Exam 11: Product Concepts

Scenario 11.1 Use the following to answer the questions. Gillette shaving razors were first manufactured in 1895.Over the years,Gillette made improvements on their razors offering many "firsts" such as the Mach3,the Sensor,and the Fusion.For many years,women were forced to use razors designed primarily for men,but often marketed to women by offering them in different colors and with minimal modifications.In 1998 Gillette developed the Venus razor,based on the Mach3 but made specifically for women.Gillette promoted the Venus razor heavily,with television ads and other forms of media.The Gillette product line,now owned by Procter & Gamble,continues to introduce new versions of the Venus,such as the Venus Embrace,which has additional blades and other modifications. -Refer to Scenario 11.1.Molly has been using a Bic disposable razor for her shaving needs for the last ten years.She doesn't really see the need to spend more money on razors,but she sees that it is becoming more difficult to find the Bic,and so she is considering the Venus Embrace.Molly is definitely not a(n)____ in the product adopter categories,and is more likely to be ____.

What steps can be taken to reduce the risk of product failure?

Identify and describe the major categories of business products.

Many products never get beyond the introduction stage.

All of the following are reasons why new products fail except

Profits decline in the maturity stage,largely because of increased competition.

Consumers are reluctant to purchase substitute brands if a desired brand of a convenience product is unattainable.

A common business objective of the ____ stage of the product life cycle is to generate cash flow.

A product line includes a group of closely related product items that are considered to be a unit because of marketing,technical,or end-use considerations.

A product mix is best described as

Products for which buyers are willing to spend much time comparing stores and brands for differences in prices,product features,and services are called ____ products.

Which of the following is the most typical example of a new product introduction?

One of Cole's responsibilities as a marketing manager for a motorcycle parts manufacturer is to maintain market share.Cole believes that the company's products are most likely in the maturity stage of the product life cycle.In order to maintain market share,Cole should suggest that the company requires

Nick Arnold's Auto Towing Service would best be described as a(n)____ product.

For each product life cycle stage,discuss the strategic implications.

Although they become part of a larger product,____ can often be easily identified and distinguished on the larger product.

Sometimes new marketing channels open up in the decline stage.

Grand Resorts Hawaii has just celebrated its first profit since opening two years ago.Grand Resorts Hawaii is most likely in the ____ stage of the product life cycle.

A business can justify keeping a product as long as it contributes to profits or enhances the effectiveness of a product mix.

Achieving greater penetration of the market is typically a business goal during the ____ stage of the product life cycle.