Question 1

The category of buyers that waits and purchases a product after careful review is called:

Accepted Answer

A) innovators. 
B) laggards. 
C) early adopters. 
D) late majority. 
E) lead users. 
A) innovators. 
B) laggards. 
C) early adopters. 
D) late majority. 
E) lead users.

Question 2

Alice asks a group of people to test the skateboards she has manufactured.She needs to determine whether they are functioning as intended and if they require any changes before they are released.What is the type of test being conducted by Alice called?

Accepted Answer

A) Concept testing 
B) Test marketing 
C) Hypothesis testing 
D) Beta testing 
E) Alpha testing 
A) Concept testing 
B) Test marketing 
C) Hypothesis testing 
D) Beta testing 
E) Alpha testing

Question 3

Vintage Corp, a leather company, manufactures high-quality handbags for women.All its bags carry a prominent logo of the company and consumers associate this logo with excellent quality.Despite their high price, Vintage handbags are extremely popular.Which of the following factors is influencing the quick diffusion of these handbags?

Accepted Answer

A) Complexity 
B) Relative advantage 
C) Trialability 
D) Compatibility 
E) Observability 
A) Complexity 
B) Relative advantage 
C) Trialability 
D) Compatibility 
E) Observability

Question 4

Early adopters differ from innovators in that early adopters:

Accepted Answer

A) help a product gain market acceptance by spreading positive word-of-mouth. 
B) enjoy taking risks and are not price sensitive. 
C) want to be the first on the block to have a new product or service. 
D) decide whether a product is worth the cost only after careful review. 
E) are regarded as highly knowledgeable as they keep themselves well informed about different product categories. 
A) help a product gain market acceptance by spreading positive word-of-mouth. 
B) enjoy taking risks and are not price sensitive. 
C) want to be the first on the block to have a new product or service. 
D) decide whether a product is worth the cost only after careful review. 
E) are regarded as highly knowledgeable as they keep themselves well informed about different product categories.

Question 5

Who among the following can be regarded as a laggard according to the diffusion of innovation theory?

Accepted Answer

A) Natalie, who buys products after carefully reviewing the benefits of these products 
B) Albert, who is tech savvy and owns most of the new gadgets released in the market 
C) Emily, who still listens to songs on cassette tapes despite the advent of CDs and MP3s 
D) Harris, who buys products after a few months of their release to obtain discounts on the products owing to competition in the market 
E) Taylor, who buys products because the majority of his friends already own them 
A) Natalie, who buys products after carefully reviewing the benefits of these products 
B) Albert, who is tech savvy and owns most of the new gadgets released in the market 
C) Emily, who still listens to songs on cassette tapes despite the advent of CDs and MP3s 
D) Harris, who buys products after a few months of their release to obtain discounts on the products owing to competition in the market 
E) Taylor, who buys products because the majority of his friends already own them

Question 6

Jeremy is interested in buying a phone that has a music player and provides access to the Internet.After doing a detailed analysis of all the phones in the market that offer these features, he decides to buy a recently released model.Which of the following groups of buyers best represents Jeremy's buying behaviour?

Accepted Answer

A) Innovators 
B) Early adopters 
C) Laggards 
D) Early majority 
E) Late majority 
A) Innovators 
B) Early adopters 
C) Laggards 
D) Early majority 
E) Late majority

Question 7

Disruptive products require a higher level of learning from consumers.

Accepted Answer

A) True 
 B)False

Question 8

Baked Treats, a confectionary company, introduced maple syrup cookies that became an instant hit in the country of Argonia because Argonians are accustomed to eating cookies.The same product received a lukewarm response in other countries, where traditional snacks have been very different in nature.Which of the following factors contributed to the success of these cookies in Argonia?

Accepted Answer

A) Compatibility 
B) Trialability 
C) Complexity 
D) Visibility 
E) Observability 
A) Compatibility 
B) Trialability 
C) Complexity 
D) Visibility 
E) Observability

Question 9

Which of the following is NOT a step in the product development process?

Accepted Answer

A) Concept testing 
B) Market testing 
C) Product launch 
D) Need recognition 
E) Idea generation 
A) Concept testing 
B) Market testing 
C) Product launch 
D) Need recognition 
E) Idea generation

Question 10

Scorpion Homes Inc.is a company that provides security-related products to its consumers.However, the burglar alarm system introduced by Scorpion Homes failed because consumers had to possess a certain level of technical skill to use the product effectively.Which of the following factors is affecting the adoption rate of these alarm systems?

Accepted Answer

A) Complexity 
B) Trialability 
C) Compatibility 
D) Relative advantage 
E) Observability 
A) Complexity 
B) Trialability 
C) Compatibility 
D) Relative advantage 
E) Observability

Question 11

Alttaire automobiles developed new hybrid cars that were highly fuel efficient and less polluting compared to all its competitors' cars in the current market.The cars developed by Alttaire automobiles achieved instant success in the market because of their unique features.Which of the following factors primarily influenced the high adoption rate of the cars developed by Alttaire automobiles?

Accepted Answer

A) Complexity 
B) High compatibility 
C) Observability 
D) Relative advantage 
E) Trialability 
A) Complexity 
B) High compatibility 
C) Observability 
D) Relative advantage 
E) Trialability

Question 12

During the growth stage of a product life cycle, firms attempt to:

Accepted Answer

A) successfully market a newly launched product. 
B) reach new consumers by studying their preferences and producing different product variations. 
C) increase their customer base by entering into new markets or market segments. 
D) defend their market share by developing new products or promotions. 
E) market their products to a niche segment of loyal customers. 
A) successfully market a newly launched product. 
B) reach new consumers by studying their preferences and producing different product variations. 
C) increase their customer base by entering into new markets or market segments. 
D) defend their market share by developing new products or promotions. 
E) market their products to a niche segment of loyal customers.

Question 13

A new product launched by a company is showing a rise in sales and a rapid rise in profits, and is being purchased by a group of early adopters and early majority buyers.In the context of the product life cycle, the product is in the:

Accepted Answer

A) introduction stage. 
B) growth stage. 
C) decline stage. 
D) maturity stage. 
E) initiation stage. 
A) introduction stage. 
B) growth stage. 
C) decline stage. 
D) maturity stage. 
E) initiation stage.

Question 14

Which of the following groups of the consumer adoption cycle is characterized by buyers who enjoy taking risks, are regarded as knowledgeable, and are not price sensitive?

Accepted Answer

A) Laggards 
B) Innovators 
C) Early adopters 
D) Early majority 
E) Late majority 
A) Laggards 
B) Innovators 
C) Early adopters 
D) Early majority 
E) Late majority

Question 15

Brenda wanted to buy an LCD TV when it was released but decided to wait for more options and better quality.She bought it at a later stage when companies reduced the prices of LCD TVs due to growing competition in the market.To which of the following groups of buyers does Brenda belong?

Accepted Answer

A) Innovators 
B) Laggards 
C) Late majority 
D) Early majority 
E) Early adopters 
A) Innovators 
B) Laggards 
C) Late majority 
D) Early majority 
E) Early adopters

Question 16

Lead users are those buyers who want to be the first to have a new product or service.

Accepted Answer

A) True 
 B)False

Question 17

What is a product?

Accepted Answer

A product is the first P in the marketin

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

If a firm is facing intense competition on the prices of its product and in turn it is leading to a decrease in the firm's profit margins, then the product is said to be in which stage of its life cycle?

Accepted Answer

A) Decline 
B) Introduction 
C) Maturity 
D) Growth 
E) Deterioration 
A) Decline 
B) Introduction 
C) Maturity 
D) Growth 
E) Deterioration

Question 20

Snackie, a cookie company, manufactures unique fish-shaped biscuits that are popular with kids.Kids love the distinct shape and novel taste of these biscuits.Which of the following factors is primarily contributing to the popularity of these biscuits?

