Question 1

Which of the following best represents the options a company has when a product is declining?

Accepted Answer

A)  license or harvest the product 
B)  harvest or divest the product 
C)  divest, harvest, or license the product 
D)  license or pioneer the product 
E)  pioneer, harvest, or divest the product 
A)  license or harvest the product 
B)  harvest or divest the product 
C)  divest, harvest, or license the product 
D)  license or pioneer the product 
E)  pioneer, harvest, or divest the product

Question 2

Explain the difference between a full-line product strategy and a limited-line product strategy.

Accepted Answer

A company using a full-line product stra

Question 3

A product line is also known as a product mix.

Accepted Answer

A) True 
 B)False

Question 4

When Kraft focused on cost-cutting with its older and established brands, leaving them to wither without much investment or modification, Kraft decided to ________ the older products.

Accepted Answer

A)  license 
B)  maintain 
C)  divest 
D)  harvest 
E)  review 
A)  license 
B)  maintain 
C)  divest 
D)  harvest 
E)  review

Question 5

Give an example of an augmented product.

Accepted Answer

Examples will vary. An augment

Question 6

Briefly describe the steps in the new product development process.

Accepted Answer

New product development starts with idea

Question 7

Why might measuring service quality be more difficult than measuring product quality?

Accepted Answer

Products are tangible; therefore, measur

Question 8

Introducing a new product into the market is called ________.

Accepted Answer

A)  test marketing 
B)  new product development 
C)  experimenting 
D)  commercialization 
E)  marketing development 
A)  test marketing 
B)  new product development 
C)  experimenting 
D)  commercialization 
E)  marketing development

Question 9

________ refers to the speed with which consumers and businesses adopt a particular product.

Accepted Answer

A)  A penetration strategy 
B)  Positioning 
C)  A skimming strategy 
D)  Diversification 
E)  Diffusion of innovation 
A)  A penetration strategy 
B)  Positioning 
C)  A skimming strategy 
D)  Diversification 
E)  Diffusion of innovation

Question 10

Once the prototype of Wainwright Industries' new riding lawnmower, made especially for women, passes concept testing, the next step is ________.

Accepted Answer

A)  commercialization 
B)  focus group surveys 
C)  concept development 
D)  post-testing 
E)  marketing strategy 
A)  commercialization 
B)  focus group surveys 
C)  concept development 
D)  post-testing 
E)  marketing strategy

Question 11

The PLC represents the common pattern of evolution of sales and profits that all products share.

Accepted Answer

A) True 
 B)False

Question 12

Unlike innovators, early adopters in general ________.

Accepted Answer

A)  compose the smallest of the innovation adoption categories 
B)  have greater concern for social acceptance 
C)  have stronger physiological needs than others in the population 
D)  are light media users 
E)  are less mainstream 
A)  compose the smallest of the innovation adoption categories 
B)  have greater concern for social acceptance 
C)  have stronger physiological needs than others in the population 
D)  are light media users 
E)  are less mainstream

Question 13

Prices of shopping products are typically higher than the prices of ________ products but lower than the prices of ________ products.

Accepted Answer

A)  unsought; convenience 
B)  convenience; specialty 
C)  specialty; unsought 
D)  unsought; specialty 
E)  specialty; convenience 
A)  unsought; convenience 
B)  convenience; specialty 
C)  specialty; unsought 
D)  unsought; specialty 
E)  specialty; convenience

Question 14

________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying.

Accepted Answer

A)  Specialty products 
B)  Line extensions 
C)  Unsought products 
D)  Shopping products 
E)  Staples 
A)  Specialty products 
B)  Line extensions 
C)  Unsought products 
D)  Shopping products 
E)  Staples

Question 15

Identify the difference between tangible and intangible products and explain why most products can be thought of as falling on a tangible/intangible continuum.

Accepted Answer

Tangible products are also referred to a

Question 16

When Heinz introduced EZ Squirt packaging and new colors such as Blastin' Green and Awesome Orange to revitalize consumer buying of its ketchup, the company was introducing ________.

Accepted Answer

A)  cosmetic change 
B)  context change 
C)  concept change 
D)  discontinuous innovation 
E)  a new core benefit 
A)  cosmetic change 
B)  context change 
C)  concept change 
D)  discontinuous innovation 
E)  a new core benefit

Question 17

During which stage of new product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product?

Accepted Answer

A)  concept development 
B)  marketing strategy 
C)  business analysis 
D)  product development 
E)  test marketing 
A)  concept development 
B)  marketing strategy 
C)  business analysis 
D)  product development 
E)  test marketing

Question 18

Which of the following costs is most likely associated with the commercialization stage of new product development?

