Question 1

The _____ is the person who develops and implements a complete strategy and marketing program for a specific product or brand.

Accepted Answer

The product manager is responsible for developing and implementing a complete strategy and marketing program for a specific product or brand, overseeing its entire lifecycle from concept through development to marketing.

Question 2

Ocean Spray first introduced cranberry juice drinks.Then it introduced Cranapple (a cranberry and apple juice mix) also sold under the Ocean Spray brand.This is an example of a:

Accepted Answer

This is an example of a line extension, where a company expands its existing product line (in this case, cranberry juice drinks) with new flavors or variations (Cranapple), under the same brand name (Ocean Spray).

Question 3

In which stage of the product life cycle are you most likely to find the manufacturer using a line extension strategy?

Accepted Answer

During the maturity stage of the product life cycle, sales growth has typically leveled off, and competition is intense. Manufacturers often use line extensions to rejuvenate interest in their offerings, differentiate from competitors, and attract different customer segments.

Question 4

To stay a market leader in the confectionary industry, Jelly Belly, the jelly bean manufacturer, must keep coming up with new flavors.In 2006, it released its Soda Pop Shoppe collection, which was developed after company employees were asked to suggest as many potential new jelly beans tastes as they could without being criticized for any of their ideas, no matter how outlandish.What method did Jelly Belly use to come up with this new product line?

Accepted Answer

Jelly Belly used brainstorming, a method where participants are encouraged to come up with as many ideas as possible, without criticism, to foster creativity and generate a wide range of potential solutions or products.

Question 5

Which of the following is NOT one of the stages in the product life cycle?

Accepted Answer

The product life cycle stages include introduction, growth, maturity, and decline. "Development" is not considered a stage in the product life cycle; it is a phase that occurs before a product is introduced to the market.

Question 6

During the growth stage of the product life cycle,:

Accepted Answer

During the growth stage, sales increase rapidly, and profits are healthy as the product gains acceptance in the market.

Question 7

Expense items that have undergone little or no processing and are used in the manufacture of end products are called:

Accepted Answer

Raw materials are items that have undergone little or no processing and are used in the manufacture of end products, serving as the basic substances from which goods are made.

Question 8

The unprocessed corn used as the primary ingredient in many brands of dog food is an example of:

Accepted Answer

Unprocessed corn, used as a primary ingredient in dog food, is considered a raw material because it is in its natural, unprocessed state and is used in the production of another product.

Question 9

Which of the following is an example of an industrial service?

Accepted Answer

Management consulting companies provide specialized expertise and advice to businesses, making them an example of an industrial service. They do not produce tangible goods but offer services that help organizations improve their performance, solve issues, or develop new strategies, which is characteristic of industrial services.

Question 10

Life Savers Gummies Fruit Splosions, liquid-filled gummies combined with a burst of real fruit juice, are a new product for The Wrigley Co..Before marketing the product nationwide, Wrigley gave out samples of the candy at several rock concerts and then recorded consumers' feelings about the candy, its taste, and its name.In which stage of the new-product development process would this have happened?

Accepted Answer

Test marketing involves giving out samples of a new product to gauge consumer response before a full market launch, which matches the description of Wrigley's actions with the Life Savers Gummies Fruit Splosions.

Question 11

Which of the following is a step in the new-product development process?

Accepted Answer

All of the options listed are steps in the new-product development process, which includes developing new-product ideas, screening those ideas, creating a marketing mix, and testing the new product before its full market release.

Question 12

Industrial supplies:

Accepted Answer

Industrial supplies are typically bought routinely and in large quantities because they are essential for the day-to-day operations of a business. They are considered expense items rather than capital investments. Although individually they might have a small impact, collectively, their management (including cost, quality, and availability) can significantly affect a company's long-run profits. Therefore, all of the statements accurately describe industrial supplies.

Question 13

The first step in the new products planning process is:

Accepted Answer

The answer of The first step in the new products...

Question 14

The maker of Centrum multivitamins introduced Centrum Silver, a vitamin designed specifically for older people.Centrum Silver is an example of a _____, a product that uses an existing brand name in an existing category but with a new formula.

Accepted Answer

Line extension refers to the introduction of a new product within an existing product line with some variation, such as a new formula, flavor, or size, under the same brand name. Centrum Silver is a variation of the original Centrum multivitamin tailored for older adults, making it a line extension.

Question 15

Radial tires installed on four-wheel drive vehicles are examples of:

Accepted Answer

Radial tires installed on four-wheel drive vehicles are considered component parts because they are items that are assembled into the final product but can also be identified separately.

Question 16

The process that products go through as they pass through their introduction, growth, maturity, and decline stages is called the:

Accepted Answer

The product life cycle describes the stages a product goes through from when it is first introduced to the market until it declines or is removed from the market. These stages include introduction, growth, maturity, and decline.

Question 17

_____ has a group think of as many ways as possible to generate new-product ideas, vary a product, or solve a problem.

Accepted Answer

Brainstorming is the process where a group thinks of as many ways as possible to generate new-product ideas, vary a product, or solve a problem.

Question 18

A product that passes test-marketing is ready for market introduction, which is called _____, a step that requires extensive logistical coordination.

Accepted Answer

The correct term for the market introduction phase, which involves extensive logistical coordination, is "rollout." This term is commonly used to describe the process of launching a new product or service to the market after it has passed the test-marketing phase.

Question 19

In new-product development, _____ is the stage at which products that do not meet new-product goals are rejected.

Accepted Answer

Screening is the stage in new-product development where ideas are evaluated and products that do not meet the company's objectives or goals are eliminated.

Question 20

Diapers is a product category in the maturity stage of its product life cycle.This means that the manufacturers of diapers:

Accepted Answer

In the maturity stage of the product life cycle, manufacturers often focus on differentiation and revitalizing the product to maintain interest and competitiveness. Creating product line extensions is a common strategy to achieve this, offering variations to meet diverse consumer needs or preferences.

Quiz 11: Creating Products and Pricing Strategies to Meet Customers Needs