Exam 8: Segmentation, Targeting, and Positioning

The first physical tentative form of a new product that has the same properties as a new product but is produced through different manufacturing processes is called a(n):

The manager of a product design company has brought together a group of technical engineers to generate ideas for potential new products.These engineers will arrive at a final decision through a vote on the best ideas or combinations of ideas.This group is engaging in:

Kevin is the marketing manager at a mobile company.While conducting an analysis of a recent sales report of one of the successful products of his company,Kevin realizes that the product is in the maturity stage and he must alter marketing strategies immediately to sustain its market share.Explain three strategies that Kevin can employ.

The method of testing employed by Mirka Beauty Products to test its product in the above scenario is best categorized as:

The category of buyers that tends to avoid change and relies on traditional products until they are no longer available is called:

Rudo,the owner of an ice cream parlour,is planning to introduce new flavours into the product line.He decides to take feedback and suggestions from buyers as part of the process to develop innovative and interesting new ice cream flavours.What is Rudo's source of idea generation?

A brief written description of a product or service; its technology,working principles,and forms; and what customer needs it satisfies most accurately defines the term:

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?

The term "diffusion of innovation" refers to the:

The process by which ideas are transformed into new products and services that help firms grow is known as:

Paul is a research manager at an automobile firm,which needs to launch a new model to sustain its position in the market.Briefly explain any three idea-generation methods that Paul can use to develop a new product idea.

The first step in the development of new products is to:

Tina had been watching cable TV even though 50 percent of the country had moved to satellite TV.Though she was aware of the benefits of satellite television,she did not make the move to adopt the new technology until after her friend explained that Tina could receive good benefits at low costs.According to the diffusion of innovation model,to which of the following groups of buyers does Tina belong?

Firms with single products are better able to withstand external shocks,including changes in consumer preferences or intensive competitive activity.

The category of buyers that tends to enjoy novelty and is regarded as opinion leaders for particular product categories and spreads the word are called:

Which of the following statements is true regarding the maturity stage of the product life cycle?

What is diffusion of innovation?

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?

The process that entails the balancing of various engineering,manufacturing,marketing,and economic considerations to develop a product most accurately defines the term:

An advertising agency needs to develop an advertisement for a new product for a client.Salima,a manager of the agency,asks her staff to assemble in groups in the presence of a moderator and generate ideas for the advertisement.The source of idea generation used by Salima is: