Question 1

How might competitors be a good external idea source?

Accepted Answer

The answer of How might competitors be a good external...

Question 2

A company can stretch its product either upward or downward, but not both directions.

Accepted Answer

A) True 
 B)False

Question 3

The third level of a product that product planners consider is a(n) ________ around the core benefit and actual product that offers additional consumer services and benefits.
augmented product
brand equity
brand extension
industrial product
image

Accepted Answer

The answer of The third level of a product that...

Question 4

The second part of the marketing strategy statement outlines the product's planned price, distribution, and ________ for the first year.
advertising
promotion
marketing budget
positioning
target market

Accepted Answer

The answer of The second part of the marketing strategy...

Question 5

________ are consumer products that the consumer either does not know about or knows about but does not normally think about buying.These products require a lot of advertising, personal selling, and other marketing efforts.
Specialty products
Line extensions
Unsought products
Shopping products
Convenience products

Accepted Answer

The answer of ________ are consumer products that the consumer...

Question 6

Which theory suggests that new products sometimes fail because they are unable to cross the gaps between the different market segments of innovators, early adopters, early majority, and late majority?
idea evaluation theory
diffusion of innovation theory
idea screening theory
life cycle theory
data processing theory

Accepted Answer

The answer of Which theory suggests that new products sometimes...

Question 7

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.
how to develop a market strategy
which market to compete in
whether to launch the new product
how to compete in the market
how long to compete in the market

Accepted Answer

The answer of The major purpose of test marketing is...

Question 8

A detailed version of a new idea stated in meaningful customer terms is called a ________.
product idea
product concept
product image
product proposal
product movement

Accepted Answer

The answer of A detailed version of a new idea...

Question 9

Give an example of the most basic level of product, the core benefit.

Accepted Answer

The answer of Give an example of the most basic...

Question 10

Why might ad expenditures be high for products in the introductory stage of the PLC?

Accepted Answer

The answer of Why might ad expenditures be high for...

Question 11

According to theory discussed in this chapter, the sales of a typical product follow a(n) __________ curve.
U-shaped
S-shaped
L-shaped
I-shaped
O-shaped

Accepted Answer

The answer of According to theory discussed in this chapter,...

Question 12

Cannibalization and customer confusion about product differentiation are two potential results if line filling is overdone.

Accepted Answer

A) True 
 B)False

Question 13

The creation of a successful new product depends on a company's understanding of its ________ and its ability to deliver ________ to customers.
competitors, distributors, and employees; new styles
customers, brands, products; product images
customers, competitors, and markets; superior value
product, marketing mix, and marketing strategy; functional features
product life cycle, legal responsibilities, and social responsibilities; innovations

Accepted Answer

The answer of The creation of a successful new product...

Question 14

Helene Curtis began to market shampoo for normal hair.In an attempt to increase profits and use excess market capacity, Helene Curtis then marketed shampoo for oily hair and colour-treated hair.This is an example of ________.
line filling
social marketing
a shopping product
an unsought product
people marketing

Accepted Answer

The answer of Helene Curtis began to market shampoo for...

Question 15

One aspect of managing service differentiation is the company's service delivery.

Accepted Answer

A) True 
 B)False

Question 16

A hickory rocking chair, handmade by an French woodcarver in northern Quebec from locally grown wood, is an example of a(n) ________.
convenience product
shopping product
specialty product
service
augmented product

Accepted Answer

The answer of A hickory rocking chair, handmade by an...

Question 17

Give an example of an augmented product.

Accepted Answer

The answer of Give an example of an augmented product....

Question 18

Scenario
Herb Marks built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors.But after two years, the maker of novelty pens and pencils had to rethink his strategy when his two-year contract with Elmore ended.
erb built a company reputation on the manufacturing and distribution of a variety of wooden writing utensils with customized engravings.Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable.Herb Marks established a brand name, known merely as Marks, and decided to expand on it.
erb extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors.He even added a line of various grades of personalized stationery and business cards.Perhaps Herb's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Marks, as well as nurture existing accounts.
We make an excellent product," Herb Marks stated, "and we honour a good guarantee on everything we sell.But let's face it-we face hundreds of competitors! We need Marks representatives out there to help prospects understand what they should demand in something as simple as a writing tool."
he Marks brand is now fast-becoming synonymous with top-notch customer service.Part of the purchase package brought personal visits from the Marks representative, before the purchase and long after.
Explain Herb's market offering.

Accepted Answer

The answer of Scenario
Herb Marks built his enterprise on the...

Question 19

Blair Housewares wants to add new lines of products to its 46-store chain.Managers are correct in believing that the purpose of idea generation is to create a few ideas, and the purpose of succeeding stages is to increase that number.

Accepted Answer

A) True 
 B)False

Question 20

Increasing profits will most likely occur at which stage of the PLC?
product development
introduction
growth
maturity
decline

Accepted Answer

The answer of Increasing profits will most likely occur at...

Exam 8: Developing and Managing Products and Services

How might competitors be a good external idea source?

A company can stretch its product either upward or downward, but not both directions.

The third level of a product that product planners consider is a(n) ________ around the core benefit and actual product that offers additional consumer services and benefits. augmented product brand equity brand extension industrial product image

The second part of the marketing strategy statement outlines the product's planned price, distribution, and ________ for the first year. advertising promotion marketing budget positioning target market

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________. how to develop a market strategy which market to compete in whether to launch the new product how to compete in the market how long to compete in the market

A detailed version of a new idea stated in meaningful customer terms is called a ________. product idea product concept product image product proposal product movement

Give an example of the most basic level of product, the core benefit.

Why might ad expenditures be high for products in the introductory stage of the PLC?

According to theory discussed in this chapter, the sales of a typical product follow a(n) __________ curve. U-shaped S-shaped L-shaped I-shaped O-shaped

Cannibalization and customer confusion about product differentiation are two potential results if line filling is overdone.

One aspect of managing service differentiation is the company's service delivery.

A hickory rocking chair, handmade by an French woodcarver in northern Quebec from locally grown wood, is an example of a(n) ________. convenience product shopping product specialty product service augmented product

Give an example of an augmented product.

Blair Housewares wants to add new lines of products to its 46-store chain.Managers are correct in believing that the purpose of idea generation is to create a few ideas, and the purpose of succeeding stages is to increase that number.

Increasing profits will most likely occur at which stage of the PLC? product development introduction growth maturity decline