Accepted Answer

A)  building or renting a manufacturing facility 
B)  paying groups of target customers for product feedback 
C)  determining the product's planned price, distribution, and marketing budget 
D)  developing a prototype of the product 
E)  identifying target markets 
A)  building or renting a manufacturing facility 
B)  paying groups of target customers for product feedback 
C)  determining the product's planned price, distribution, and marketing budget 
D)  developing a prototype of the product 
E)  identifying target markets

Question 19

Give examples of the second level of product, the actual product.

Accepted Answer

Examples will vary. A salon ow

Question 20

Cannibalization is a possible result of adding products to a portfolio.

Accepted Answer

A) True 
 B)False

Which of the following best represents the options a company has when a product is declining?

Explain the difference between a full-line product strategy and a limited-line product strategy.

A product line is also known as a product mix.

When Kraft focused on cost-cutting with its older and established brands, leaving them to wither without much investment or modification, Kraft decided to ________ the older products.

Give an example of an augmented product.

Briefly describe the steps in the new product development process.

Why might measuring service quality be more difficult than measuring product quality?

Introducing a new product into the market is called ________.

________ refers to the speed with which consumers and businesses adopt a particular product.

Once the prototype of Wainwright Industries' new riding lawnmower, made especially for women, passes concept testing, the next step is ________.

The PLC represents the common pattern of evolution of sales and profits that all products share.

Unlike innovators, early adopters in general ________.

Prices of shopping products are typically higher than the prices of products but lower than the prices of products.

________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying.

Identify the difference between tangible and intangible products and explain why most products can be thought of as falling on a tangible/intangible continuum.

When Heinz introduced EZ Squirt packaging and new colors such as Blastin' Green and Awesome Orange to revitalize consumer buying of its ketchup, the company was introducing ________.

During which stage of new product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product?

Which of the following costs is most likely associated with the commercialization stage of new product development?

Give examples of the second level of product, the actual product.

Cannibalization is a possible result of adding products to a portfolio.

The Meaning of Marketing

The Market in Marketing

Planning and Marketing in an Organization

A Broader Perspective on Marketing

Global Marketing

Value for Customers

A Perspective on Consumer Behavior

Consumer Insight

The Brand

Segmenting, Targeting, and Positioning

The Marketing Plan

Pricing Strategies

Supply Chain and Distribution Strategies

Retailing and Wholesaling Strategies

Advertising and Sales Promotion Strategies

Personal Selling and Direct Marketing Strategies

The Communications Mix

The Marketing Mix

Marketing Performance Measurement

Filters

Exam 12: Product and Service Strategies

Which of the following best represents the options a company has when a product is declining?

Explain the difference between a full-line product strategy and a limited-line product strategy.

A product line is also known as a product mix.

When Kraft focused on cost-cutting with its older and established brands, leaving them to wither without much investment or modification, Kraft decided to ________ the older products.

Give an example of an augmented product.

Briefly describe the steps in the new product development process.

Why might measuring service quality be more difficult than measuring product quality?

Introducing a new product into the market is called ________.

________ refers to the speed with which consumers and businesses adopt a particular product.

Once the prototype of Wainwright Industries' new riding lawnmower, made especially for women, passes concept testing, the next step is ________.

The PLC represents the common pattern of evolution of sales and profits that all products share.

Unlike innovators, early adopters in general ________.

Prices of shopping products are typically higher than the prices of ________ products but lower than the prices of ________ products.

________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying.

Identify the difference between tangible and intangible products and explain why most products can be thought of as falling on a tangible/intangible continuum.

When Heinz introduced EZ Squirt packaging and new colors such as Blastin' Green and Awesome Orange to revitalize consumer buying of its ketchup, the company was introducing ________.

During which stage of new product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product?

Which of the following costs is most likely associated with the commercialization stage of new product development?

Give examples of the second level of product, the actual product.

Cannibalization is a possible result of adding products to a portfolio.

The Meaning of Marketing

The Market in Marketing

Planning and Marketing in an Organization

A Broader Perspective on Marketing

Global Marketing

Value for Customers

A Perspective on Consumer Behavior

Consumer Insight

The Brand

Segmenting, Targeting, and Positioning

The Marketing Plan

Pricing Strategies

Supply Chain and Distribution Strategies

Retailing and Wholesaling Strategies

Advertising and Sales Promotion Strategies

Personal Selling and Direct Marketing Strategies

The Communications Mix

The Marketing Mix

Marketing Performance Measurement

Filters

Prices of shopping products are typically higher than the prices of products but lower than the prices of products.