:

If a firm is facing intense competition on the prices of its product and in turn it is leading to a decrease in the firm's profit margins, then the product is said to be in the stage of its life cycle.

Innovators are crucial to the success of a new product because they help the product gain market acceptance.

A brief written description of a product or service; its technology, working principles, and forms; and what customer needs it satisfies is a:

Jeremy is interested in buying a phone that has a music player and provides access to the Internet.After doing a detailed analysis of all the phones in the market that offer these features, he decides to buy a recently released model.Jeremy's buying behaviour is similar to the buying behaviour of:

What is diffusion of innovation?

How does market testing help in the promotion of products?

When the firm launched its product, it was no longer a new product, as it had to compete with two competitors in the market and hence the firm released the product with a variation.Because of this, the product would be in the stage of the product life cycle.

The method of determining the potential success of a new product by introducing the product to a limited geographical area prior to a national launch is called:

Which of the following idea generation methods saves the high costs of in-house research and development for a firm?

Which of the following is true regarding the maturity stage of the product life cycle?

What advantages do pioneers have in a market?

When Glenn asked a few of his regular customers to test his prototype surfboard, he was engaging in alpha testing.

Based on the graph, which of the following stages in a product's life cycle is characterized by increasing competitors and a rapid rise in industrial sales?

The growth stage of the product life cycle is characterized by intense competition for market share among firms.

Explain with an example how a successful new product launched by a company can overcome the various factors that affect its diffusion rate with reference to the diffusion of innovation theory.

Buyers who enjoy taking risks, are regarded as knowledgeable, and are not price sensitive are called:

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

The stage in a product life cycle in which innovators are the main consumers is called the stage.

Infotech Inc., a technology firm, is trying to develop new software that will facilitate the transfer of documents in a secure and fast manner.The engineering team at the firm is having a detailed discussion on the best possible options.This type of idea generation is called:

The term di fusion of innovation refers to the:

If a firm is facing intense competition on the prices of its product and in turn it is leading to a decrease in the firm's profit margins, then the product is said to be in the stage of its life cycle.

Innovators are crucial to the success of a new product because they help the product gain market acceptance.

A brief written description of a product or service; its technology, working principles, and forms; and what customer needs it satisfies is a:

Jeremy is interested in buying a phone that has a music player and provides access to the Internet.After doing a detailed analysis of all the phones in the market that offer these features, he decides to buy a recently released model.Jeremy's buying behaviour is similar to the buying behaviour of:

What is diffusion of innovation?

How does market testing help in the promotion of products?

When the firm launched its product, it was no longer a new product, as it had to compete with two competitors in the market and hence the firm released the product with a variation.Because of this, the product would be in the stage of the product life cycle.

The method of determining the potential success of a new product by introducing the product to a limited geographical area prior to a national launch is called:

Which of the following idea generation methods saves the high costs of in-house research and development for a firm?

Which of the following is true regarding the maturity stage of the product life cycle?

What advantages do pioneers have in a market?

When Glenn asked a few of his regular customers to test his prototype surfboard, he was engaging in alpha testing.

Based on the graph, which of the following stages in a product's life cycle is characterized by increasing competitors and a rapid rise in industrial sales?

The growth stage of the product life cycle is characterized by intense competition for market share among firms.

Explain with an example how a successful new product launched by a company can overcome the various factors that affect its diffusion rate with reference to the diffusion of innovation theory.

Buyers who enjoy taking risks, are regarded as knowledgeable, and are not price sensitive are called:

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