Question 1

________ is the product life cycle period when sales growth slows because the product has achieved acceptance. Profits level off because marketing costs increase in the face of competition.
A) Decline
B) Maturity
C) Product development
D) Introduction
E) Growth

Accepted Answer

This is the definition of the maturity stage of the product life cycle. In this stage, sales growth begins to slow down and the product has already achieved acceptance in the market. As competition increases, marketing costs also increase, leading to level profits.

Question 2

Differentiate between a product idea, a product concept, and a product image.

Accepted Answer

The answer of Differentiate between a product idea, a product...

Question 3

Which of the following statements characterizes the introduction stage of the PLC?
A) There are increased marketing outlays.
B) Profits are nonexistent.
C) The company incurs minimal expenses.
D) The product achieves acceptance by most potential buyers.
E) Promotional expenditures are zero.

Accepted Answer

The answer of Which of the following statements characterizes the...

Question 4

Which of the following refers to the course that a product's sales and profits take over its lifetime?
A) total product process
B) service life
C) product mix
D) product life cycle
E) marketing mix

Accepted Answer

The product life cycle refers to the different stages (introduction, growth, maturity, and decline) that a product goes through over its lifetime, including changes in sales and profits.

Question 5

What causes a specific brand's life cycle to change quickly?
A) costs of raw materials
B) changing demographics
C) shift in company strategy
D) competitive attacks and responses
E) new technology

Accepted Answer

The answer of What causes a specific brand's life cycle...

Question 6

Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits?
A) introduction
B) maturity
C) growth
D) decline
E) product development

Accepted Answer

The growth stage in the product life cycle is characterized by rapid market acceptance of the product, increasing demand, and increasing profits. This is because more and more customers become aware of the product and decide to purchase it. As sales increase, economies of scale come into play, allowing companies to reduce costs and increase profits.

Question 7

Explain concept testing.

Accepted Answer

The answer of Explain concept testing....

Question 8

The more formal "business attire" look of corporate dress of the 1980s and 1990s gave way to the "business casual" look of the 2000s and 2010s. This is an example of a ________.
A) style
B) fashion
C) fad
D) subculture
E) norm

Accepted Answer

A fashion refers to the style or trend that is popular at a particular time. The change from "business attire" to "business casual" was a shift in fashion.

Question 9

________ is the product life cycle period when sales fall off and profits drop.
A) Introduction
B) Growth
C) Maturity
D) Decline
E) Product development

Accepted Answer

The decline phase is the product life cycle period when sales fall off and profits drop. This is the last phase of the product life cycle before the product is either rejuvenated or discontinued.

Question 10

The PLC concept can be applied by marketers as a useful framework for describing how ________.
A) competitors' moves are predicted
B) marketing strategies are developed
C) products and markets work
D) concept testing is conducted
E) product ideas are developed

Accepted Answer

The PLC (Product Life Cycle) concept describes the stages a product goes through from introduction to decline. Marketers can use this framework to understand how products and markets work, and to develop effective marketing strategies at each stage of the PLC.

Question 11

Apple's iPod has been called "one of the greatest consumer electronics hits of all time." iPods have been sold in huge numbers, and Apple captures a large share of the music player market. This success has attracted many large, resourceful competitors. The iPod is in the ________ stage of the product life cycle.
A) introduction
B) growth
C) maturity
D) decline
E) adoption

Accepted Answer

The iPod has been on the market for many years and has reached a point where its sales growth has slowed down. This indicates that it is in the maturity stage of the product life cycle. In addition, the presence of large competitors and the saturation of the market suggest that the decline stage may be approaching.

Question 12

According to the PLC, the ________ stage is reached when sales plunge to zero, or when they drop to a low level where they continue for many years.
A) laggard
B) decline
C) maturity
D) growth
E) incubation

Accepted Answer

The decline stage is reached when sales plunge to zero, or when they drop to a low level where they continue for many years, which is the last stage in the product life cycle (PLC). The other options are not relevant to this final stage.

