Question 1

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 2

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 is characterized by a rapid increase in sales and market acceptance, leading to increasing profits. This is because the product has gained momentum and is beginning to gain a foothold in the market, but hasn't yet reached its peak maturity level. The introduction stage is characterized by slow initial sales and high marketing costs, while the maturity stage is characterized by slowing sales and increasing competition. The decline stage is when sales start to decrease and profits diminish, and the product development stage is before the product has been introduced to the market.

Question 3

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 stage described in the question is the decline stage, where sales have dropped to a low level and may continue for many years. The laggard stage refers to a very small segment of the market that is slow to adopt the product, while the maturity stage is characterized by stable and saturated sales. The growth stage is marked by increasing sales, and the incubation stage is the period of product development before it is introduced to the market.

Question 4

Explain concept testing.

Accepted Answer

The answer of Explain concept testing....

Question 5

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 6

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 or Product Life Cycle concept describes the stages that a product goes through from introduction to decline. Marketers can use this framework to understand how products and markets work, and to develop marketing strategies accordingly.

Question 7

________ 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 stage of the product life cycle is characterized by a decrease in sales and profits as the product becomes outdated or faces increased competition.

Question 8

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 declining sales and profits, as the product loses popularity in the market.

Question 9

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 10

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 to create consumer awareness. This is because the product is new and unknown to the market, and therefore requires significant marketing efforts to generate interest and trial.

Question 11

________ 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

Maturity is the stage in the product life cycle where sales growth begins to slow down because the product has achieved acceptance in the market. As a result, the competition increases, and marketing costs rise. Profits level off because of the increased costs of marketing.

Question 12

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 maturity stage is characterized by slowing demand growth and increasing market saturation, as well as the entrance of competitors into the market. This accurately describes the current state of the iPod market, with many competitors offering similar products and sales growth slowing down. Therefore, option C is the best choice.

Question 13

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 term that refers to the course that a product's sales and profits take over its lifetime is product life cycle. The other options are not relevant to this concept.

Question 14

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 way a product is perceived by consumers or rebranding it entirely. This can breathe new life into a product that was once declining and help it return to the growth stage.

Question 15

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...

Question 16

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 17

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

The shift from formal business attire to business casual is an example of a fashion trend, which refers to the general direction in which styles and tastes are moving at a given time. A fad is a short-lived, intense and widespread pursuit of a particular trend, whereas a subculture refers to a group of people within a larger culture who share a specific set of behaviors, beliefs, and values. A norm is a socially accepted standard of behavior within a society or group.

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

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 quickly gained popularity and just as quickly lost it, indicating that it was a fad rather than a long-lasting fashion or style trend.

Question 20

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 refers to a basic and distinctive mode of expression, whether it be in fashion, design, art, or any other creative field. It is not necessarily limited to being a current trend or a factor in sales.

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

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?

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.

Explain concept testing.

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

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

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

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

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

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

________ 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.

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

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.

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

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 ________.

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.

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

A style is best defined as a ________.