Question 1

Briefly define what is meant by a product. Explain the characteristics that would define a product, good, service, and an idea. Give an example of each.

Accepted Answer

A product is a good, service, or idea co

Question 2

Market testing refers to

Accepted Answer

A) exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy. 
B) making sales and profit projections on prototype products to make go-no-go decisions. 
C) conducting marketing research among a sample of consumers in the target market to determine which version of a new-product concept is deemed the best. 
D) independently run comparison tests with similar products currently in the marketplace to determine which one performs best. 
E) conducting safety tests to determine whether the new product meets the established requirements when it isn't used as planned. 
A) exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy. 
B) making sales and profit projections on prototype products to make go-no-go decisions. 
C) conducting marketing research among a sample of consumers in the target market to determine which version of a new-product concept is deemed the best. 
D) independently run comparison tests with similar products currently in the marketplace to determine which one performs best. 
E) conducting safety tests to determine whether the new product meets the established requirements when it isn't used as planned.

Question 3

Procter & Gamble has a large __________ that includes product groupings such as beauty and grooming (Crest toothpaste and Gillette razors), household care (Downy fabric softener and Tide detergent), and Pampers diapers.

Accepted Answer

A) marketing mix 
B) product class 
C) product items 
D) product lines 
E) product mix 
A) marketing mix 
B) product class 
C) product items 
D) product lines 
E) product mix

Question 4

Dell used __________ to develop an online site to generate 13,464 ideas for new products as well as website and marketing improvements.

Accepted Answer

A) brainstorming 
B) crowdsourcing 
C) group think 
D) outsourcing 
E) data mining 
A) brainstorming 
B) crowdsourcing 
C) group think 
D) outsourcing 
E) data mining

Question 5

Ideally, before a new product or service is developed, a firm should have a precise protocol, which is a statement that identifies: (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) __________.

Accepted Answer

A) what the product or service will be and do to satisfy consumers 
B) a clear plan for distribution 
C) clear financial goals and expectations 
D) an analysis of potential competitors' products or services 
E) a precise budget of how much can be spent for the marketing program 
A) what the product or service will be and do to satisfy consumers 
B) a clear plan for distribution 
C) clear financial goals and expectations 
D) an analysis of potential competitors' products or services 
E) a precise budget of how much can be spent for the marketing program

Question 6

Among business products, which of the following would most likely be considered an installation?

Accepted Answer

A) a factory 
B) roof tiles 
C) a cleaning service 
D) a photocopier 
E) a drill press 
A) a factory 
B) roof tiles 
C) a cleaning service 
D) a photocopier 
E) a drill press

Question 7

The stage of the new-product process that positions and launches a new product in full-scale production and sales is referred to as

Accepted Answer

A) marketing program execution. 
B) disbursement. 
C) launch. 
D) commercialization. 
E) final distribution. 
A) marketing program execution. 
B) disbursement. 
C) launch. 
D) commercialization. 
E) final distribution.

Question 8

A discontinuous innovation is a product that

Accepted Answer

A) disrupts consumers' normal routine but does not require totally new learning. 
B) requires no new learning by consumers. 
C) is not purchased by innovators and early adopters. 
D) initiates obsolescence of a product class. 
E) requires consumers to learn entirely new patterns of behavior and product usage. 
A) disrupts consumers' normal routine but does not require totally new learning. 
B) requires no new learning by consumers. 
C) is not purchased by innovators and early adopters. 
D) initiates obsolescence of a product class. 
E) requires consumers to learn entirely new patterns of behavior and product usage.

Question 9

The stage of the new-product development process that defines the role for a new product in terms of the firm's overall objectives is referred to as

Accepted Answer

A) distinctive competency determination. 
B) new-product strategy development. 
C) strategic marketing process. 
D) strategic invention process. 
E) product protocol definition. 
A) distinctive competency determination. 
B) new-product strategy development. 
C) strategic marketing process. 
D) strategic invention process. 
E) product protocol definition.

Question 10

A company's product mix is equal to the sum of its

Accepted Answer

A) marketing mix. 
B) product class. 
C) product items. 
D) product lines. 
E) SKUs. 
A) marketing mix. 
B) product class. 
C) product items. 
D) product lines. 
E) SKUs.

Question 11

New-product strategy development is

Accepted Answer

A) the stage of the new-product development process where specific product features and benefits are selected prior creating a new-product prototype. 
B) a formalized protocol for new-product development determined by the director of marketing. 
C) the stage of the new-product development process that defines the role for a new product in terms of the firm's overall objectives. 
D) the process of presenting cross-functional teams with a written new-product concept statement and asking them to respond to it in writing. 
E) the stage of the new-product development process that turns the idea on paper into a prototype, which results in a demonstrable, producible product corresponding to its protocol. 
A) the stage of the new-product development process where specific product features and benefits are selected prior creating a new-product prototype. 
B) a formalized protocol for new-product development determined by the director of marketing. 
C) the stage of the new-product development process that defines the role for a new product in terms of the firm's overall objectives. 
D) the process of presenting cross-functional teams with a written new-product concept statement and asking them to respond to it in writing. 
E) the stage of the new-product development process that turns the idea on paper into a prototype, which results in a demonstrable, producible product corresponding to its protocol.

Question 12

From an organization's perspective regarding its new products and innovations, which of the following new-product strategies has the highest level of risk?

Accepted Answer

A) a radical invention 
B) a brand extension 
C) a product line extension 
D) a jump in innovation 
E) a product deletion 
A) a radical invention 
B) a brand extension 
C) a product line extension 
D) a jump in innovation 
E) a product deletion

Question 13

In terms of promotion, which of the following type of product would stress price, availability, and awareness?

