Question 1

In the growth stage of the life cycle, the focus on the middleman becomes one of:

Accepted Answer

A)  negotiating the price. 
B)  gaining a presence. 
C)  solidifying loyalty. 
D)  gaining an image of the service in the channel. 
A)  negotiating the price. 
B)  gaining a presence. 
C)  solidifying loyalty. 
D)  gaining an image of the service in the channel. C

Question 2

In the adoption of digital technology, two key barriers are:

Accepted Answer

A)  privacy and cost. 
B)  cost and difficulty of understanding the product's benefit. 
C)  difficulty of understanding of the product's benefit and safety. 
D)  safety and privacy. 
A)  privacy and cost. 
B)  cost and difficulty of understanding the product's benefit. 
C)  difficulty of understanding of the product's benefit and safety. 
D)  safety and privacy. D

Question 3

Products that have a very protracted introductory period before reaching the growth phase are referred to as extended learning products.

Accepted Answer

A) True 
 B)False  False

Question 4

The diffusion of innovation refers to:

Accepted Answer

A)  who adopts new products or services. 
B)  the time when a new innovation is adopted in the population. 
C)  how new diseases or epidemics spread. 
D)  how individuals are profiled. 
A)  who adopts new products or services. 
B)  the time when a new innovation is adopted in the population. 
C)  how new diseases or epidemics spread. 
D)  how individuals are profiled.

Question 5

Fads have three stages: introduction, quick acceptance, and demise.

Accepted Answer

A) True 
 B)False

Question 6

Shouldice Hospital in Canada did hernia repairs at its hospital and attracted patients from all of North America. This was an example of a mass market strategy.

Accepted Answer

A) True 
 B)False

Question 7

Off-label use of a pharmaceutical by a physician is illegal.

Accepted Answer

A) True 
 B)False

Question 8

In the decline stage of the product life cycle, many organizations struggle with dropping an unprofitable service or product because:

Accepted Answer

A)  it is often an emotional decision for the organization. 
B)  there is always revenue that can be obtained. 
C)  some people always need every service. 
D)  every product has value. 
A)  it is often an emotional decision for the organization. 
B)  there is always revenue that can be obtained. 
C)  some people always need every service. 
D)  every product has value.

Question 9

A major criticism of the product life cycle concept has been that:

Accepted Answer

A)  it is difficult to determine when to change strategy over the life cycle. 
B)  it is difficult to determine when one enters each stage. 
C)  the industry curve and product curve often intersect at different points. 
D)  there is no standard product life cycle curve. 
A)  it is difficult to determine when to change strategy over the life cycle. 
B)  it is difficult to determine when one enters each stage. 
C)  the industry curve and product curve often intersect at different points. 
D)  there is no standard product life cycle curve.

Question 10

One of the key advantages of a skimming strategy for services is that:

Accepted Answer

A)  it gives a service a way to develop a position to negotiate with consumers. 
B)  it is a useful mechanism for structuring all the costs of the services. 
C)  it allows for a high price because no one understands the costs. 
D)  it can be useful to control demand until the organization is sure that processes are in place to handle flow. 
A)  it gives a service a way to develop a position to negotiate with consumers. 
B)  it is a useful mechanism for structuring all the costs of the services. 
C)  it allows for a high price because no one understands the costs. 
D)  it can be useful to control demand until the organization is sure that processes are in place to handle flow.

Question 11

The principal/agent relationship suggests that the patient trusts the doctor to do "right" for them.

Accepted Answer

A) True 
 B)False

Question 12

In a skimming price strategy, the organization tends to:

Accepted Answer

A)  set a high price relative to competing products or substitutable services. 
B)  skim off the high-end customers. 
C)  set a high price to allocate as much cost to this service line as possible. 
D)  All of these are correct. 
A)  set a high price relative to competing products or substitutable services. 
B)  skim off the high-end customers. 
C)  set a high price to allocate as much cost to this service line as possible. 
D)  All of these are correct.

Question 13

When a company tries to create new uses for its product, it is undertaking a market modification program.

Accepted Answer

A) True 
 B)False

Question 14

A large health system decides to provide pathology services for some small rural hospitals. Some of these hospitals have actually wanted it known that there is a relationship. The larger institution has their physicians wear lab coats that identify both organizations' names. This approach is an example of a reseller branding strategy.

Accepted Answer

A) True 
 B)False

Question 15

The name under which a company does business is referred to as its trademark.

Accepted Answer

A) True 
 B)False

Question 16

Focusing on a very narrow segment of the market is a definition of a:

Accepted Answer

A)  selective strategy. 
B)  single-segment strategy. 
C)  niche strategy. 
D)  targeted strategy. 
A)  selective strategy. 
B)  single-segment strategy. 
C)  niche strategy. 
D)  targeted strategy.

