Question 1

You are asked to justify market research for a new product.You explain that it is required
A)to determine if the product will meet performance requirements.
B)to ensure that the new product will mesh with the firm's objectives.
C)to identify future production problems.
D)to identify benefits to be provided by the product.
E)to determine whether there will be a market for the product.

Accepted Answer

The answer of You are asked to justify market research...

Question 2

It takes ________ new product ideas to generate just 1 new product that reaches the market,and then only ________ out of 10 new products on the market succeeds.
A)100;1
B)200;3
C)50;1
D)30;4
E)20;6

Accepted Answer

The answer of It takes ________ new product ideas to...

Question 3

During the ________ stage of the product life cycle,heavy promotion is often required to build brand preference over the competition.
A)introduction
B)decline
C)maturity
D)growth
E)development

Accepted Answer

During the growth stage, the product is gaining acceptance, and competition increases, necessitating heavy promotion to build brand preference.

Question 4

During this stage of a product's life cycle marketers focus on making potential consumers aware of the product and its benefits.Profits are non-existent or small.This is the ________ stage.
A)decline
B)growth
C)maturity
D)development
E)introduction

Accepted Answer

This is the introduction stage, where the focus is on creating awareness of the product and its benefits. During this stage, profits are typically non-existent or small, since the product is still new and establishing its place in the market.

Question 5

Life products (Shoppers Drug Mart),and President's Choice (Loblaws)are all examples of ________ brands.
A)national
B)licensed
C)generic
D)private
E)value-added

Accepted Answer

Life products and President's Choice are examples of private brands, which are owned and sold by specific retailers.

Question 6

Solar-powered cars are in the ________ stage of their product life cycles.
A)growth
B)decline
C)introduction
D)maturity
E)development

Accepted Answer

Solar-powered cars are in the introduction stage as they are relatively new to the market and are still being developed and tested for widespread consumer use.

Question 7

Automobiles and Flat Screen TVs are in the ________ stage of their product life cycle.
A)introduction
B)growth
C)decline
D)maturity
E)development

Accepted Answer

Automobiles and Flat Screen TVs are in the maturity stage of their product life cycle, where sales growth slows down as the market becomes saturated.

Question 8

Coca-Cola,Pepsi-Cola,Kleenex,and Chevrolet are examples of
A)private label.
B)brand names.
C)product names.
D)product line names.
E)public label.

Accepted Answer

These are all well-known brand names that are easily identifiable to consumers.

Question 9

The ________ is a natural process in which products are born,grow in stature,mature,and finally decline and die.
A)product life stages
B)profit life cycle
C)product life cycle
D)product profit stages
E)profit life stages

Accepted Answer

The concept being described is the product life cycle, which is characterized by the stages of introduction, growth, maturity, and decline. Choices A, B, D, and E do not accurately or comprehensively describe this process.

Question 10

The new product that Bellson Corp.introduced last year is now experiencing rapidly increasing sales,and the product has begun to show a profit.But Bellson notices that two competitors have recently introduced similar products.This is what happens in the ________ stage of a product's life cycle.
A)growth
B)maturity
C)decline
D)development
E)introduction

Accepted Answer

In the growth stage of a product's life cycle, sales begin to increase rapidly, the product starts to show a profit, and competitors often enter the market with similar products.

Question 11

If a company requires consumer response to a new product under real conditions,which phase of the product development process would the company use?
A)Business analysis
B)Concept testing
C)Commercialization
D)Screening
E)Product testing and test marketing

Accepted Answer

Product testing and test marketing involves releasing the product in a limited market to gather feedback from consumers under real conditions. This allows the company to make any necessary adjustments before a full commercial launch.

Question 12

Harley-Davidson's famous logo is emblazoned on products such as boots,eyewear,gloves,purses,lighters,and watches,and the motorcycle maker receives more than $200 million annually from fees it receives.This is an example of a ________ brand.
A)national
B)licensed
C)generic
D)private
E)value-added

Accepted Answer

Harley-Davidson's logo being used on various products for a fee is an example of brand licensing, where the brand allows others to use its trademark in exchange for a fee.

Question 13

In which stage of the new product development process is a preliminary version of the product produced?
A)Product test run
B)Screening
C)Prototype development
D)Concept testing
E)Test marketing

Accepted Answer

A preliminary version of the product is produced during prototype development, which involves creating a physical or virtual model of the product to test its functionality, design, and features before finalizing the product for production. Screenings involve evaluating initial ideas to determine their potential viability, while concept testing involves getting consumer feedback on product concepts before creating a prototype. Product test run and test marketing occur after the product has been developed and are focused on testing the product in the market.

Question 14

What type of brand is Coca-Cola?
A)Generic brand
B)National brand
C)Off-the-shelf brand
D)Copyrighted brand
E)Private brand

Accepted Answer

Coca-Cola is a national brand, meaning it is owned and marketed by a large corporation and distributed nationwide (or even globally). It is not a generic brand (unbranded products sold at a lower price), an off-the-shelf brand (pre-designed products that can be quickly purchased), a copyrighted brand (all brands are automatically protected by trademark law), or a private brand (owned and marketed by a retailer or distributor).

