Upgrade to remove ads
Marketing chapter 8
Terms in this set (26)
In the ________ stage, a firm faces a trade-off between high market share and high profit.
Which of the following is true of the growth stage of the PLC?
By spending a lot on product improvement and promotion, the firm gives up maximum current profit.
Under what circumstances might it be wise for a company to do little or no test marketing?
When the costs of developing and introducing the product are low
Top management can install a(n) ________ to direct the flow of new-product ideas to a central point where they can be collected, reviewed, and evaluated
innovation management system
A product concept is defined as ________.
a detailed version of the idea stated in meaningful consumer terms
Fads are characterized by their ________.
unusually high sales and rapid decline
Some products that have entered the decline stage can be cycled back to the growth stage through ________.
Craft crayons were released in the market over a hundred years ago. Since the release, the company has had remarkable sales despite new entrants in the market, diversified into many other stationery products, and become a household staple in more than 80 countries around the world. The company has added product variations and extensions over the years. Craft crayons are in the ________ stage of the PL
The PLC concept can be applied by marketers as a useful framework for ________.
describing how products becomes popular, decline, and are cycled back through repositioning
A ________ is the way consumers perceive an actual or potential product.
A review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives is called a ________.
Felix Solutions is a market leader in designing ergonomic interiors and furnishings for office spaces of all sizes and needs. Some of the largest corporate offices are clients of Felix Solutions and the company is witnessing a steady rise in its market share. The success enjoyed by the company is difficult for competitors to imitate because Felix Solutions always has the products that the market needs. Which of the following, if true, would strengthen the fact that Felix Solutions encourages open innovation programs in addition to intrapreneurial programs?
The marketing team at Felix Solutions runs a feature on its web site called Your-Call which enables every recent customer to call in with new ideas.
Timmons, an electronic gadgets company, has declined in performance since new competitors entered the electronics market. Thomas Baker, the marketing manager at Timmons decided to sell off a number of declining brands, such as WebWay, its oldest general service cellphone model, and AmpOne, its first electronic music player. In these examples, management decided to ________ the products.
Habers and Mills had developed a new range of home appliances called Green Home. These appliances had a certification stating that they minimized CFC emissions and energy consumption. The company planned to release the Green Home appliances in 52 stores across 20 countries where Habers and Mills had its stores or franchisees. Though the test marketing process for the Green Home line of products had been completed well ahead of time and the new products were ready for commercialization, the company waited three months to release the final product line on the World Environment Day. Which of the following considerations explains the manner in which Habers and Mills released the Green Home line of appliances?
when to time the new product introduction
The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.
whether to launch the new product
In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness of the product and its features?
As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.
Which of the following is a definition of style?
a basic and distinctive mode of expression
Evans and Hills has developed a new line of specialty teas positioned directly against its competitor, Milton Brews. Evans and Hills has pitched its plan to recapture its lost market share on this line of specialty teas and is seeking regular inputs from the test marketing process. To facilitate this process, it is using BuyerScan, a software that generates store-by-store, week-by-week reports on the actual sales of tested products and the impact of in-store and in-home marketing efforts. This scenario illustrates the ________.
controlled test market approach
What are the two ways in which a company can obtain new products?
new-product development and acquisition
Which of the following is a disadvantage of a team-based approach to new-product development?
Organizational confusion and tension can affect the process
When a product enters the maturity stage, the company should consider ________.
modifying the product
Through ________, broad communities of people (customers, employees, independent scientists and researchers, and even the public at large) are invited into the new-product innovation process.
New-product development starts with the step of ________.
Wayne Industries is building a new prototype riding lawnmower especially for women. The marketing strategy for the product has been developed and presented. The lawnmower is now being tested rigorously. This step will ensure that the product meets all the CPSC product specifications and leaves little chance for any product liability issues. Once the prototype of the lawnmower passes product tests, the next step is ________.
Which of the following best represents the options a company has when a product is declining?
maintain, harvest, or drop the product
THIS SET IS OFTEN IN FOLDERS WITH...
Marketing test #2
MARKETING FINAL REVIEW
YOU MIGHT ALSO LIKE...
Marketing: Chapter 9 (Test 2)
quiz 3 marketing
Marketing Chapter 8
OTHER SETS BY THIS CREATOR
MKTG Exam 2 Critical Thinking Questions
Marketing chapter 8 cont.
Exam 2 Stimulation Questions