Question 1

Creative people with entrepreneurial skills are the best match for which of the following?

Accepted Answer

Creative people with entrepreneurial skills are best suited for a role on a venture team, where they can use their creativity to come up with new ideas and their entrepreneurial skills to turn those ideas into successful ventures. They may not be as well-suited for sales or market management, which require a different set of skills. Product management and information management may be better suited for individuals with a more technical or analytical background.

Question 2

In small firms, the marketing function is usually handled by a ________ who is responsible for new-product planning, advertising, working with the company's sales representatives, and marketing research.

Accepted Answer

In small firms, the marketing function is usually handled by a single marketing manager who is responsible for managing all marketing activities such as new-product planning, advertising, working with the company's sales representatives, and marketing research. Brand manager, product category manager, market manager, and venture team manager are all specific roles within the marketing function of a larger organization.

Question 3

John Deere, Inc.introduced a lower-priced line of lawn-tractors called Senber while still selling its more expensive tractors under the John Deere, Inc.brand.This is an example of ________.

Accepted Answer

A downward line stretch is when a company introduces a lower-priced product to target a new market segment while still offering its premium product under its existing brand. This is exactly what John Deere did by introducing the Senber line of lawn-tractors while still selling its more expensive John Deere brand tractors.

Question 4

When large companies undertake new-product development, they typically enlist specialists in different areas to create a ________ within the organization.

Accepted Answer

The answer of When large companies undertake new-product development, they...

Question 5

A winery introduced a brand wine that it priced twice as high as its other wine.This is an example of product extension by a(n)________.

Accepted Answer

The winery is extending its product line by introducing a higher-priced wine, which is twice the price of its other wine. This is an example of upward line stretch.

Question 6

Which of the following is NOT required by the Food and Drug Regulatins on the labels of most foods sold in Canada?

Accepted Answer

While it is important for ingredient information to be listed on food labels, it is not required to include the sources of all ingredients. However, the other options listed (amount of saturated fat, cholesterol, calories, and protein) are required by the Food and Drug Regulations for most foods sold in Canada.

Question 7

Venture teams focus exclusively on which of the following?

Accepted Answer

Venture teams are typically focused on the development of new products or services. They are responsible for identifying new opportunities and creating innovative solutions to meet customer needs. Therefore, the development of a new product is the best choice.

Question 8

Mercedes was able to successfully introduce its C-Class car at $30,000 without injuring its ability to sell other Mercedes cars for $100,000 or more.Mercedes implemented a(n)________.

Accepted Answer

The answer of Mercedes was able to successfully introduce its...

Question 9

In addition to regular Alka-Seltzer, there is an Alka Seltzer product for each of the followingcold sufferers, people with upset stomachs, people who can't sleep, people with allergies, and people who have a severe headache.The manufacturer of Alka- Seltzer is using a(n) ________ to reach as many different target markets as possible.

Accepted Answer

A full line strategy is used to reach as many different target markets as possible by offering a range of products that cater to different needs. Alka-Seltzer is using this strategy by offering different products for colds, upset stomachs, insomnia, allergies, and severe headaches. This allows them to reach a wider audience and cater to specific needs.

Question 10

A firm's skunk works department would most likely be located ________.

Accepted Answer

A skunk works department is typically an isolated department within a company that is given a high degree of autonomy and freedom to develop innovative ideas and products. It is often located away from the firm's traditional offices and hierarchies to facilitate creativity and risk-taking.

Question 11

Which of the following is true about a brand manager and a product category manager?

Accepted Answer

Both brand managers and product category managers typically work for large firms, but they have different roles and responsibilities. Brand managers are responsible for building and maintaining the brand image and promoting it through various marketing channels. On the other hand, product category managers are responsible for the overall success of a specific product line or category, including development, pricing, and promotion. Product category managers work closely with brand managers to ensure that their products align with the overall brand strategy, but they focus primarily on the specific products in their category.  Therefore, option C - They probably work for large firms - is the correct answer.

Question 12

Which of the following is a disadvantage of the brand management system?

Accepted Answer

The brand management system may overemphasize short-term gains in sales and ignore long-term goals, customer satisfaction, and brand equity. This short-term focus can harm the overall brand image and profitability in the long run.

Question 13

Which of the following is most useful when a firm offers a variety of products that serve the needs of a wide range of customers?

Accepted Answer

The market manager structure is most useful when a firm offers a variety of products that serve the needs of a wide range of customers because it focuses on serving the needs of specific customer groups or markets, allowing for tailored marketing strategies that can address the diverse needs of different customer segments effectively.

Question 14

Firms interested in using socially responsible packaging that is less harmful to the environment are developing ________.

Accepted Answer

"Green packaging" is the best choice as it refers specifically to packaging that is environmentally friendly, which is what firms interested in socially responsible packaging are looking to develop. "Aesthetic packaging" refers to packaging that is visually appealing, but does not necessarily address environmental concerns. "Ingredient packaging" and "venture packaging" are not commonly used terms in the packaging industry. "Kansei engineering" is a design philosophy that focuses on incorporating emotional responses into product design, but is not directly related to environmentally friendly packaging.

Question 15

Which of the following accurately describes a product category manager?

Accepted Answer

A product category manager is responsible for coordinating the product lines within a specific product category and may add new product lines to the category. They are not necessarily responsible for developing brand equity or solely focused on a single brand name. They may work for a company with individual branding, but this is not a defining characteristic of the role. They are also not the same as a sales manager, who focuses primarily on sales strategies and team management.

Question 16

________ are responsible for the positioning of a brand and developing its brand equity.They are likely to team with sales, finance, and logistics staff members as part of customer business teams who work with major retail accounts.

Accepted Answer

Brand managers are responsible for positioning a brand and developing its brand equity. They typically work with sales, finance, and logistics staff as part of customer business teams to work with major retail accounts. Product category managers are responsible for managing a specific product category, while venture team managers are responsible for developing and launching new business ventures. Market managers may have a broader focus on market research and analysis, and sales managers are focused on leading and directing a sales team.

Question 17

The term skunk works is associated with which of the following?

Accepted Answer

The term skunk works refers to a small team or group within an organization that is given a high degree of autonomy and tasked with solving a specific problem, developing a new product or technology, or pursuing an innovation. Skunk works are typically made up of individuals from different departments or functional areas who come together to work on a project. This approach is commonly used in the technology industry and is associated with venture teams or innovation teams. Therefore, option E (venture teams) is the best choice.

Question 18

Which of the following controls package communications and labeling in Canada?

Accepted Answer

The Consumer Packaging and Labeling Act controls package communications and labeling in Canada. The other options listed are not relevant to Canadian packaging and labeling regulations.

Question 19

Active Beverages targets the same people who watch the Gravity Games and enjoy skateboarding, in-line skating, mountain biking, and other extreme sports.It makes high-energy drinks for this target market.It does not attempt to make any drinks that are not targeted to this market.Active uses a(n) ________.

Accepted Answer

Active Beverages uses a limited-line strategy by only offering high-energy drinks targeted towards the extreme sports market.

Question 20

Within the market manager structure, managers focus on ________.

Accepted Answer

Market managers focus on specific customer groups rather than specific products. They aim to understand the needs, preferences, and behaviors of their target customers and develop customized marketing strategies to meet their demands. This approach helps companies to establish strong relationships with their customers and enhance customer loyalty.

Quiz 8: Manage the Product