Exam 8: Segmentation, Targeting, and Positioning

Brenda wanted to buy an LCD TV when it was released but decided to wait for more options and better quality.She bought it at a later stage when companies reduced the prices of LCD TVs due to growing competition in the market.To which of the following groups of buyers does Brenda belong?

A group of scientists in a pharmaceutical firm are conducting trials of a new formula they have developed to be used in a drug in the research and development unit of the firm.This method of testing a product prototype is best categorized as:

What is a product?

In reality,the product life cycle curve of most products is bell-shaped.

The process by which an idea that describes a product or a service is presented to potential buyers to obtain their reactions can be best termed as:

The group of buyers that enters a new product market when a product has achieved its full market potential are referred to as:

Innovators are often regarded as the opinion leaders for particular product categories.

Why are new-to-the-world products called "disruptive"?

Music Xpress Corp.,a company that manufactures music systems,introduced its new range of jukeboxes in a few malls.These jukeboxes were an instant success because of touchscreen operated menus that provided easy access to songs.To which of the following factors can the success of these jukeboxes be primarily attributed?

Firms either position themselves for a niche market of loyal consumers or they exit the market during the:

Garcia Stephens Co.,a clothing company,is unable to improve sales after its designer failed to create designs that satisfied current trends in the market.Another clothing company called Rigby Inc.,on the other hand,is having a successful season and its designs are the current rage in the market.The designers of Garcia Stephens careful studied the designs of Rigby,analyzed them,improved upon them,and then created a whole new range of designs for their own company.Which of the following sources of idea generation has been used by Garcia Stephens Co.?

The group of buyers that acts as opinion leaders and is responsible for bringing the early majority,late majority,and laggard groups into a market is the:

Explain the concept testing stage in the development of a new product.

How do firms market a product in the growth stage of the product life cycle?

When the product design team of a firm takes ideas with potential,develops them into visual images,and presents them to potential buyers to get their reactions,they are engaging in:

Which of the following is a stage in the product life cycle that is characterized by an increase in sales,rapid increase in profits,and few but increasing number of competitors?

The method used by the team of engineers at BG-Mobile Corporation to test the product prototype is known as:

Snackie,a cookie company,manufactures unique fish-shaped biscuits that are popular with kids.Kids love the distinct shape and novel taste of these biscuits.Which of the following factors is primarily contributing to the popularity of these biscuits?

Greg wants to upgrade his personal computer.He consults his friend Vernon because Vernon is highly knowledgeable in this field and always uses the latest technology.According to the diffusion of innovation model,to which of the following groups does Vernon belong?

Although innovation strategies may not work in the long run,overriding short-term reasons compel firms to introduce new products and services.