Question 1

The speed at which a truly new product spreads through a market is known as the ________.&#10;A) continuity of innovations&#10;B) diffusion of innovations&#10;C) adoption process&#10;D) branding process

Accepted Answer

The speed at which a truly new product spreads through a market is known as the diffusion of innovations. This concept refers to the process by which an innovation is communicated through certain channels over time among the members of a social system. It includes five stages: innovators, early adopters, early majority, late majority, and laggards.

Question 2

The diffusion curve maps directly to the product life cycle.

Accepted Answer

The diffusion curve illustrates the adoption rate of a new product by consumers over time, while the product life cycle describes the stages a product goes through from introduction to decline. These two concepts are related but not identical. However, the diffusion curve can inform the product life cycle by indicating when a product is likely to reach maturity or decline based on its adoption rate. Therefore, the diffusion curve can be used as a tool to track the product life cycle.

Question 3

Which of the following requires substantial changes in consumption patterns?&#10;A) dynamically discontinuous innovations&#10;B) continuous innovations&#10;C) discontinuous innovations&#10;D) incremental innovations

Accepted Answer

Discontinuous innovations require substantial changes in consumption patterns as they introduce a completely new way of doing things or a new product category that consumers may not be familiar with. This requires consumers to drastically shift their behavior and preferences, which is not the case for incremental or continuous innovations that merely improve existing products or introduce small modifications to them.

Question 4

Which tool is most useful for understanding new product innovation in strategic marketing?&#10;A) Kano model&#10;B) product life cycle&#10;C) demographic analysis&#10;D) customer value frontier

Accepted Answer

The answer of Which tool is most useful for understanding...

Question 5

In terms of marketing strategy,an innovation is defined by ________.&#10;A) disruptions in consumer price points&#10;B) changes in consumption patterns&#10;C) technological advancements&#10;D) shifts in market segments

Accepted Answer

An innovation in marketing strategy is defined by changes in consumption patterns as it involves introducing new methods or ideas that alter how consumers use or perceive a product or service.

Question 6

Inter-consumer communication typically drives the acceptance or failure of innovative new products.

Accepted Answer

Inter-consumer communication, also known as word-of-mouth communication, plays an important role in determining the success or failure of new products. Consumers tend to trust the opinions and recommendations of their peers or family members more than advertising or promotional messages. Thus, if the early adopters of a new product are satisfied and excited about it, they are likely to spread positive word-of-mouth and influence others to try it. On the contrary, if the initial users have negative experiences or perceptions, they can discourage others from adopting the product, leading to its failure in the market.

Question 7

The behaviors,knowledge,and equipment needed to use a product are known as ________.&#10;A) consumption patterns&#10;B) process innovations&#10;C) relative qualities&#10;D) adaptive tools

Accepted Answer

Consumption patterns refer to the behaviors and knowledge required to use a product, as well as the equipment needed. Process innovations, relative qualities, and adaptive tools do not encompass all of these aspects.

Question 8

What is the first step in the adoption process of an innovation?&#10;A) gaining awareness of a product&#10;B) understanding a product&#10;C) evaluating a product&#10;D) purchasing a product

Accepted Answer

The first step in the adoption process of an innovation is gaining awareness of the product. This means that individuals or organizations need to become familiar with the existence and potential benefits of the innovation before they can move forward in the process.

Question 9

Which adoption segment is most critical to the success or failure of a truly new product?&#10;A) innovators&#10;B) late majority&#10;C) early majority&#10;D) early adopters

Accepted Answer

Early adopters are critical to the success or failure of a truly new product because they are the first to try it and spread the word to the early majority. They are usually technology enthusiasts who are willing to take risks and try new things before the majority. If early adopters embrace the new product and help create positive buzz around it, it is more likely to gain traction and succeed in the market.

Question 10

How can a marketing strategist influence the rate of diffusion through the attributes of an innovation?

Accepted Answer

The answer of How can a marketing strategist influence the...

Question 11

In a customer value frontier,products in the ________ quadrant would most likely be considered innovations.&#10;A) southeast&#10;B) southwest&#10;C) northeast&#10;D) northwest

Accepted Answer

The answer of In a customer value frontier,products in the...

Question 12

Two-step communication refers to the process of ________.&#10;A) becoming aware of a product through advertising&#10;B) observing another consumer using a product&#10;C) learning about a product on social networking sites&#10;D) talking to another consumer about a product

Accepted Answer

The answer of Two-step communication refers to the process of...

Question 13

Which of the following is a true statement about the rate of diffusion?&#10;A) Costly innovations will diffuse more quickly in the market.&#10;B) Highly complex innovations are more quickly adopted by laggards.&#10;C) Customers are more likely to try a product if the price of change is low.&#10;D) News reports about new product innovations are more influential than inter-consumer communications.

Accepted Answer

The answer of Which of the following is a true...

Question 14

The innovator segment typically influences more consumers than the laggard segment.

Accepted Answer

The answer of The innovator segment typically influences more consumers...

Deck 31: Note : Products - Innovations