Question 1

A go-to-market mistake happens when a good idea is prematurely eliminated during the screening process.

Accepted Answer

A go-to-market mistake typically refers to errors made in the strategy or execution when introducing a product to the market, not the premature elimination of a good idea during the screening process.

Question 2

The targeted consumers during the maturing phase of a product life cycle are innovators and early adopters.

Accepted Answer

During the maturing phase of a product life cycle, the targeted consumers are typically the early majority and late majority, who make up the bulk of the market. Innovators and early adopters are more likely to be interested in new and innovative products during the introduction and growth phases.

Question 3

Trial purchase is the focus of a product launch marketing plan.

Accepted Answer

A trial purchase is often a key objective of a product launch marketing plan as it can help to drive initial sales, generate buzz and word of mouth recommendations, and encourage ongoing loyalty from customers who enjoy the product. Therefore, it is true that trial purchase is a focus of such plans.

Question 4

Product life cycle (PLC) includes four basic stages: introduction, growth, maturity, and delay.

Accepted Answer

The correct fourth stage of the product life cycle is decline, not delay. The four stages of PLC are introduction, growth, maturity, and decline.

Question 5

Reliability is a product's ability to deliver on features and performance characteristics promised in marketing communications.

Accepted Answer

Reliability refers to a product's consistency in performance and its ability to function as expected over time, not specifically to the delivery of marketing promises.

Question 6

The product life cycle (PLC) generally refers to a product item rather than a product category.

Accepted Answer

The product life cycle (PLC) refers to a product category as a whole, rather than just one specific product item. It describes the stages that a product category goes through from introduction to eventual decline, rather than the individual lifespan of one specific product.

Question 7

A stock-keeping unit (SKU) is a unique identification number used to track a product in the consumer's home.

Accepted Answer

A stock-keeping unit (SKU) is a unique identification number used to track a product in inventory and supply chain management, not in the consumer's home.

Question 8

The business case analysis is an overall evaluation of a product and usually assesses the product's probability of success.

Accepted Answer

The business case analysis is indeed an overall evaluation of a product or project, including an assessment of its feasibility, potential success, and alignment with the organization's goals and strategy.

Question 9

Luxury cars such as the Chevrolet Corvette are available with tires that enable a driver to continue driving even after the tire has been damaged. This is an example of Corvette using style as a product discriminator.

Accepted Answer

The feature described is related to safety and convenience (run-flat tires), not style. Run-flat tires are designed to allow a vehicle to continue to be driven for a limited distance after losing air pressure, not for stylistic differentiation.

Question 10

The essential component in delivering value is the product price.

Accepted Answer

While product price is an important component in delivering value, it is not the essential component. Other factors such as product quality, customer service, and brand reputation also play a significant role in delivering value to customers.

Question 11

The three major activities in new-product development are to (1) generate new ideas, (2) screen and evaluate ideas, and (3) define and test product concept.

Accepted Answer

The answer of The three major activities in new-product development...

Question 12

The number of products purchased by the same customer is called repeat purchases.

Accepted Answer

Repeat purchases refer to when the same customer buys a product multiple times.

Question 13

One of the disadvantages of using style as a product discriminator is that consumer tastes change over time and what is considered stylish can quickly lose its appeal.

Accepted Answer

This statement is true because style is subjective and influenced by current trends and cultural shifts, making it susceptible to fluctuations in consumer preferences. What is considered stylish today could be out of fashion tomorrow, rendering it an unreliable discriminator for products in the long term.

Question 14

An individual moves through five stages before adopting a product, including awareness, notice, trial, testing, and feedback.

Accepted Answer

The correct five stages of adopting a product are awareness, interest, evaluation, trial, and adoption. Therefore, the statement is false.

Question 15

When the product is wrong, skilled marketing communication and pricing sophistication can correct the problems.

Accepted Answer

Skilled marketing communication and pricing sophistication can be helpful in maximizing the sales of a product, but they cannot correct fundamental problems with the product itself. Ultimately, a flawed product will not succeed in the market, regardless of how well it is marketed or priced. It is essential to ensure that the product meets the needs and expectations of consumers before investing resources in marketing and pricing strategies.

Question 16

Different target markets will view the same product in completely different ways.

Accepted Answer

Different target markets have varying needs, interests, and preferences. A product that appeals to one target market may not interest another. Thus, their perceptions of the same product may differ based on their unique perspectives.

Question 17

Barbara's Bakery sells custom cakes, cookies, and other pastries. These represent Barbara's Bakery's product line.

Accepted Answer

The sentence states that Barbara's Bakery sells custom cakes, cookies, and other pastries, which implies that those items are in their product line.

Question 18

Desktop computers, cell phones, and tablet computers are examples of new-to-the-world products considered disruptive innovations.

Accepted Answer

Desktop computers, cell phones, and tablet computers were all new-to-the-world products when they were first introduced and they have disrupted the technological landscape in their respective industries. Therefore, they are considered disruptive innovations.

Question 19

The essential benefit is the fundamental need met by a product.

Accepted Answer

The essential benefit of a product refers to the basic or core need that it satisfies for the customer, making it a primary reason for the customer to purchase the product.

Question 20

More than any other discriminator, style has the disadvantage of being difficult to copy.

Accepted Answer

Style is often considered one of the easier aspects to copy or imitate, as it involves surface-level elements like appearance or presentation, unlike deeper attributes such as substance or quality.

Quiz 8: Product Strategy and New Product Development