Accepted Answer

A) Trialability 
B) Observability 
C) Complexity 
D) Compatibility 
E) Relative advantage 
A) Trialability 
B) Observability 
C) Complexity 
D) Compatibility 
E) Relative advantage

The category of buyers that waits and purchases a product after careful review is called:

Alice asks a group of people to test the skateboards she has manufactured.She needs to determine whether they are functioning as intended and if they require any changes before they are released.What is the type of test being conducted by Alice called?

Early adopters differ from innovators in that early adopters:

Who among the following can be regarded as a laggard according to the diffusion of innovation theory?

Disruptive products require a higher level of learning from consumers.

Which of the following is NOT a step in the product development process?

During the growth stage of a product life cycle, firms attempt to:

A new product launched by a company is showing a rise in sales and a rapid rise in profits, and is being purchased by a group of early adopters and early majority buyers.In the context of the product life cycle, the product is in the:

Which of the following groups of the consumer adoption cycle is characterized by buyers who enjoy taking risks, are regarded as knowledgeable, and are not price sensitive?

Brenda wanted to buy an LCD TV when it was released but decided to wait for more options and better quality.She bought it at a later stage when companies reduced the prices of LCD TVs due to growing competition in the market.To which of the following groups of buyers does Brenda belong?

Lead users are those buyers who want to be the first to have a new product or service.

What is a product?

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

If a firm is facing intense competition on the prices of its product and in turn it is leading to a decrease in the firm's profit margins, then the product is said to be in which stage of its life cycle?

Snackie, a cookie company, manufactures unique fish-shaped biscuits that are popular with kids.Kids love the distinct shape and novel taste of these biscuits.Which of the following factors is primarily contributing to the popularity of these biscuits?

Overview of Marketing

Developing Marketing Strategies and a Marketing Plan

Analyzing the Marketing Environment

Consumer Behaviour

Business-To-Business Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Services: The Intangible Product

Pricing Concepts and Strategies: Establishing Value

Distribution Channels

Retailing and Omni-Channel Marketing

Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Global Marketing

Ethics and Socially Responsible Marketing

Filters

Exam 8: Developing New Products

The category of buyers that waits and purchases a product after careful review is called:

Alice asks a group of people to test the skateboards she has manufactured.She needs to determine whether they are functioning as intended and if they require any changes before they are released.What is the type of test being conducted by Alice called?

Early adopters differ from innovators in that early adopters:

Who among the following can be regarded as a laggard according to the diffusion of innovation theory?

Disruptive products require a higher level of learning from consumers.

Which of the following is NOT a step in the product development process?

During the growth stage of a product life cycle, firms attempt to:

A new product launched by a company is showing a rise in sales and a rapid rise in profits, and is being purchased by a group of early adopters and early majority buyers.In the context of the product life cycle, the product is in the:

Which of the following groups of the consumer adoption cycle is characterized by buyers who enjoy taking risks, are regarded as knowledgeable, and are not price sensitive?

Brenda wanted to buy an LCD TV when it was released but decided to wait for more options and better quality.She bought it at a later stage when companies reduced the prices of LCD TVs due to growing competition in the market.To which of the following groups of buyers does Brenda belong?

Lead users are those buyers who want to be the first to have a new product or service.

What is a product?

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

If a firm is facing intense competition on the prices of its product and in turn it is leading to a decrease in the firm's profit margins, then the product is said to be in which stage of its life cycle?

Snackie, a cookie company, manufactures unique fish-shaped biscuits that are popular with kids.Kids love the distinct shape and novel taste of these biscuits.Which of the following factors is primarily contributing to the popularity of these biscuits?

Overview of Marketing

Developing Marketing Strategies and a Marketing Plan

Analyzing the Marketing Environment

Consumer Behaviour

Business-To-Business Marketing

Segmentation, Targeting, and Positioning

Marketing Research

Product, Branding, and Packaging Decisions

Services: The Intangible Product

Pricing Concepts and Strategies: Establishing Value

Distribution Channels

Retailing and Omni-Channel Marketing

Integrated Marketing Communications

Advertising, Sales Promotions, and Personal Selling

Social and Mobile Marketing

Global Marketing

Ethics and Socially Responsible Marketing

Filters