Question 1

When looking for new product ideas, which of the following would be good sources?

Accepted Answer

A)  Your salespeople. 
B)  Your intermediaries. 
C)  Your competitors. 
D)  Your production people. 
E)  All of these would be good sources for new product ideas. 
A)  Your salespeople. 
B)  Your intermediaries. 
C)  Your competitors. 
D)  Your production people. 
E)  All of these would be good sources for new product ideas.

Question 2

The length of each stage in the product life cycle is set.

Accepted Answer

A) True 
 B)False

Question 3

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 4

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 5

Sales and profits generally decrease continually throughout the product life cycle.

Accepted Answer

A) True 
 B)False

Question 6

All of the following products are in the market maturity stage of the product life cycle EXCEPT:

Accepted Answer

A)  laundry detergents. 
B)  breakfast cereals. 
C)  smartphones. 
D)  carbonated soft drinks. 
E)  gasoline-powered cars. 
A)  laundry detergents. 
B)  breakfast cereals. 
C)  smartphones. 
D)  carbonated soft drinks. 
E)  gasoline-powered cars.

Question 7

The product life-cycle concept tells a manager how long each stage of the cycle will last.

Accepted Answer

A) True 
 B)False

Question 8

At one time most firms assumed defects were an inevitable part of mass production. _____ firms showed that this assumption was not valid.

Accepted Answer

A)  Chinese 
B)  American 
C)  European 
D)  Japanese 
E)  Latin American 
A)  Chinese 
B)  American 
C)  European 
D)  Japanese 
E)  Latin American

Question 9

Many companies look to the developing world for breakthrough new products that meet global consumer needs at low cost.

Accepted Answer

A) True 
 B)False

Question 10

The job of product or brand manager is often created when a firm:

Accepted Answer

A)  has many different kinds of products or brands. 
B)  wants to eliminate the job of the research and development department. 
C)  wants to eliminate the job of sales manager. 
D)  wants to do away with product "champions." 
E)  None of these alternatives is correct. 
A)  has many different kinds of products or brands. 
B)  wants to eliminate the job of the research and development department. 
C)  wants to eliminate the job of sales manager. 
D)  wants to do away with product "champions." 
E)  None of these alternatives is correct.

Question 11

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 these statements 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 these statements are true.

Question 12

The market introduction stage of the product life cycle is usually marked by losses, as money is being invested in the hope of future profits.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

The market maturity stage of the product life cycle has very low promotion expenditures, little price competition, and rising industry profits.

Accepted Answer

A) True 
 B)False

Question 15

When planning for the different stages of the product life cycle, managers should remember that:

Accepted Answer

A)  Sometimes, competitors can help to build customer interest in a new product idea. 
B)  The correct strategy depends on how quickly the new idea will be accepted by consumers. 
C)  A firm that can change its strategy quickly may have an advantage over less flexible competitors. 
D)  Not all new product ideas catch on with consumers or intermediaries. 
E)  All of these alternatives are true. 
A)  Sometimes, competitors can help to build customer interest in a new product idea. 
B)  The correct strategy depends on how quickly the new idea will be accepted by consumers. 
C)  A firm that can change its strategy quickly may have an advantage over less flexible competitors. 
D)  Not all new product ideas catch on with consumers or intermediaries. 
E)  All of these alternatives are true.

Question 16

A fad cycle is shorter than a fashion cycle.

Accepted Answer

A) True 
 B)False

Question 17

Regarding product life cycles, good marketing managers know that:

Accepted Answer

A)  all new brands start off in the market introduction stage. 
B)  product life cycles can be extended through product modifications. 
C)  a product must pass through all the product life cycle stages. 
D)  no strategy planning is needed during the sales decline stage. 
E)  a firm should use penetration pricing during market introduction, especially if the cycle is expected to move slowly. 
A)  all new brands start off in the market introduction stage. 
B)  product life cycles can be extended through product modifications. 
C)  a product must pass through all the product life cycle stages. 
D)  no strategy planning is needed during the sales decline stage. 
E)  a firm should use penetration pricing during market introduction, especially if the cycle is expected to move slowly.

