Exam 8: Product, Branding, and Packaging Decisions

Ariva, a product design company, has brought together a group of technology engineers to generate ideas for potential new products.These engineers will arrive at a final decision through a vote on the best ideas or combinations of ideas.Ariva is engaging in:

George is curious about the new tablet that will be released in the market in the next few days.Although he owns a similar product from a rival company, he is interested in the additional features that the new product offers and decides to buy it.Hence, George belongs to the category of:

Which of the following steps involved in new product introduction is regarded as the most crucial because it requires huge financial resources and extensive coordination of all aspects of the marketing mix?

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

A group of scientists at a biotechnology firm conducted extensive trials in a laboratory for over a year before developing a formula that could be used to develop a drug to treat cancer.The firm invested a lot of money in these trials with the idea of generating revenue through sales.The method being used by the company to develop the new product is most likely:

After the new product is released into the market, the category of buyers who will play a crucial role in the initial marketing of this product are:

Innovators are often regarded as the opinion leaders for particular product categories.

The product life cycle curve of most products is bell-shaped.

Nancy is a professional photographer and has been looking to buy a new digital camera that improves picture quality.After extensive research about a new camera that was released into the market two weeks ago, she decides to buy it because she is convinced that it will produce the picture quality she has been looking for.This shows that Nancy belongs to the group of:

Annie is a designer at a popular clothing brand.She observes people on the streets who modify the clothing according to their needs and styles.Annie uses this input while designing new collections.The method of idea generation used by Annie in developing new products is called:

Why are innovators considered crucial to the success of a new product or service?

The method of testing which requires potential consumers to examine a product prototype in a real-use setting is known as:

The category of buyers who tend to enjoy novelty and are regarded as the opinion leaders for particular product categories because they are responsible for spreading the word to next groups are called:

A new product launched by a company is showing a rise in sales and a rapid rise in profits, and is being purchased by a group of early adopters and early majority buyers.The product is in the stage of its life cycle.

Firms either position themselves for a niche market of loyal consumers or they exit the market during the stage of the product life cycle.

Thomson Furniture Company is struggling to improve its sales.The sales of Branson, a major competitor, are soaring because of the company's well-designed and innovative products.Thomson decides to study Branson's designs in an attempt to understand how it is doing so well.Finally, Thomson creates an improved product that does not infringe on Branson's patents.This type of idea generation is known as:

The category of buyers who tend to avoid change and rely on traditional products until they are no longer available are called:

Edward, a senior professor of statistics at the University of New Brunswick, has authored a wide range of textbooks about statistics.Edward still prefers to use a typewriter while typing material for his new books as he is not comfortable using a desktop computer.This shows that Edward belongs to the group of in the diffusion of innovation process.

Greg always consults Vernon before upgrading his personal computer as Vernon is knowledgeable and always has the latest technology.Vernon belongs to the group of according to the diffusion of innovation theory.

Dean Jones is the chief technology officer of a company that offers online education.Jones is interested in buying a new 3-D technology product but decides to wait until two versions of the product are released to be sure of its maturity.Jones belongs to the category of according to the diffusion of innovation theory.