Question 1

Product managers or brand managers are most often found in firms with only one or a few related products.

Accepted Answer

A) True 
 B)False

Question 2

Full-scale market tests:

Accepted Answer

A)  Are unrealistic because they do not test the whole marketing mix. 
B)  Are not expensive. 
C)  Should always be skipped if management is sure that it understands consumer preferences. 
D)  May provide information to competitors. 
E)  Are used mostly for products that have high production costs and long lead times. 
A)  Are unrealistic because they do not test the whole marketing mix. 
B)  Are not expensive. 
C)  Should always be skipped if management is sure that it understands consumer preferences. 
D)  May provide information to competitors. 
E)  Are used mostly for products that have high production costs and long lead times.

Question 3

The product life cycle describes the stages a really new product idea goes through from beginning to end.

Accepted Answer

A) True 
 B)False

Question 4

Even in a full-scale market test, the firm is testing only the product, not the whole marketing mix.

Accepted Answer

A) True 
 B)False

Question 5

The market maturity stage of the product life cycle rarely lasts more than one or two months.

Accepted Answer

A) True 
 B)False

Question 6

It is difficult to maintain consistent quality in services because

Accepted Answer

A)  services are nonperishable. 
B)  as opposed to products, services are tangible in nature. 
C)  the service provider deals directly with the customer and often has to interpret each customer's needs. 
D)  variability is reduced as more humans are involved in delivery. 
E)  it requires minimum human interaction. 
A)  services are nonperishable. 
B)  as opposed to products, services are tangible in nature. 
C)  the service provider deals directly with the customer and often has to interpret each customer's needs. 
D)  variability is reduced as more humans are involved in delivery. 
E)  it requires minimum human interaction.

Question 7

In the idea evaluation stage

Accepted Answer

A)  an actual product is developed. 
B)  companies cannot estimate likely costs. 
C)  concept testing is used for getting reactions from customers. 
D)  there is some engineering to design and develop the physical part of a product. 
E)  the final ROI is estimated. 
A)  an actual product is developed. 
B)  companies cannot estimate likely costs. 
C)  concept testing is used for getting reactions from customers. 
D)  there is some engineering to design and develop the physical part of a product. 
E)  the final ROI is estimated.

Question 8

Product managers:

Accepted Answer

A)  Are especially common in large companies. 
B)  Are sometimes responsible for a product's whole marketing effort. 
C)  Coordinate their efforts with individuals within and outside the company. 
D)  May serve as "product champions" in planning and implementing the promotion effort. 
E)  All of these alternatives are correct. 
A)  Are especially common in large companies. 
B)  Are sometimes responsible for a product's whole marketing effort. 
C)  Coordinate their efforts with individuals within and outside the company. 
D)  May serve as "product champions" in planning and implementing the promotion effort. 
E)  All of these alternatives are correct.

Question 9

In the _____ step of the new-product development process, a marketing manager evaluates how well the idea fits with the company's objectives.

Accepted Answer

A)  idea generation 
B)  commercialization 
C)  screening 
D)  development 
E)  roll out 
A)  idea generation 
B)  commercialization 
C)  screening 
D)  development 
E)  roll out

Question 10

It is easy for marketing managers to predict how long a product or brand will stay in each stage of the product life cycle.

Accepted Answer

A) True 
 B)False

Question 11

Regarding product life cycles, good marketing managers know that:

Accepted Answer

A)  all competitors lose money during the sales decline stage. 
B)  they are getting longer. 
C)  industry sales reach their maximum during the market growth stage. 
D)  firms earn their biggest profits during the market introduction stage. 
E)  industry profits reach their maximum during the market growth stage. 
A)  all competitors lose money during the sales decline stage. 
B)  they are getting longer. 
C)  industry sales reach their maximum during the market growth stage. 
D)  firms earn their biggest profits during the market introduction stage. 
E)  industry profits reach their maximum during the market growth stage.

Question 12

Gradual "rollouts" are characteristic of which step of the new-product development process?

Accepted Answer

A)  Idea generation 
B)  Development 
C)  Idea screening 
D)  Idea evaluation 
E)  Commercialization 
A)  Idea generation 
B)  Development 
C)  Idea screening 
D)  Idea evaluation 
E)  Commercialization

Question 13

Regarding product life cycles, which of the following is not true?

Accepted Answer

A)  Industry profits are likely to level off or decline before sales level off. 
B)  The level of promotion usually decreases in market maturity since there is less revenue to cover the cost. 
C)  Many close substitutes are usually competing in the market maturity stage. 
D)  It is usually expensive for a new firm to enter in the market maturity stage. 
E)  There is a downward pressure on prices over time. 
A)  Industry profits are likely to level off or decline before sales level off. 
B)  The level of promotion usually decreases in market maturity since there is less revenue to cover the cost. 
C)  Many close substitutes are usually competing in the market maturity stage. 
D)  It is usually expensive for a new firm to enter in the market maturity stage. 
E)  There is a downward pressure on prices over time.

Question 14

Which of the following is NOT one of the text's product life cycle stages?