Question 18

New-product specialists at Whirlpool buy washing machines made by other firms and take them apart to look for new ideas. This is called

Accepted Answer

A)  reverse engineering. 
B)  positioning. 
C)  S.W.O.T. analysis. 
D)  concept testing. 
E)  clustering. 
A)  reverse engineering. 
B)  positioning. 
C)  S.W.O.T. analysis. 
D)  concept testing. 
E)  clustering.

Question 19

Which of the following is NOT within the power of the Consumer Product Safety Commission?

Accepted Answer

A)  It can set safety standards for products. 
B)  It can order repairs of unsafe products. 
C)  It can order returns of unsafe products. 
D)  It can back up its orders with fines and jail sentences. 
E)  It can conduct random searches for unsafe products in consumers' homes. 
A)  It can set safety standards for products. 
B)  It can order repairs of unsafe products. 
C)  It can order returns of unsafe products. 
D)  It can back up its orders with fines and jail sentences. 
E)  It can conduct random searches for unsafe products in consumers' homes.

Question 20

Sales growth is usually faster when the product is incompatible with the past values and experience of the target market.

Accepted Answer

A) True 
 B)False

When looking for new product ideas, which of the following would be good sources?

The length of each stage in the product life cycle is set.

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.

It is difficult to maintain consistent quality in services because

Sales and profits generally decrease continually throughout the product life cycle.

All of the following products are in the market maturity stage of the product life cycle EXCEPT:

The product life-cycle concept tells a manager how long each stage of the cycle will last.

At one time most firms assumed defects were an inevitable part of mass production. _____ firms showed that this assumption was not valid.

Many companies look to the developing world for breakthrough new products that meet global consumer needs at low cost.

The job of product or brand manager is often created when a firm:

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

The market introduction stage of the product life cycle is usually marked by losses, as money is being invested in the hope of future profits.

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

The market maturity stage of the product life cycle has very low promotion expenditures, little price competition, and rising industry profits.

When planning for the different stages of the product life cycle, managers should remember that:

A fad cycle is shorter than a fashion cycle.

Regarding product life cycles, good marketing managers know that:

New-product specialists at Whirlpool buy washing machines made by other firms and take them apart to look for new ideas. This is called

Which of the following is NOT within the power of the Consumer Product Safety Commission?

Sales growth is usually faster when the product is incompatible with the past values and experience of the target market.

Marketing39s Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Marketing 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 Challenges

Economics Fundamentals

Marketing Arithmetic

Filters

Exam 9: Product Management and New-Product Development

When looking for new product ideas, which of the following would be good sources?

The length of each stage in the product life cycle is set.

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.

It is difficult to maintain consistent quality in services because

Sales and profits generally decrease continually throughout the product life cycle.

All of the following products are in the market maturity stage of the product life cycle EXCEPT:

The product life-cycle concept tells a manager how long each stage of the cycle will last.

At one time most firms assumed defects were an inevitable part of mass production. _____ firms showed that this assumption was not valid.

Many companies look to the developing world for breakthrough new products that meet global consumer needs at low cost.

The job of product or brand manager is often created when a firm:

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

The market introduction stage of the product life cycle is usually marked by losses, as money is being invested in the hope of future profits.

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

The market maturity stage of the product life cycle has very low promotion expenditures, little price competition, and rising industry profits.

When planning for the different stages of the product life cycle, managers should remember that:

A fad cycle is shorter than a fashion cycle.

Regarding product life cycles, good marketing managers know that:

New-product specialists at Whirlpool buy washing machines made by other firms and take them apart to look for new ideas. This is called

Which of the following is NOT within the power of the Consumer Product Safety Commission?

Sales growth is usually faster when the product is incompatible with the past values and experience of the target market.

Marketing39s Value to Consumers, Firms, and Society

Marketing Strategy Planning

Evaluating Opportunities in the Changing Marketing 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 Challenges

Economics Fundamentals

Marketing Arithmetic

Filters