Question 1

Competition is toughest in which of the following product life cycle stages?

Accepted Answer

A)  Market introduction. 
B)  Market growth. 
C)  Market maturity. 
D)  Market development. 
A)  Market introduction. 
B)  Market growth. 
C)  Market maturity. 
D)  Market development.

Question 2

Empowerment means giving employees the authority to correct a problem on their own.

Accepted Answer

A) True 
 B)False

Question 3

Concerning the product life cycle:

Accepted Answer

A)  profits and sales begin to decline in the maturity stage. 
B)  individual products may enter and leave the market at any stage. 
C)  a successful introduction almost guarantees that the product will remain a success over the life cycle. 
D)  All of the above are true. 
E)  None of the above is true. 
A)  profits and sales begin to decline in the maturity stage. 
B)  individual products may enter and leave the market at any stage. 
C)  a successful introduction almost guarantees that the product will remain a success over the life cycle. 
D)  All of the above are true. 
E)  None of the above is true.

Question 4

Pfizer Corp. is introducing a really new product idea. Pfizer is spending a lot of money to inform potential customers and intermediaries about the availability and advantages of the new product. Although sales are rising slowly, Pfizer doesn't expect the product to become profitable for at least another year. Pfizer's new product is in which stage of the product life cycle?

Accepted Answer

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

Question 5

Building quality into services:

Accepted Answer

A)  can be easily accomplished by spending more. 
B)  can be accomplished without top-level support because it is such a simple idea. 
C)  is not necessary unless the service is guaranteed. 
D)  can be easily accomplished with surprise quality inspections. 
E)  can be improved by giving employees the authority to correct a problem on their own. 
A)  can be easily accomplished by spending more. 
B)  can be accomplished without top-level support because it is such a simple idea. 
C)  is not necessary unless the service is guaranteed. 
D)  can be easily accomplished with surprise quality inspections. 
E)  can be improved by giving employees the authority to correct a problem on their own.

Question 6

In general, top management support is needed for successful new-product development efforts.

Accepted Answer

A) True 
 B)False

Question 7

To fully understand the nature of competition and the speed of the relevant product life cycle, it is important not to define a market too narrowly.

Accepted Answer

A) True 
 B)False

Question 8

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 9

Fashion-related products tend to have short life cycles.

Accepted Answer

A) True 
 B)False

Question 10

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 the above. 
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 the above.

Question 11

When introducing a really new product, the marketer should be concerned about building channels of distribution, but not about promotion.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following statements about organizing for new-product development is TRUE?

Accepted Answer

A)  New-product development departments or committees usually cause delays and should be avoided. 
B)  Few new-product ideas fail when product managers control the new-product development process. 
C)  The specific organization arrangement may not be too important--as long as there is top-level support. 
D)  Marketing managers should control new-product development. 
E)  All of the above are true. 
A)  New-product development departments or committees usually cause delays and should be avoided. 
B)  Few new-product ideas fail when product managers control the new-product development process. 
C)  The specific organization arrangement may not be too important--as long as there is top-level support. 
D)  Marketing managers should control new-product development. 
E)  All of the above are true.

Question 13

Marketing strategy planning for a product depends on where the product is in its life cycle and how fast it is moving to the next stage.

Accepted Answer

A) True 
 B)False

Question 14

A "deficient" product is one which provides low immediate satisfaction and low long-run welfare for consumers.

Accepted Answer

A) True 
 B)False

Question 15

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 the above 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 the above are true.

Question 16

A product idea that provides a high degree of immediate satisfaction but a low degree of long-run consumer welfare is a:

Accepted Answer

A)  Desirable product. 
B)  Pleasing product. 
C)  Salutary product. 
D)  Deficient product. 
E)  High-growth product. 
A)  Desirable product. 
B)  Pleasing product. 
C)  Salutary product. 
D)  Deficient product. 
E)  High-growth product.

Question 17

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 18

Many small cars get better gas mileage than the old "gas-guzzlers." This was achieved by using lighter (and less protective) materials. Using less gas while being less safe makes such a car a:

Accepted Answer

A)  desirable product. 
B)  salutary product. 
C)  pleasing product. 
D)  deficient product. 
E)  There is not enough information to tell. 
A)  desirable product. 
B)  salutary product. 
C)  pleasing product. 
D)  deficient product. 
E)  There is not enough information to tell.

Question 19

_____ is a graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent.

Accepted Answer

A)  Pareto chart 
B)  Fishbone diagram 
C)  SWOT output 
D)  Waterfall chart 
E)  Pie chart 
A)  Pareto chart 
B)  Fishbone diagram 
C)  SWOT output 
D)  Waterfall chart 
E)  Pie chart

Question 20

In continuous improvement, the place to start is to clearly define "defects" in the implementation process, from the _____ point of view.

Accepted Answer

A)  customer's 
B)  marketer's 
C)  management's 
D)  regulator's 
E)  researcher's 
A)  customer's 
B)  marketer's 
C)  management's 
D)  regulator's 
E)  researcher's

Exam 10: Product Management and New-Product Development

Competition is toughest in which of the following product life cycle stages?

Empowerment means giving employees the authority to correct a problem on their own.

Concerning the product life cycle:

Building quality into services:

In general, top management support is needed for successful new-product development efforts.

To fully understand the nature of competition and the speed of the relevant product life cycle, it is important not to define a market too narrowly.

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

Fashion-related products tend to have short life cycles.

Product managers:

When introducing a really new product, the marketer should be concerned about building channels of distribution, but not about promotion.

Which of the following statements about organizing for new-product development is TRUE?

Marketing strategy planning for a product depends on where the product is in its life cycle and how fast it is moving to the next stage.

A "deficient" product is one which provides low immediate satisfaction and low long-run welfare for consumers.

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

A product idea that provides a high degree of immediate satisfaction but a low degree of long-run consumer welfare is a:

In the MARKET GROWTH stage of the product life cycle:

Many small cars get better gas mileage than the old "gas-guzzlers." This was achieved by using lighter (and less protective) materials. Using less gas while being less safe makes such a car a:

_____ is a graph that shows the number of times a problem cause occurs, with problem causes ordered from most frequent to least frequent.

In continuous improvement, the place to start is to clearly define "defects" in the implementation process, from the _____ point of view.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Marketing Environment

Focusing Marketing Strategy With Segmentation and Positioning

Demographic Dimensions of Global Consumer Markets

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

Implementing and Controlling Marketing Plans: Evolution and Revolution

Managing Marketings Link With Other Functional Areas

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

Economics Fundamentals

Marketing Arithmetic

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