Accepted Answer

A) shopping 
B) convenience 
C) specialty 
D) unsought 
E) supply 
A) shopping 
B) convenience 
C) specialty 
D) unsought 
E) supply

Question 14

Which of the following is most likely to be an example of an unsought product?

Accepted Answer

A) snow shovel 
B) smartphone 
C) gym membership 
D) calculator 
E) burial insurance 
A) snow shovel 
B) smartphone 
C) gym membership 
D) calculator 
E) burial insurance

Question 15

One of the eight primary marketing-related reasons for new-product failure is

Accepted Answer

A) not listening to the voice of the engineer. 
B) no economical access to buyers. 
C) too much advertising or too aggressive a tone for it. 
D) failure to anticipate competitors actions. 
E) insufficient funding for rollout. 
A) not listening to the voice of the engineer. 
B) no economical access to buyers. 
C) too much advertising or too aggressive a tone for it. 
D) failure to anticipate competitors actions. 
E) insufficient funding for rollout.

Question 16

A __________ is defined as an item consumed in one or a few uses.

Accepted Answer

A) durable good 
B) convenience good 
C) specialty good 
D) shopping good 
E) nondurable good 
A) durable good 
B) convenience good 
C) specialty good 
D) shopping good 
E) nondurable good

Question 17

__________ includes considering employee interactions with customers to ensure they are consistently delivered and experienced, clearly differentiated from other offerings, and relevant and valuable to the target market.

Accepted Answer

A) Capacity management 
B) Customer experience management 
C) Derived demand 
D) Internal marketing 
E) The key service factor 
A) Capacity management 
B) Customer experience management 
C) Derived demand 
D) Internal marketing 
E) The key service factor

Question 18

Among business products, legal counsel for patent information for a firm's R&D department would most likely be classified as which type of support product?

Accepted Answer

A) ancillary services 
B) contractual services 
C) specialty services 
D) accessory services 
E) industrial services 
A) ancillary services 
B) contractual services 
C) specialty services 
D) accessory services 
E) industrial services

Question 19

A product line is a group of product or service items that are closely related because they satisfy a class of needs, are used together, __________, are distributed through the same type of outlets, or fall within a given price range.

Accepted Answer

A) are made of similar components 
B) require high levels of R&D 
C) are sold to the same customer group 
D) are made from the same formulations 
E) have one SKU number 
A) are made of similar components 
B) require high levels of R&D 
C) are sold to the same customer group 
D) are made from the same formulations 
E) have one SKU number

Question 20

An iMac personal computer from Apple can be classified according to all of the following categories except

Accepted Answer

A) a business product. 
B) a nondurable good. 
C) a B2B product. 
D) a durable good. 
E) a consumer product. 
A) a business product. 
B) a nondurable good. 
C) a B2B product. 
D) a durable good. 
E) a consumer product.

Exam 10: Developing New Products and Services

Briefly define what is meant by a product. Explain the characteristics that would define a product, good, service, and an idea. Give an example of each.

Market testing refers to

Procter & Gamble has a large __________ that includes product groupings such as beauty and grooming (Crest toothpaste and Gillette razors), household care (Downy fabric softener and Tide detergent), and Pampers diapers.

Dell used __________ to develop an online site to generate 13,464 ideas for new products as well as website and marketing improvements.

Ideally, before a new product or service is developed, a firm should have a precise protocol, which is a statement that identifies: (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) __________.

Among business products, which of the following would most likely be considered an installation?

The stage of the new-product process that positions and launches a new product in full-scale production and sales is referred to as

A discontinuous innovation is a product that

The stage of the new-product development process that defines the role for a new product in terms of the firm's overall objectives is referred to as

A company's product mix is equal to the sum of its

New-product strategy development is

From an organization's perspective regarding its new products and innovations, which of the following new-product strategies has the highest level of risk?

In terms of promotion, which of the following type of product would stress price, availability, and awareness?

Which of the following is most likely to be an example of an unsought product?

One of the eight primary marketing-related reasons for new-product failure is

A __________ is defined as an item consumed in one or a few uses.

__________ includes considering employee interactions with customers to ensure they are consistently delivered and experienced, clearly differentiated from other offerings, and relevant and valuable to the target market.

Among business products, legal counsel for patent information for a firm's R&D department would most likely be classified as which type of support product?

A product line is a group of product or service items that are closely related because they satisfy a class of needs, are used together, __________, are distributed through the same type of outlets, or fall within a given price range.

An iMac personal computer from Apple can be classified according to all of the following categories except

Creating Customer Relationships and Value Through Marketing

Developing Successful Organizational and Marketing Strategies

Scanning the Marketing Environment

Ethical and Social Responsibility for Sustainable Marketing

Understanding Consumer Behavior

Understanding Organizations As Customers

Understanding and Reaching Global Consumers and Markets

Marketing Research: From Customer Insights to Actions

Market Segmentation Targeting and Positioning

Managing Successful Products Services and Brands

Services Marketing

Building the Price Foundation

Arriving at the Final Price

Managing Marketing Channels and Supply Chains

Retailing and Wholesaling

Integrated Marketing Communications and Direct Marketing

Advertising Sales Promotion and Public Relations

Using Social Media and Mobile Marketing to Connect With Consumers

Personal Selling and Sales Management

Implementing Interactive and Multichannel Marketing

Pulling It All Together: the Strategic Marketing Process

Financial Aspects of Marketing

Building an Effective Marketing Plan

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