Exam 8: Developing and Managing Products and Services

________ is one of the marketer's major positioning tools because it has a direct impact on product or service performance; it is therefore closely linked to customer value and satisfaction.

New World Releases is conducting a business analysis to determine which of the many new songs available to management should be released. Sales must be estimated before costs can be estimated. Which of the following did your text recommend for forecasting sales?

Winnipeg Beach Parties finds that the tastes and preferences of its customers change more rapidly than in the past. The manager should constantly look for external ideas from customers, suppliers, the competition, and the sales force.

New product development begins with a systematic search for new product ideas through idea generation.

________ are industrial products that aid in the buyer's production or operations, including installations and accessory equipment.

Name and describe four decisions that companies make regarding their individual products and services.

When the Twin Six Cafe provides gourmet menu options to its customers, as well as impeccable service-which even allows customers to hand-select their own cuts of meat- ________ is/are evident.

If the product or service passes the business analysis test, it moves into what stage?

In a brief statement, what is the purpose of concept testing?

Give three examples of shopping products.

Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

According to the authors, when does a company typically invest in test marketing?

Once managers of The Grecian Urn have decided on their product concept and marketing strategy, they can evaluate the business attractiveness of the proposal in the ________ stage of the new-product development process.

Product support services identify the product or brand, describe several things about the product, and promote the product through attractive graphics.

The third level of a product that product planners consider is a(n)________ around the core benefit and actual product that offers additional consumer services and benefits.

GreenTree Lawn and Garden Products is engaged in marketing strategy development. Management should first create a statement outlining the product's planned price, distribution, and marketing budget for the first year.

How might a flower shop engage in line stretching?

Concept testing works best with people who are familiar with the new idea and the new product's purpose. This generally includes top management, the sales force, and research and development.

The major product line decision involves ________.

Paper, pencils, lubricants, paint, nails, and brooms are examples of ________.