Question 1

Regarding what a "new product" is, your text says:

Accepted Answer

A)  a product should be considered "new" if it is new in any way for the company concerned. 
B)  that the FTC would not call an existing product new, even if it were changed in a functionally significant way. 
C)  there is no legal limit on how long a product can be called "new." 
D)  a new product must be totally different before it can be called a "new product." 
E)  All of these alternatives are correct. 
A)  a product should be considered "new" if it is new in any way for the company concerned. 
B)  that the FTC would not call an existing product new, even if it were changed in a functionally significant way. 
C)  there is no legal limit on how long a product can be called "new." 
D)  a new product must be totally different before it can be called a "new product." 
E)  All of these alternatives are correct.

Question 2

Firms should try to develop marketing mixes that make the most of the market growth stage of the product life cycle-when profits are highest.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following gives the correct order of the steps in the new-product development process?

Accepted Answer

A)  Screening, idea generation, idea evaluation, development, commercialization 
B)  Idea generation, screening, idea evaluation, development, commercialization 
C)  Idea generation, idea evaluation, development, screening, commercialization 
D)  Development, idea generation, screening, commercialization, idea evaluation 
E)  Commercialization, idea generation, idea evaluation, screening, development 
A)  Screening, idea generation, idea evaluation, development, commercialization 
B)  Idea generation, screening, idea evaluation, development, commercialization 
C)  Idea generation, idea evaluation, development, screening, commercialization 
D)  Development, idea generation, screening, commercialization, idea evaluation 
E)  Commercialization, idea generation, idea evaluation, screening, development

Question 4

Product life cycles describe industry sales and profits within a particular product-market, and not the sales and profits of individual brands.

Accepted Answer

A) True 
 B)False

Question 5

All of the following products are in the market maturity stage of the product life cycle except:

Accepted Answer

A)  laundry detergents. 
B)  breakfast cereals. 
C)  ultra high-definition TVs. 
D)  carbonated soft drinks. 
E)  gasoline-powered cars. 
A)  laundry detergents. 
B)  breakfast cereals. 
C)  ultra high-definition TVs. 
D)  carbonated soft drinks. 
E)  gasoline-powered cars.

Question 6

Industry profits are largest in which of the following product life cycle stages?

Accepted Answer

A)  Market introduction 
B)  Market growth 
C)  Market maturity 
D)  Sales decline 
E)  None of these is a good answer 
A)  Market introduction 
B)  Market growth 
C)  Market maturity 
D)  Sales decline 
E)  None of these is a good answer

Question 7

When a firm's product has won loyal customers, it can be successful for a long time-even in a mature or declining market.

Accepted Answer

A) True 
 B)False

Question 8

Because firms must be developing new products all the time, which of the following statements is true?

Accepted Answer

A)  Competitors are likely to rapidly introduce product improvements in the market growth stage. 
B)  The developed economies experience technological advances quicker than the less-developed economies. 
C)  Although the life of different products varies, product life cycles are getting shorter. 
D)  One new invention may make possible many new products to replace old ones. 
E)  All of these statements are true. 
A)  Competitors are likely to rapidly introduce product improvements in the market growth stage. 
B)  The developed economies experience technological advances quicker than the less-developed economies. 
C)  Although the life of different products varies, product life cycles are getting shorter. 
D)  One new invention may make possible many new products to replace old ones. 
E)  All of these statements are true.

Question 9

In the market introduction stage of the product life cycle

Accepted Answer

A)  sales are the highest. 
B)  most companies experience losses. 
C)  industry profits rise. 
D)  industry sales level off. 
E)  total industry profit is highest. 
A)  sales are the highest. 
B)  most companies experience losses. 
C)  industry profits rise. 
D)  industry sales level off. 
E)  total industry profit is highest.

Question 10

The product life cycle concept is concerned with planning for product recycling to protect the environment.

Accepted Answer

A) True 
 B)False

Question 11

In the _____ stage of the product life cycle, organizations focus on building primary demand.

Accepted Answer

A)  market decline 
B)  market maturity 
C)  sales decline 
D)  market growth 
E)  market introduction 
A)  market decline 
B)  market maturity 
C)  sales decline 
D)  market growth 
E)  market introduction

Question 12

When building quality into services, managers should:

Accepted Answer

A)  not worry about training because people will learn by experience. 
B)  spend all of their time watching employees to make sure that they do things right every time. 
C)  require employees to check with managers before attempting to correct any problem. 
D)  empower employees by giving them the authority to satisfy customers' needs without always checking with a supervisor. 
E)  None of these alternatives is correct. 
A)  not worry about training because people will learn by experience. 
B)  spend all of their time watching employees to make sure that they do things right every time. 
C)  require employees to check with managers before attempting to correct any problem. 
D)  empower employees by giving them the authority to satisfy customers' needs without always checking with a supervisor. 
E)  None of these alternatives is correct.

