Question 1

Describe the growth stage of the product life cycle (PLC).

Accepted Answer

The answer of Describe the growth stage of the product...

Question 2

Daily Farm,a food and beverage manufacturing firm,is known for its unique variety of table sauces.To provide more variations to its customers,Daily Farm recently launched an olive and pepper sauce.The olive and pepper sauce would fall under the category of improved products.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is a characteristic of products produced by multinational corporations?

Accepted Answer

A) ​Products are developed to meet unique market requirements whenever possible. 
B) Products are developed to cater to local markets. 
C) Products are inadequately distributed in local markets. 
D) ​Products are not subjected to test marketing.

Question 4

What are the major implications of the new-product development process and the diffusion process to marketing managers?

Accepted Answer

The answer of What are the major implications of the...

Question 5

Hakimo Corp.,a manufacturer of audio equipment,has developed a unique wireless speaker system that runs on solar power.The speakers can operate for sixteen hours after being exposed to the sun for two hours.This new product,which is radically different from anything currently available in the market,would fall in the new product category of a:

Accepted Answer

A) ​repositioned product. 
B) revised product. 
C) discontinuous innovation. 
D) ​new and improved product.

Question 6

Nutrioats,an oatmeal cookie product,has been in the market for over seven years.However,the product is now in its decline stage.In this case,which of the following will be a successful strategy to market Nutrioats?

Accepted Answer

A) ​Lengthening the product line 
B) Focusing on adding new users 
C) Spending heavily on advertising to educate consumers about the product's benefits 
D) ​Eliminating all nonessential marketing expenses and letting sales decline

Question 7

Explain the differences between innovators and early adopters.

Accepted Answer

The answer of Explain the differences between innovators and early...

Question 8

The product life cycle for a brand is usually longer than the product life cycle for a product form.

Accepted Answer

A) True 
 B)False

Question 9

In the context of adopters who participate in the diffusion process,which of the following statements is true of laggards?

Accepted Answer

A) ​They act as an important link in the process of diffusing ideas. 
B) They are more likely to get their information from scientific sources and experts. 
C) They act as influencers and begin the viral marketing chain. 
D) ​They have the longest adoption time and the lowest socioeconomic status.

Question 10

In the context of the new-product development process,which of the following statements is true of the business analysis stage?

Accepted Answer

A) ​Depending on the nature of the product and the company, this process may be simple or complex. 
B) Forecasting market share for a new entry in a new, fragmented, or relatively small niche market is easy. 
C) The newness of the product, the size of the market, and the nature of the competition do not affect the accuracy of revenue projections. 
D) ​Costs increase dramatically once a product idea enters the business analysis stage.

Question 11

Fournotts Corp.manufactures and sells accessories for cell phones.To boost its sales,the research and development team is involved in modifying the company's products.In this case,the research and development team will:

Accepted Answer

A) ​eliminate products that are inconsistent with Fournotts Corp.'s business mission. 
B) convert applications into marketable products. 
C) make cosmetic or functional changes to existing products. 
D) ​add new products to supplement Fournotts Corp.'s established product line.

Question 12

In the context of the product characteristics that can be used to predict and explain the rate of acceptance and diffusion,the degree of difficulty involved in understanding and using a new product is known as _____.

Accepted Answer

A) ​complexity 
B) compatibility 
C) observability 
D) ​trialability

Question 13

An innovation is a product perceived as new by a potential adopter.

Accepted Answer

A) True 
 B)False

Question 14

Absolute failure occurs when a product returns a profit but fails to achieve sales,profit,or market share goals.

Accepted Answer

A) True 
 B)False

Question 15

Steve,a retired man,wants to open a day care facility for dogs with his savings.After deciding on the services that he would be providing to his customers,he calculates the preliminary figures for demand,cost,sales,and profitability.After extensive deliberation,Steve decides to take credit from the bank for opening the facility as the initial investment cost estimates are too high.Steve is currently at the _____ of the new-product development process.

Accepted Answer

A) ​commercialization stage 
B) business analysis stage 
C) idea generation stage 
D) ​test marketing stage

Exam 11: Developing and Managing Products

Describe the growth stage of the product life cycle (PLC).

Daily Farm,a food and beverage manufacturing firm,is known for its unique variety of table sauces.To provide more variations to its customers,Daily Farm recently launched an olive and pepper sauce.The olive and pepper sauce would fall under the category of improved products.

Which of the following is a characteristic of products produced by multinational corporations?

What are the major implications of the new-product development process and the diffusion process to marketing managers?

Nutrioats,an oatmeal cookie product,has been in the market for over seven years.However,the product is now in its decline stage.In this case,which of the following will be a successful strategy to market Nutrioats?

Explain the differences between innovators and early adopters.

The product life cycle for a brand is usually longer than the product life cycle for a product form.

In the context of adopters who participate in the diffusion process,which of the following statements is true of laggards?

In the context of the new-product development process,which of the following statements is true of the business analysis stage?

Fournotts Corp.manufactures and sells accessories for cell phones.To boost its sales,the research and development team is involved in modifying the company's products.In this case,the research and development team will:

In the context of the product characteristics that can be used to predict and explain the rate of acceptance and diffusion,the degree of difficulty involved in understanding and using a new product is known as _____.

An innovation is a product perceived as new by a potential adopter.

Absolute failure occurs when a product returns a profit but fails to achieve sales,profit,or market share goals.