Question 1

Among technology adopters,these customers make the bulk of technology purchases in organizations and seek products from a market leader with a proven track record of providing useful productivity improvements. This describes:

Accepted Answer

Pragmatists are focused on practicality and value, and they prioritize proven solutions from established market leaders over cutting-edge technology. They make up the majority of technology adopters in organizations and prioritize productivity improvements, making them the best fit for this description. Technology enthusiasts and visionaries prioritize innovation and are willing to take risks on new technology, skeptics are hesitant to adopt new technology, and product champions are loyal advocates for a specific product or technology.

Question 2

Which of the following dimensions of a product market definition is(are)relevant?

Accepted Answer

All of the above dimensions - technology, value-added system, and customer segments - are relevant for defining a product market. The alternative technologies available can impact the size and scope of the market, the value-added system can determine the level of competition and entry barriers, and the customer segments help identify the target audience for the product.

Question 3

Among technology adopters,these customers have access to organizational resources and can assume an influential role in giving an innovation a boost during the early stages of market development. However,these customers frequently demand modifications to the product that are difficult for the innovator to provide. This describes:

Accepted Answer

B

Question 4

When the buyer is purchasing a company's capability in a particular area,such as maintenance or machine repair,the customer is buying:

Accepted Answer

The buyer is purchasing an industrial service, which is a capability provided by the company in a specific area such as maintenance or machine repair. This is different from a catalog item, which is a pre-made product available for purchase, or a custom-designed item, which is specifically designed for a customer's unique needs. A generic product class and specialty item do not accurately describe the purchase of a company's capability in a specific area.

Question 5

During the tornado phase of the adoption life cycle,the business marketing strategist should:

Accepted Answer

During the tornado phase of the adoption life cycle, there is a high demand for the product or service, and the goal is to reach as many customers as possible. Hence, the best choices would be to extend distribution channels to make the product readily available and accessible to the customers and to drive to the next lower price point to attract price-sensitive customers. Market segmentation is best suited for the early stages of the adoption life cycle when the focus is on understanding customer needs and preferences. Therefore, it is not the best choice during the tornado stage.

Question 6

The quality standards set out by the Geneva-based International Standards Organization are referred to as:

Accepted Answer

ISO 9000 is the set of quality standards set out by the International Standards Organization (ISO) based in Geneva, Switzerland. Six Sigma is a separate set of quality standards and methodologies used for process improvement. "The Big Q" is not a recognized term or set of standards.

Question 7

During the bowling alley phase of the adoption life cycle,the business marketing strategist should:

Accepted Answer

During the bowling alley phase, the focus is on market segmentation to target niche markets and establish a strong foothold before moving to broader markets.

Question 8

If organizational buyers view a particular attribute as being neither important nor differentiating,an appropriate generic strategy for a product manager to follow would be to:

Accepted Answer

The answer of If organizational buyers view a particular attribute...

Question 9

Industrial product lines that are offered only in certain configurations and are produced in anticipation of orders are called:

Accepted Answer

The answer of Industrial product lines that are offered only...

Question 10

A lathe manufacturer that offers a line of products in different sizes,with a range of options (such as different motor sizes)and accessories for different applications is a producer of:

Accepted Answer

The answer of A lathe manufacturer that offers a line...

Question 11

All of the following are dimensions relevant to the definition of a product-market except:

Accepted Answer

The physical distribution system is not a dimension relevant to the definition of a product-market. The other options, customer function, technological, customer segment, and value-added system, are all dimensions that are taken into consideration when defining a product-market.

Question 12

Because organizational buyers perceive products as bundles of attributes,the product strategist should examine the attributes that assume a central role in buying decisions. Attributes that are both important and differentiating are called:

Accepted Answer

Determinant attributes are those that are both important and differentiating in the eyes of organizational buyers. These attributes are the key factors that determine which product a buyer will ultimately choose. Therefore, understanding and focusing on these determinant attributes is crucial for the product strategist.

Question 13

Among technology adopters,these customers serve as a gatekeeper to the rest of the technology life cycle and their endorsement is needed for an innovation to get a fair hearing in the organization. However,they do not have access to the resources needed to move an organization toward a large-scale commitment to the new technology. This describes:

Accepted Answer

The answer of Among technology adopters,these customers serve as a...

Question 14

The stage in the adoption life cycle where a product gains acceptance from segments within the mainstream market but has yet to achieve widespread adoption is referred to as:

Accepted Answer

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

Question 15

Industrial product lines that are created to meet the needs of one or a small group of customers are defined as:

Accepted Answer

The answer of Industrial product lines that are created to...

Question 16

Consider this dilemma: A product manager finds that organizational buyers view a particular product attribute as being both important and differentiating;unfortunately,the firm's brand is viewed as being inferior to competing brands on this attribute. In this situation,an appropriate generic strategy for the product manager to follow would be to:

Accepted Answer

The product manager should aim to convert the determinant attribute into a non-determinant one to reduce its impact on the buying decision, as the firm's brand is currently seen as inferior on this attribute.

Question 17

Some industrial products are created to meet the needs of one or a small group of customers. Boeing,for example,serves a very defined group of customers with its 747 aircraft model. This is an example of:

Accepted Answer

The answer of Some industrial products are created to meet...

Question 18

St. Louis Capital Equipment Company found that organizational buyers view reliability as being important in the purchase of a machine tool. In turn,research indicates that a new model recently introduced by the firm is viewed by organizational buyers as being superior to competing brands on the reliability dimension. Thus,reliability would be classified as a _____ attribute.

Accepted Answer

Reliability is a determining factor in the purchase decision for organizational buyers, making it a determinant attribute.

Question 19

NCR offers a set of basic equipment items to retailers that includes numerous accessories and options. The retailer can begin with a simple cash register or checkstand system and later add inventory control systems for the store and ultimately a computer that ties multiple stores in a chain together. This provides an example of:

Accepted Answer

The answer of NCR offers a set of basic equipment...

Question 20

_____ represents the place that a product occupies in a particular market;it is found by measuring organizational buyers' perceptions and preferences for a product in relation to its competitors.

Accepted Answer

Product positioning is the place that a product occupies in a particular market relative to its competitors. It is determined by measuring customers' perceptions and preferences for a product.

Quiz 7: Managing Products for Business Markets