Question 15

Lexington Corp.has been involved in a new product development process for several months.They have completed several preliminary tasks,the most recent of which was estimating costs and benefits for a proposed new product.What should they do next?
A)Business analysis
B)Test marketing
C)Product testing
D)Concept testing
E)Prototype development

Accepted Answer

The answer of Lexington Corp.has been involved in a new...

Question 16

In which stage of product development does market research have a major role?
A)Prototype development
B)Commercialization
C)Business analysis
D)Product testing
E)Concept testing

Accepted Answer

The answer of In which stage of product development does...

Question 17

Batson Corp.marketing staff have developed a long list of possible new product ideas.In terms of the new product development process,what should they do next?
A)Business analysis
B)Screening
C)Product testing
D)Concept testing
E)Prototype development

Accepted Answer

The next step in the new product development process after idea generation is screening, which involves evaluating the new product ideas to identify the most promising ones for further development. Therefore, the marketing staff of Batson Corp. should conduct screening to determine which product ideas would be worth pursuing further.

Question 18

Land-line phones and DVD players are both in the ________ stage of the product life cycle.
A)growth
B)decline
C)development
D)introduction
E)maturity

Accepted Answer

Land-line phones and DVD players are in the decline stage of the product life cycle as they are being replaced by newer technologies like smartphones and streaming services.

Question 19

Brilliant Solutions applies LED technology to create specialized lighting systems for cellphone towers,drilling rigs,airport runways,and other specialized uses.It sells to businesses that are willing to pay for superior products that are durable,so their lighting systems remain safe,endure harsh conditions,and last for years.All of Brilliant Solutions' products are packaged in boxes prominently displaying the Brilliant Solutions brand.Why would this brand be valuable to the company?
A)It signals the high quality of the product and helps customers remember it.
B)It helps customers classify the products correctly.
C)It is a product feature that contributes to the value package.
D)It allows Brilliant Solutions to present the products as capital items.
E)It enables Brilliant Solutions to extend its product lines.

Accepted Answer

The Brilliant Solutions brand serves as a signal to customers of the high quality of the product, helping them remember it and creating brand recognition. This can increase the company's reputation and create customer loyalty.

Question 20

How does the product life cycle mesh with the product development process?
A)Product commercialization is the start of the introduction stage of the life cycle.
B)Commercialization indicates that the product has become a "star."
C)Prototype development is the start of the introduction stage of a life cycle.
D)Product testing and test marketing take place during the growth stage of the life cycle.
E)The two do not mesh.

Accepted Answer

Product commercialization marks the transition of a product from development to the market, initiating the introduction stage of the product life cycle. This is when the product is launched and introduced to the target market, starting its journey through the various stages of the life cycle.

Quiz 12: Understanding Marketing Principles and Developing Products

You are asked to justify market research for a new product.You explain that it is required

It takes new product ideas to generate just 1 new product that reaches the market,and then only out of 10 new products on the market succeeds.

During the ________ stage of the product life cycle,heavy promotion is often required to build brand preference over the competition.

During this stage of a product's life cycle marketers focus on making potential consumers aware of the product and its benefits.Profits are non-existent or small.This is the ________ stage.

Life products (Shoppers Drug Mart) ,and President's Choice (Loblaws) are all examples of ________ brands.

Solar-powered cars are in the ________ stage of their product life cycles.

Automobiles and Flat Screen TVs are in the ________ stage of their product life cycle.

Coca-Cola,Pepsi-Cola,Kleenex,and Chevrolet are examples of

The ________ is a natural process in which products are born,grow in stature,mature,and finally decline and die.

The new product that Bellson Corp.introduced last year is now experiencing rapidly increasing sales,and the product has begun to show a profit.But Bellson notices that two competitors have recently introduced similar products.This is what happens in the ________ stage of a product's life cycle.

If a company requires consumer response to a new product under real conditions,which phase of the product development process would the company use?

Harley-Davidson's famous logo is emblazoned on products such as boots,eyewear,gloves,purses,lighters,and watches,and the motorcycle maker receives more than $200 million annually from fees it receives.This is an example of a ________ brand.

In which stage of the new product development process is a preliminary version of the product produced?

What type of brand is Coca-Cola?

Lexington Corp.has been involved in a new product development process for several months.They have completed several preliminary tasks,the most recent of which was estimating costs and benefits for a proposed new product.What should they do next?

In which stage of product development does market research have a major role?

Batson Corp.marketing staff have developed a long list of possible new product ideas.In terms of the new product development process,what should they do next?

Land-line phones and DVD players are both in the ________ stage of the product life cycle.

How does the product life cycle mesh with the product development process?