Question 13

The probable length of the product life cycle has little effect on strategy planning.

Accepted Answer

A) True 
 B)False

Question 14

The product life cycle:

Accepted Answer

A)  describes the stages a new product idea goes through from beginning to end. 
B)  has five major stages. 
C)  applies more to individual brands than to categories or types of products. 
D)  shows that sales and profits tend to move together over time. 
E)  All of these alternatives are correct. 
A)  describes the stages a new product idea goes through from beginning to end. 
B)  has five major stages. 
C)  applies more to individual brands than to categories or types of products. 
D)  shows that sales and profits tend to move together over time. 
E)  All of these alternatives are correct.

Question 15

In the market growth stage of the product life cycle:

Accepted Answer

A)  competing products become almost the same in the minds of potential consumers. 
B)  distribution moves from intensive to selective. 
C)  many competitors drop out of the market. 
D)  total industry sales increase very slowly. 
E)  total industry profits reach their peak and begin to decline. 
A)  competing products become almost the same in the minds of potential consumers. 
B)  distribution moves from intensive to selective. 
C)  many competitors drop out of the market. 
D)  total industry sales increase very slowly. 
E)  total industry profits reach their peak and begin to decline.

Question 16

Sales growth is usually faster when the product is incompatible with the past values and experience of the target market.

Accepted Answer

A) True 
 B)False

Question 17

During the introduction stage of the product life cycle,

Accepted Answer

A)  "me-too" products quickly take market share away from the innovator. 
B)  most products achieve intensive distribution. 
C)  industry profits are at their highest. 
D)  promotion is likely to be needed to build primary demand. 
E)  None of these alternatives is true. 
A)  "me-too" products quickly take market share away from the innovator. 
B)  most products achieve intensive distribution. 
C)  industry profits are at their highest. 
D)  promotion is likely to be needed to build primary demand. 
E)  None of these alternatives is true.

Question 18

A product idea may be in different life-cycle stages in different markets.

Accepted Answer

A) True 
 B)False

Regarding what a "new product" is, your text says:

Firms should try to develop marketing mixes that make the most of the market growth stage of the product life cycle-when profits are highest.

Which of the following gives the correct order of the steps in the new-product development process?

Product life cycles describe industry sales and profits within a particular product-market, and not the sales and profits of individual brands.

All of the following products are in the market maturity stage of the product life cycle except:

Industry profits are largest in which of the following product life cycle stages?

When a firm's product has won loyal customers, it can be successful for a long time-even in a mature or declining market.

Because firms must be developing new products all the time, which of the following statements is true?

In the market introduction stage of the product life cycle

The product life cycle concept is concerned with planning for product recycling to protect the environment.

In the _____ stage of the product life cycle, organizations focus on building primary demand.

When building quality into services, managers should:

The probable length of the product life cycle has little effect on strategy planning.

The product life cycle:

In the market growth stage of the product life cycle:

Sales growth is usually faster when the product is incompatible with the past values and experience of the target market.

During the introduction stage of the product life cycle,

A product idea may be in different life-cycle stages in different markets.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Market Environment

Focusing Marketing Strategy With Segmentation and Positioning

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Elements of Product Planning for Goods and Services

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotion-Introduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Ethical Marketing in a Consumer-Oriented World: Appraisal and Challe

Filters

Exam 9: Product Management and New-Product Development

Regarding what a "new product" is, your text says:

Firms should try to develop marketing mixes that make the most of the market growth stage of the product life cycle-when profits are highest.

Which of the following gives the correct order of the steps in the new-product development process?

Product life cycles describe industry sales and profits within a particular product-market, and not the sales and profits of individual brands.

All of the following products are in the market maturity stage of the product life cycle except:

Industry profits are largest in which of the following product life cycle stages?

When a firm's product has won loyal customers, it can be successful for a long time-even in a mature or declining market.

Because firms must be developing new products all the time, which of the following statements is true?

In the market introduction stage of the product life cycle

The product life cycle concept is concerned with planning for product recycling to protect the environment.

In the _____ stage of the product life cycle, organizations focus on building primary demand.

When building quality into services, managers should:

The probable length of the product life cycle has little effect on strategy planning.

The product life cycle:

In the market growth stage of the product life cycle:

Sales growth is usually faster when the product is incompatible with the past values and experience of the target market.

During the introduction stage of the product life cycle,

A product idea may be in different life-cycle stages in different markets.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Market Environment

Focusing Marketing Strategy With Segmentation and Positioning

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Elements of Product Planning for Goods and Services

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotion-Introduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Ethical Marketing in a Consumer-Oriented World: Appraisal and Challe

Filters