Question 1

Which example best represents a product in the growth stage of the product life cycle?

Accepted Answer

Video streaming players are in the growth stage of the product life cycle because they are becoming increasingly popular and are being adopted by more and more consumers.

Question 2

Nazli works in accounting for PerTec Security Solutions. She is currently conducting a cost analysis on the company's new internal mailbox camera to determine profit potential. PerTec's camera is most likely in which stage of the product development process?

Accepted Answer

Nazli is conducting a cost analysis, which is typically part of the product analysis stage to assess the financial viability and profit potential of a product.

Question 3

Gerbold works on the IT team at Cross 360 Fitness. He submits a summary of a payment processing solution he thinks the company should develop for its customers. At the end of the quarter, the senior leadership team reviews submissions like Gerbold's and determines which ones to pursue. This example best describes the ________ stage of the product development process.

Accepted Answer

The answer of Gerbold works on the IT team at...

Question 4

Long Life Lithium Batteries has begun producing and marketing its new "never-die" battery. Long Life Lithium Batteries is most likely in the ________ stage of the product development process.

Accepted Answer

Commercialization is the stage where the product is introduced to the market, which aligns with Long Life Lithium Batteries beginning to produce and market its new battery.

Question 5

Braylon Garcia owns Maxim Computers. He recently reviewed a concept processor that is smaller than a penny, but that exceeds the fastest processor speeds currently on the market. He ended up making the decision to cancel the product after hearing that it would take more than one year to fully execute the product before getting it into the market. During which stage of the product development process did this decision most likely occur?

Accepted Answer

The decision to cancel the product likely occurred during the product screening stage, where ideas are evaluated to determine their feasibility and potential success in the market. This stage often involves assessing the time, cost, and technical capabilities required to bring a product to market.

Question 6

Suter Enterprises has determined that a new concept product has strong potential for profitability. How should the company proceed from here?

Accepted Answer

Creating a product prototype is a crucial step after determining potential profitability, as it allows the company to test and refine the product before moving to full-scale production.

Question 7

Ludvik Automotive Parts has engaged a marketing team to help with a new branding initiative for its products. It wants to ensure that consumers can quickly recognize Ludvik parts over those of its competitors. This best describes an example of

Accepted Answer

Product differentiation is the strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market. Ludvik Automotive Parts' initiative to ensure consumers can quickly recognize its parts over competitors' aligns with this strategy, as it aims to make its products stand out in the marketplace.

Question 8

Carola Storage wants to protect the name of the company along with the logo and catch phrase. How should Carola Storage proceed?

Accepted Answer

To protect the name of the company along with the logo and catch phrase, Carola Storage should apply for a trademark. A trademark legally protects names, phrases, logos, symbols, and designs that identify and distinguish the source of the goods or services.

Question 9

Challenstar Test & Training Centers has entered into a relationship with McGregor Textbooks to create a series of textbooks under the Challenstar name. This partnership can best be described as an example of

Accepted Answer

Co-branding refers to a marketing partnership between two companies where they collaborate on a product or service, each leveraging the other's brand to enhance the product's appeal, which is what Challenstar Test & Training Centers and McGregor Textbooks are doing by creating textbooks together under the Challenstar name.

Question 10

Ballyhoo Media creates phone, radio, and television advertising for other companies around the country. What brand type does this best represent?

Accepted Answer

Ballyhoo Media, by creating advertising for other companies, acts as a manufacturer brand, as it produces content or services under its own name for other businesses.

Question 11

Powerade is owned by Coca-Cola but markets a variety of flavors of its popular energy drink under its own name. Powerade is best described as a(n) ________ brand.

Accepted Answer

The answer of Powerade is owned by Coca-Cola but markets...

Question 12

Amazon purchases technology solutions like computer cables and peripherals and sells them under its AmazonBasics name. AmazonBasics can best be described as a(n) ________ brand.

Accepted Answer

AmazonBasics is a private label brand, meaning it is owned by the retailer (Amazon) and sells products under its own brand name, differentiating from manufacturer brands.

Question 13

State Farm Insurance offers life insurance, car insurance, homeowner's insurance, and more. It promotes its agencies as a one-stop shop to purchase all these services. State Farm's suite of insurance services can best be described as which brand type?

Accepted Answer

The answer of State Farm Insurance offers life insurance, car...

Question 14

Maja was recently hired by Polyxena Applications. She will be responsible for helping to create unique identities for each of Polyxena's applications. Maja is most likely a

Accepted Answer

Brand managers are responsible for creating and maintaining the unique identities of products or applications, which aligns with Maja's role at Polyxena Applications.

Question 15

Yelyzaveta is planning to open a new home repair company. Before she starts advertising, she sits down to brainstorm a unique name for the company. This name can best be described as part of the company's

Accepted Answer

The name of a company is a critical component of its brand identity, representing the company's image, values, and services in the market.

Question 16

'49 Brand makes very popular sporting goods apparel. Viktor is walking down the street in his hometown and sees a vendor selling caps with the '49 Brand logo at nearly 75 percent off the regular price. Upon careful inspection, Viktor notices that the caps appear to be of much lower quality than he is used to seeing from '49 Brand. The vendor is most likely offering ________ products.

Accepted Answer

The vendor is most likely offering knockoff products, which are imitations of higher-priced, branded goods, often of lower quality, intended to take advantage of the original brand's reputation and appearance.

Question 17

Nishat does not drive, but is very familiar with Ford, Chevrolet, and General Motors thanks to different advertisements she has seen for each company. This example best represents which degree of brand loyalty?

Accepted Answer

Awareness is the correct answer because Nishat's familiarity with Ford, Chevrolet, and General Motors through advertisements indicates she is aware of these brands, but it does not necessarily imply a deeper level of loyalty or preference.

Question 18

Plateau Outerwear manufactures coats, hats, and gloves for its customers. Plateau has conducted research and knows that a large portion of its sales can be attributed to the positive feelings customers have towards the company's stance on environmentally friendly production processes. This example best describes the concept of brand

Accepted Answer

Brand equity refers to the value a brand adds to a product or service based on consumers' perceptions, experiences, and associations with the brand. In this case, customers' positive feelings towards Plateau Outerwear's environmentally friendly production processes contribute to the brand's equity, making it more valuable and desirable.

Question 19

BATT Energy Solutions sells batteries and battery chargers to consumers. Its products are wrapped in a prismatic paper that reflects differently depending on how the light hits it. This paper can best be described as

Accepted Answer

The prismatic paper used for wrapping BATT Energy Solutions' products serves as packaging, which is material used to wrap or protect goods.

Question 20

Trystale Electronics sells a variety of different products that each include a universal product code. Which function of packaging does this best represent?

Accepted Answer

The answer of Trystale Electronics sells a variety of different...

Quiz 13: Introduction to Marketing