Question 13

Define commercialization. Explain two important decisions the company must make during this stage.

Accepted Answer

The answer of Define commercialization. Explain two important decisions the...

Question 14

A style is best defined as a ________.
A) currently popular trend in retail goods
B) popular consumer taste at a given time
C) temporary period of unusually high sales
D) short-term component of the marketing mix
E) basic and distinctive mode of expression

Accepted Answer

A style is a basic and distinctive mode of expression, such as in fashion, art, or design. It is not a trend, taste, period of sales, or marketing mix component.

Question 15

Which of the following stages of the PLC is characterized with high promotional expenditures that result from an effort to create consumer awareness?
A) growth
B) product development
C) maturity
D) introduction
E) decline

Accepted Answer

The introduction stage of the PLC is characterized by high promotional expenditures as the company looks to create consumer awareness and promote the new product to the market. The product development stage involves heavy investments in research and development, while the growth stage sees an increase in production and distribution efforts. The maturity stage typically involves a focus on cost-cutting measures and maximizing profits, while the decline stage sees a decline in sales and potential discontinuation of the product.

Question 16

Flurrbies, a brand of unique winter accessories that quickly fell in and out of favor with customers, is an example of a ________.
A) style
B) fashion
C) fad
D) norm
E) subculture

Accepted Answer

Flurrbies are an example of a fad because they quickly gained popularity and just as quickly lost it. Fads are short-lived and have a sudden burst of popularity before fading away, while styles are longer-lasting and more enduring.

Question 17

Which of the following best characterizes the decline stage of product development?
A) rapid market acceptance
B) slow sales growth
C) sales and profits decline
D) high investment costs
E) increasing profits

Accepted Answer

The decline stage of product development is characterized by sales and profit decline as the product loses appeal to consumers and is eventually replaced by newer products in the market.

Question 18

What are the two advantages of an innovation management system for developing new products? Provide four strategies for a company to use to establish a successful system.

Accepted Answer

The answer of What are the two advantages of an...

Question 19

Some products that have entered the decline stage have been cycled back to the growth stage through ________.
A) repositioning
B) harvesting
C) maintaining
D) pruning
E) expanding

Accepted Answer

Repositioning involves changing the marketing mix, target market, or product features to revive a product's growth. This can help a declining product appeal to a new or larger audience, bringing it back to the growth stage.

Question 20

Identify the major sources of external new product ideas and explain why these sources offer advantages over internal sources.

Accepted Answer

The answer of Identify the major sources of external new...

Quiz 9: Developing New Products and Managing the Product Life Cycle

________ is the product life cycle period when sales growth slows because the product has achieved acceptance. Profits level off because marketing costs increase in the face of competition.

Differentiate between a product idea, a product concept, and a product image.

Which of the following statements characterizes the introduction stage of the PLC?

Which of the following refers to the course that a product's sales and profits take over its lifetime?

What causes a specific brand's life cycle to change quickly?

Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits?

Explain concept testing.

The more formal "business attire" look of corporate dress of the 1980s and 1990s gave way to the "business casual" look of the 2000s and 2010s. This is an example of a ________.

________ is the product life cycle period when sales fall off and profits drop.

The PLC concept can be applied by marketers as a useful framework for describing how ________.

According to the PLC, the ________ stage is reached when sales plunge to zero, or when they drop to a low level where they continue for many years.

Define commercialization. Explain two important decisions the company must make during this stage.

A style is best defined as a ________.

Which of the following stages of the PLC is characterized with high promotional expenditures that result from an effort to create consumer awareness?

Flurrbies, a brand of unique winter accessories that quickly fell in and out of favor with customers, is an example of a ________.

Which of the following best characterizes the decline stage of product development?

What are the two advantages of an innovation management system for developing new products? Provide four strategies for a company to use to establish a successful system.

Some products that have entered the decline stage have been cycled back to the growth stage through ________.

Identify the major sources of external new product ideas and explain why these sources offer advantages over internal sources.