Exam 7: Product Strategy and New-Product Development

The maturity stage of the PLC is characterized as having a few large players dominate the market followed by a number of smaller companies with specific products meeting specialized market needs.

The essential marketing objective in the growth phase of the PLC is to ____________.

Generally speaking,the most dramatic increase in revenue occurs in the _________ phase of the PLC.

When consumers purchase a product for the purpose of making a value decision in the product adoption process,it is called the trial stage.

More than any other discriminator,style offers the advantage to a company of _______.

Success or failure of a new product is determined by the action of the company.The factor or factors that increase the likelihood of failure can be described as _______.

In the B2B market,test marketing is ________.

One challenge facing companies is to generate new ideas for products.A good source for new-product ideas come from internal employees from ________.

The early and late majority make up _________ of all adopters of a product.

The Apple Newton,the first PDA,is a good example of a product that _______.

One way to extend the product is by creating ___________.

Products introduced in the growth phase tend to have __________.

Firms must _________ new-product ideas from the list of ideas that are generated by the idea generation stage.

There is a category of goods called unsought goods.These goods are characterized as being the kinds of things that consumers _______.

Informing and educating the target audience about the product's benefits,characteristics,and features is part of the communication strategy in the ___________ phase of the product life cycle.

Product followers are price-sensitive and risk-averse.They purchase older generation or discontinued models with lower prices and fewer features.This group of adopters is called the _____________.

When product is defined in a marketing context,it is _________.

Innovators are product enthusiasts who enjoy being the first people to try a new product.They represent ___________ of the market.

The product life cycle (PLC)for a particular product has ________.

The number of products purchased by the same customer is called repeat purchases.This can be important with things like stereos and cell phones because they rely on loyalty for success.