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Which of the statements about the levels of the product concept are true?

a. All of these statements are true.

Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union looking for a snack. On his way he noticed someone had set up a table with information on cellular phones. As he tried to walk past the table, a salesperson stopped him and asked him if he would like to buy a cell phone for a very low introductory rate. In terms of product classification, a cell phone could best be described as a(n) for bruce?

e. Unsought product

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

d. The vast majority of new products introduced to the market place fail.

A continuous innovation is?

b. A continuous innovation is all of these things.

The actual product, in the levels of the product concept refers to:

d. The bundle of tangible and intangible attributes we normally think of as the product.

Which of the following statements about the product life cycle is TRUE?

a. The product life cycle deals with aggregate demand over the lifetime of a product.

According to your instructor, the value of having a lot of offerings within a product line is?

b. Each product satisfies slightly different needs which allows you to target different market segments within the product category.

The goal at the ______________ stage of the product life cycle is to maximize profit without investing a lot of resources in the product.

d. Decline

The _________________ is a concept that explains how products go through four distinct stages from birth to death.

c. Product life cycle.

Which of the following is NOT a characteristic of a product line?

d. Sold to different customer groups

The new product development process has seven stages going from new product strategy development to commercialization. At which stage will a company identify feasible ideas and turn them into product concepts?

g. Screening and evaluation

According to the research discussed in class, what is the most important factor affecting the success rate of a new product introduction?

b. Insignificant point of difference.

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

d. The vast majority of new products introduced to the market place fail.

The LOWER the ___________ the more likely people will be to adopt your new product?

Complexity

Which of the statements about the levels of the product concept are true?

b. All of these statements are true.

A ____________ is a style that has been adopted by a significant number of people for a reasonably long period of time?

d. Fashion

The two components of quality are?

c. Benefits received, consistency.

In the maturity stage of the product life cycle, profits can be increased by?

e. Reducing your costs.

Which of the following is NOT a characteristic of a product line?

d. Sold to different customer groups

Which of these statements about the introductory stage of the product life cycle is true?

c. All products start the introductory stage losing money.

A ____________ is a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other form of value.

c. Product

The biggest disadvantage to introducing a new product that represents a continuous innovation is that?

c. It is difficult to gain a sustainable competitive advantage with incremental changes.

One of the disadvantages of bringing a discontinuous innovation to market is?

c. You may have to spend a lot of effort helping customers understand the value of the new product.

In order to get an individual to adopt a new product the first thing you need to create is?

b. Awareness

Companies frequently develop new products by combining two different technologies to come up with a product that represents a dynamically continuous innovation. This is known as _____________?

e. Convergence

Which of the following is NOT a characteristic of a product line?

a. Tend to be the same from company to company

_____________ refers to the number of product lines in a company's product mix.

d. Breadth

One of the strategies during the decline stage of the product life cycle is to stop spending money on advertising continue to sell the product as long as customers are willing to buy it. This strategy is called?

d. Milking the product.

Which of the following statements about the product life cycle is TRUE?

e. The product life cycle deals with aggregate demand over the lifetime of a product.

According to your instructor, the value of having a lot of offerings within a product line is?

b. Each product satisfies slightly different needs which allows you to target different market segments within the product category.

Which of the following is an example of a product?

a. All of these are products.

_____________ looks at how new products are adopted by entire populations.

b. Diffusion theory

The LOWER the ___________ the more likely people will be to adopt your new product?

d. Complexity

Bruce was writing test questions for his marketing class. It was getting very late in the afternoon and he was tired. So he went over to the student union and bought a big bowl of ice cream. In terms of product classification, ice cream could best be described as a(n) for Bruce?

c. non-durable good

What do we mean when we say that, from the consumer perspective, new products span a continuum from small, incremental changes to radically different products?

e. That 'newness' is hard to define and new could mean different things for different products.

In the maturity stage of the product life cycle, profits can be increased by?

e. Reducing your costs.

Each of the individual ____________ in a product line are frequently assigned a unique SKU number.

b. Product items

Which of the following is NOT a characteristic of a product line?

a. Sold to different customer groups

Which of the following statements about the growth stage of the product life cycle is FALSE?

a. Increasing demand and decreasing competition lead to higher profits.

The goal at the ______________ stage of the product life cycle is to maximize profit without investing a lot of resources in the product.

Decline

Intel corporation created the Intel Inside campaign to make consumers aware that an important component of any computer is the quality of the microprocessor (computer chip) that makes the machine work. They negotiated with computer manufacturers to include a sticker on the outside of the computer - regardless of the brand - showing that there was an Intel chip inside. This is a classic example of _____________?

b. Co-branding

A major disadvantage of _________________ is that it can be very expensive to create a brand identity for each product.

b. Individual product branding

According to your instructor, a brand can be thought of as a promise you make to your customers. In order for the brand to be successful, the promise must be _____________?

e. Perceived as valuable to your customers.

Campbell's soup has dozens of different flavors and packages of soup. All of them have the same distinctive red and white packaging. You have to read the label to tell the varieties of soup apart. This is an example of:

c. Multiproduct branding

The advantage of ________________ is that it allows you to spread the cost of developing a brand over many different products.

c. Multiproduct branding

Chez Bruce is the fanciest restaurant in the city. If you want to make a reservation, you have to make it before 5:00 pm or after 10:00 pm. There is so much demand for seats at the restaurant that you have to wait in line during peak hours. Bruce is using this strategy to deal with the __________ characteristic of service provision.

a. Perishability (Inventory)

Many retail stores use "secret shoppers," people who pretend to be customers, go into a store and do all sorts of things. They take notes and are able to report back what is really happening in the stores. This technique is used for _____________?

d. Secret shoppers are used for all of these things.

Mordred had been sued by a former business partner. The partner was seeking $1,000,000 in damages. Mordred felt that this claim was totally unfair. He went to the law firm of Merlin, Guinevere, and Arthur, LLC. He was told that a junior associate could handle his case for $300 and hour or a senior partner could handle the case for $700 and hour. When he asked why there was such a difference in the rates, he was told that the senior partners were in such high demand that they were trying to discourage new clients. This is an example of _____________?

b. Price rationing

Frodo was a massage therapist. He was very good at dealing with lower back pain. He gave his clients a book that they could use to keep a record of their visits to his practice and record their thoughts and feelings about the therapy. In the front of the book was a beautiful picture and an inspiring poem that would remind his clients that lower back pain can be treated with a visit to Frodo. By using the book, Frodo's patients could benefit from his practice even if he wasn't with them personally. Frodo was using the ___________ approach to making his service seem 'real'?

c. Physical representation

Arwen wanted to open a donut shop where customers could design their own donuts and have them made to order at the time. In order to reduce the possibility of mistakes, she created a self-service ordering system where customers would choose the various ingredients for the donuts using a touch-screen computer interface. Then they would follow along the glass-enclosed production line and watch while her highly skilled workers cooked the donuts from scratch. By using a computer rather than a person to initiate the process, Arwen was using _____________ to make the best use of her highly trained donut makers?

d. Disintermediation

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