Question 17

In following a house of brands strategy, it is of paramount importance to ensure that:

Accepted Answer

A)  each brand has a distinct name. 
B)  the co-brands are of similar value. 
C)  there is consistency across the organization with regards to service and clinical quality. 
D)  the multibrand approach is understood throughout the organization. 
A)  each brand has a distinct name. 
B)  the co-brands are of similar value. 
C)  there is consistency across the organization with regards to service and clinical quality. 
D)  the multibrand approach is understood throughout the organization.

Question 18

Hospital-based sleep centers and many outpatient sleep centers were dramatically affected by externalities in the environment. The result was that many outpatient centers closed. What two factors affected the changes in these institutions' life cycles?

Accepted Answer

A)  Reimbursement and demographics 
B)  Technology and physician resistance 
C)  Technology and reimbursement 
D)  Physician resistance and demographics 
A)  Reimbursement and demographics 
B)  Technology and physician resistance 
C)  Technology and reimbursement 
D)  Physician resistance and demographics

Question 19

Off-label uses of pharmacological products are an example of market modification programs.

Accepted Answer

A) True 
 B)False

Question 20

Innovation spreads more quickly as a function the homophilous nature of groups.

Accepted Answer

A) True 
 B)False

In the growth stage of the life cycle, the focus on the middleman becomes one of:

In the adoption of digital technology, two key barriers are:

Products that have a very protracted introductory period before reaching the growth phase are referred to as extended learning products.

The diffusion of innovation refers to:

Fads have three stages: introduction, quick acceptance, and demise.

Shouldice Hospital in Canada did hernia repairs at its hospital and attracted patients from all of North America. This was an example of a mass market strategy.

Off-label use of a pharmaceutical by a physician is illegal.

In the decline stage of the product life cycle, many organizations struggle with dropping an unprofitable service or product because:

A major criticism of the product life cycle concept has been that:

One of the key advantages of a skimming strategy for services is that:

The principal/agent relationship suggests that the patient trusts the doctor to do "right" for them.

In a skimming price strategy, the organization tends to:

When a company tries to create new uses for its product, it is undertaking a market modification program.

The name under which a company does business is referred to as its trademark.

Focusing on a very narrow segment of the market is a definition of a:

In following a house of brands strategy, it is of paramount importance to ensure that:

Hospital-based sleep centers and many outpatient sleep centers were dramatically affected by externalities in the environment. The result was that many outpatient centers closed. What two factors affected the changes in these institutions' life cycles?

Off-label uses of pharmacological products are an example of market modification programs.

Innovation spreads more quickly as a function the homophilous nature of groups.

The Meaning of Marketing

Marketing Strategy

The Environment of Marketing Strategy

Buyer Behavior

Marketing Research

Market Segmentation

Developing Customer Loyalty

Marketing in the Digital Age

Prices

Distribution

Promotion

Advertising

Sales and Sales Management

Controlling and Monitoring

Ethical Considerations in Marketing

Filters

Exam 9: Product Strategy

In the growth stage of the life cycle, the focus on the middleman becomes one of:

In the adoption of digital technology, two key barriers are:

Products that have a very protracted introductory period before reaching the growth phase are referred to as extended learning products.

The diffusion of innovation refers to:

Fads have three stages: introduction, quick acceptance, and demise.

Shouldice Hospital in Canada did hernia repairs at its hospital and attracted patients from all of North America. This was an example of a mass market strategy.

Off-label use of a pharmaceutical by a physician is illegal.

In the decline stage of the product life cycle, many organizations struggle with dropping an unprofitable service or product because:

A major criticism of the product life cycle concept has been that:

One of the key advantages of a skimming strategy for services is that:

The principal/agent relationship suggests that the patient trusts the doctor to do "right" for them.

In a skimming price strategy, the organization tends to:

When a company tries to create new uses for its product, it is undertaking a market modification program.

The name under which a company does business is referred to as its trademark.

Focusing on a very narrow segment of the market is a definition of a:

In following a house of brands strategy, it is of paramount importance to ensure that:

Hospital-based sleep centers and many outpatient sleep centers were dramatically affected by externalities in the environment. The result was that many outpatient centers closed. What two factors affected the changes in these institutions' life cycles?

Off-label uses of pharmacological products are an example of market modification programs.

Innovation spreads more quickly as a function the homophilous nature of groups.

The Meaning of Marketing

Marketing Strategy

The Environment of Marketing Strategy

Buyer Behavior

Marketing Research

Market Segmentation

Developing Customer Loyalty

Marketing in the Digital Age

Prices

Distribution

Promotion

Advertising

Sales and Sales Management

Controlling and Monitoring

Ethical Considerations in Marketing

Filters