Accepted Answer

A)  Market maturity 
B)  Market penetration 
C)  Market introduction 
D)  Sales decline 
E)  Market growth 
A)  Market maturity 
B)  Market penetration 
C)  Market introduction 
D)  Sales decline 
E)  Market growth

Question 15

Midway, Inc. has seen most of its competitors drop out of its product-market due to declining industry sales and profits. But Midway still has much demand for its product from a small group of loyal customers. This product-market is in which product life cycle stage?

Accepted Answer

A)  Market introduction 
B)  Market maturity 
C)  Market development 
D)  Market growth 
E)  Sales decline 
A)  Market introduction 
B)  Market maturity 
C)  Market development 
D)  Market growth 
E)  Sales decline

Question 16

Kelly Drake, marketing manager for Find-Ur-Way global positioning systems, is testing the marketing mix for one of her company's new products. The product was introduced in two different markets with different prices and packages. This suggests the new product was in the _____ step of the new-product development process.

Accepted Answer

A)  commercialization 
B)  idea evaluation 
C)  screening 
D)  development 
E)  idea generation 
A)  commercialization 
B)  idea evaluation 
C)  screening 
D)  development 
E)  idea generation

Question 17

It is still possible for a firm to earn a profit if it operates in the sales decline stage of the product life cycle.

Accepted Answer

A) True 
 B)False

Question 18

The money spent to improve quality should not only satisfy customers but also justify the cost through improved profit.

Accepted Answer

A) True 
 B)False

Question 19

By law, a firm may call a new product "new" for only six months. This regulation, and many similar product regulations, are established by the:

Accepted Answer

A)  Environmental Protection Agency (EP
A)  
B)  Federal Trade Commission (FT
C)  
C)  Consumer Product Safety Commission (CPS
C)  
D)  Food and Drug Administration (FD
A)  
E)  U.S. Department of Justice (DOJ) 
A)  Environmental Protection Agency (EP
A)  
B)  Federal Trade Commission (FT
C)  
C)  Consumer Product Safety Commission (CPS
C)  
D)  Food and Drug Administration (FD
A)  
E)  U.S. Department of Justice (DOJ)

Question 20

The last step in the new-product development process is:

Accepted Answer

A)  idea generation. 
B)  commercialization. 
C)  idea evaluation. 
D)  development. 
E)  screening. 
A)  idea generation. 
B)  commercialization. 
C)  idea evaluation. 
D)  development. 
E)  screening.

Product managers or brand managers are most often found in firms with only one or a few related products.

Full-scale market tests:

The product life cycle describes the stages a really new product idea goes through from beginning to end.

Even in a full-scale market test, the firm is testing only the product, not the whole marketing mix.

The market maturity stage of the product life cycle rarely lasts more than one or two months.

It is difficult to maintain consistent quality in services because

In the idea evaluation stage

Product managers:

In the _____ step of the new-product development process, a marketing manager evaluates how well the idea fits with the company's objectives.

It is easy for marketing managers to predict how long a product or brand will stay in each stage of the product life cycle.

Regarding product life cycles, good marketing managers know that:

Gradual "rollouts" are characteristic of which step of the new-product development process?

Regarding product life cycles, which of the following is not true?

Which of the following is NOT one of the text's product life cycle stages?

Midway, Inc. has seen most of its competitors drop out of its product-market due to declining industry sales and profits. But Midway still has much demand for its product from a small group of loyal customers. This product-market is in which product life cycle stage?

It is still possible for a firm to earn a profit if it operates in the sales decline stage of the product life cycle.

The money spent to improve quality should not only satisfy customers but also justify the cost through improved profit.

By law, a firm may call a new product "new" for only six months. This regulation, and many similar product regulations, are established by the:

The last step in the new-product development process is:

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

Product managers or brand managers are most often found in firms with only one or a few related products.

Full-scale market tests:

The product life cycle describes the stages a really new product idea goes through from beginning to end.

Even in a full-scale market test, the firm is testing only the product, not the whole marketing mix.

The market maturity stage of the product life cycle rarely lasts more than one or two months.

It is difficult to maintain consistent quality in services because

In the idea evaluation stage

Product managers:

In the _____ step of the new-product development process, a marketing manager evaluates how well the idea fits with the company's objectives.

It is easy for marketing managers to predict how long a product or brand will stay in each stage of the product life cycle.

Regarding product life cycles, good marketing managers know that:

Gradual "rollouts" are characteristic of which step of the new-product development process?

Regarding product life cycles, which of the following is not true?

Which of the following is NOT one of the text's product life cycle stages?

Midway, Inc. has seen most of its competitors drop out of its product-market due to declining industry sales and profits. But Midway still has much demand for its product from a small group of loyal customers. This product-market is in which product life cycle stage?

It is still possible for a firm to earn a profit if it operates in the sales decline stage of the product life cycle.

The money spent to improve quality should not only satisfy customers but also justify the cost through improved profit.

By law, a firm may call a new product "new" for only six months. This regulation, and many similar product regulations, are established by the:

The last step in the new-product development process is:

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