Question 1

In the decline stage,changes in consumer preferences,technological advances,and alternatives that satisfy the same need can lead to a(n)_____ in demand for a product.

Accepted Answer

The answer of In the decline stage,changes in consumer preferences,technological...

Question 2

Most consumer products are in the _____ stage of their life cycle,when their buyers are repeat purchasers versus new customers.
A) maturity
B) growth
C) introduction
D) decline
E) downsizing

Accepted Answer

In the maturity stage of the product life cycle, the product has already gone through the introduction and growth stages, and the market is saturated with repeat purchasers. This is the time when sales growth starts to level off and marketing efforts shift from acquiring new customers to retaining existing ones.

Question 3

A penetration strategy is utilized because a low price helps _____.

Accepted Answer

The answer of A penetration strategy is utilized because a...

Question 4

Modifying the target market helps a company attract different customers by:
A) changing the packaging.
B) sticking with the same customer.
C) standardizing the product.
D) finding new uses for a product.
E) modifying the product quality.

Accepted Answer

Modifying the target market by finding new uses for a product can open up opportunities to attract different customers. By identifying a new target market, companies can create unique marketing messages and strategies to appeal to those customers.

Question 5

When introducing products to international markets,firms can either _____ or _____,the former being to keep the products the same and the later being to change the product to meet the needs of the local culture.

Accepted Answer

The answer of When introducing products to international markets,firms can...

Question 6

Cooperation from a company's supply chain members helps ensure that _____ meets _____ and that value is added throughout the process.

Accepted Answer

The answer of Cooperation from a company's supply chain members...

Question 7

An organization utilizing a penetration pricing strategy is hoping to sell a(n)_____ volume in order to generate _____ revenues.

Accepted Answer

The answer of An organization utilizing a penetration pricing strategy...

Question 8

A product's cost is relatively _____ in the growth stage.

Accepted Answer

The answer of A product's cost is relatively _____ in...

Question 9

_____ involves decreasing the amount of product found in a package.

Accepted Answer

The answer of _____ involves decreasing the amount of product...

Question 10

In the United States,a company is allowed to use the label "new" on a product's package for _____.

Accepted Answer

The answer of In the United States,a company is allowed...

Question 11

The decline stage is characterized by a decrease in _____ that continues to _____.

Accepted Answer

The answer of The decline stage is characterized by a...

Question 12

A price skimming strategy often attracts consumers who are _____.
A) price sensitive
B) laggards
C) the early majority
D) early adopters
E) the late majority

Accepted Answer

A price skimming strategy involves setting a high initial price to attract early adopters who are willing to pay a premium for a new product or service. These early adopters are typically not price sensitive and are more interested in being the first to try out a new product or service. Therefore, the best choice is early adopters (D).

Question 13

In the growth stage,emphasizing the advantages of the product's _____ can help a company maintain its sales in the face of competition.

Accepted Answer

The answer of In the growth stage,emphasizing the advantages of...

Question 14

The introduction stage is the first stage of the product life cycle after a product is _____.

Accepted Answer

The answer of The introduction stage is the first stage...

Question 15

_____ in the maturity stage causes profits to fall until only the strongest players remain.

Accepted Answer

The answer of _____ in the maturity stage causes profits...

Question 16

Standardization is typically:
A) much more costly than keeping the product the same.
B) about thinking globally.
C) more risky than adaptation.
D) more successful than adaptation.
E) less costly than adaptation.

Accepted Answer

Standardization is typically less costly than adaptation as it involves producing and promoting a consistent product across different markets, whereas adaptation requires customizing products to meet the specific needs of different markets. Standardization can result in economies of scale and cost savings in production, marketing, and distribution.

Question 17

Modifying the product,such as changing its packaging,size,flavors,colors,or quality can also extend the product's _____ stage.
A) maturity
B) growth
C) introduction
D) decline
E) downsizing

Accepted Answer

Modifying the product can help the company cater to changing consumer preferences and maintain competitiveness. This can lead to increased sales despite being in the maturity stage of the product life cycle.

Question 18

Adaptation involves the changes that a firm makes to a product or service so that it fits the _____.

Accepted Answer

The answer of Adaptation involves the changes that a firm...

Question 19

The stage in the product life cycle when sales growth of the product is slow is known as the _____ stage.

Accepted Answer

The answer of The stage in the product life cycle...

Question 20

The stage in the product life cycle when promotions focus on the specific benefits the product offers and its value relative to competitive offerings is known as the _____ stage.
A) maturity
B) growth
C) introduction
D) decline
E) downsizing

Accepted Answer

The growth stage is characterized by increasing sales and profits, as well as increasing competition. Therefore, promotions in this stage tend to focus on highlighting the specific benefits of the product and its value compared to other similar offerings to attract and retain customers.

Quiz 7: Developing and Managing Offerings

In the decline stage,changes in consumer preferences,technological advances,and alternatives that satisfy the same need can lead to a(n)_____ in demand for a product.

Most consumer products are in the _____ stage of their life cycle,when their buyers are repeat purchasers versus new customers.

A penetration strategy is utilized because a low price helps _____.

Modifying the target market helps a company attract different customers by:

When introducing products to international markets,firms can either _ or _,the former being to keep the products the same and the later being to change the product to meet the needs of the local culture.

Cooperation from a company's supply chain members helps ensure that _ meets _ and that value is added throughout the process.

An organization utilizing a penetration pricing strategy is hoping to sell a(n)_ volume in order to generate _ revenues.

A product's cost is relatively _____ in the growth stage.

_____ involves decreasing the amount of product found in a package.

In the United States,a company is allowed to use the label "new" on a product's package for _____.

The decline stage is characterized by a decrease in _ that continues to _.

A price skimming strategy often attracts consumers who are _____.

In the growth stage,emphasizing the advantages of the product's _____ can help a company maintain its sales in the face of competition.

The introduction stage is the first stage of the product life cycle after a product is _____.

_____ in the maturity stage causes profits to fall until only the strongest players remain.

Standardization is typically:

Modifying the product,such as changing its packaging,size,flavors,colors,or quality can also extend the product's _____ stage.

Adaptation involves the changes that a firm makes to a product or service so that it fits the _____.

The stage in the product life cycle when sales growth of the product is slow is known as the _____ stage.

The stage in the product life cycle when promotions focus on the specific benefits the product offers and its value relative to competitive offerings is known as the _____ stage.