Exam 8: Product, Branding, and Packaging Decisions

Ronen, a chef at a hotel, has developed an idea for a new dish.The owner of the hotel is impressed with the new recipe and asks all the chefs at the hotel to practise making the new dish for three months until they can reproduce the recipe with the exact taste the owner is looking for.The chefs also test the dish on other hotel staff before introducing it to customers.The method of idea generation being used by the owner is:

Disruptive products require a higher level of learning from consumers.

Which of the following stages of the product life cycle is characterized by a peak in sales and a high number of competitors and competitive products but a gradual decline in profits?

Firms with single products are better able to withstand external shocks, including changes in consumer preferences or intensive competitive activity.

The first step in the development of new products is to:

Compatibility is important for rapid diffusion of new products because products that are consistent with consumers' past behaviour will be more readily accepted.

Liquid paper correction fluid was developed by paying attention to lead users.

A biscuit company manufactures unique fish-shaped biscuits that are popular with kids.Kids love the distinct shape and novel taste.The characteristic of the biscuit contributing to its popularity is:

Which of the following processes is used to test the performance of a product prototype and is carried out in the research and development unit of a firm?

The decline stage of the product life cycle is characterized by the adoption of the product by laggards.

Technosoft Ltd.provides a pay-per-use option to its business customers that allows them to understand the product's capabilities before they order licensed versions on a large scale.This option has made Technosoft extremely popular with firms that plan to invest on IT infrastructure but have limited funds.The factor that is contributing to the success of Technosoft is:

The group of buyers who act as opinion leaders and are responsible for bringing the early and late majority groups into the market are known as:

Which of the following stages in the product life cycle is characterized by an increase in sales, rapid increase in profits, and a few but increasing number of competitors?

The most challenging part of applying the product life cycle concept is that managers do not know exactly how long each stage of the cycle will last.

A cosmetics company had launched a product in the market that earned good revenues for the company.A recent market analysis shows intense competition for market share from a large number of competitors.The company decides to spend more on marketing the product to help it to retain its market share.The product is currently in the stage of its life cycle.

The method employed by the research team at AG-Mobile for idea generation is:

The buyers who want to be the first to have a new product or service are called: