Question 1

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 because it involves producing the same product for all markets, which eliminates the need for costly adaptations to meet the specific requirements of each market.

Question 2

When demand is higher than supply,marketers are most concerned with the fact that:
A)retail distribution will have to be increased.
B)price is increased.
C)product promotion will have to be increased.
D)negativity is to overcome.
E)the door opens for competitors to enter the market.

Accepted Answer

When demand exceeds supply, it creates an opportunity for competitors to enter the market to fulfill the unmet demand, which can be a significant concern for marketers.

Question 3

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

During the growth stage, promotions focus on the specific benefits of the product and its value compared to competitors, aiming to differentiate it and increase market share as the product gains acceptance.

Question 4

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 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

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

Most consumer products are in the maturity stage of their life cycle, characterized by a plateau in sales growth as the product has been accepted by most potential buyers, leading to a majority of sales coming from repeat purchasers rather than new customers.

Question 7

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

Price skimming often attracts early adopters who are willing to pay a premium for the newest products or technologies, not deterred by high initial prices.

Question 8

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 9

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

Accepted Answer

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

Question 10

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 11

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 12

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 13

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 14

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 15

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

Accepted Answer

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

Question 16

_____ 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 17

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

Finding new uses for a product can help a company attract different customers by appealing to new market segments or needs.

Question 18

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

Accepted Answer

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

Question 19

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 a product, such as changing its packaging, size, flavors, colors, or quality, is a strategy often used to extend the product's maturity stage. This is because during the maturity stage, sales growth slows down, and companies look for ways to rejuvenate their products to maintain interest and sales.

Question 20

Marketing efforts associated with skimming price strategies include:
A)placing the product in a limited number of distribution outlets.
B)providing potential customers with coupons.
C)advertising to mass markets.
D)providing special incentives to increase product awareness.
E)providing samples of the product to consumers.

Accepted Answer

Skimming price strategies often involve placing the product in a limited number of distribution outlets to maintain a high price point and exclusivity, rather than mass marketing or widespread distribution tactics like coupons, mass advertising, or free samples.

Quiz 7: Developing and Managing Offerings

Standardization is typically:

When demand is higher than supply,marketers are most concerned with the fact that:

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.

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

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.

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

A price skimming strategy often attracts consumers who are _____.

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

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

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

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

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

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.

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

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

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

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

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

Marketing efforts associated with skimming price strategies include: