Question 1

During which of the following stages of the product life cycle (PLC)would we expect a marketing manager to pursue a marketing objective of maximizing market share

Accepted Answer

During the growth stage of the product life cycle, the product is becoming more popular, and sales are rapidly increasing. This is the stage where the marketing manager's objective should shift from creating awareness to maximizing market share. The focus should be on increasing market share by gaining new customers and increasing product usage among existing customers. This is also the stage where competition starts increasing, and maintaining a higher market share becomes essential.

Question 2

When Vlasic created a cucumber 10 times larger than the traditional pickle cucumber (e.g.,Hamburger Stackers),it used ________ as a means of modifying its product so additional customers might be attracted to the brand.

Accepted Answer

Feature improvement refers to enhancing or adding new features to a product to attract more customers, which is what Vlasic did by creating a larger cucumber.

Question 3

During the ________ phase of market evolution,if a new product sells well,new firms enter the market.

Accepted Answer

During the growth phase of market evolution, a new product that sells well attracts new firms to enter the market due to increasing demand and potential profits.

Question 4

When sales peak,there is a low cost per customer,profits are high,and the marketing manager attempts to maximize profit while defending market share,the product is most likely in the ________ stage of the product life cycle (PLC).

Accepted Answer

In the maturity stage of the product life cycle, sales peak, costs per customer are low, profits are high, and the focus is on maximizing profit while defending market share.

Question 5

Which of the following stages of the product life cycle (PLC)is characterized as being one where there are low sales,high cost per customer,negative profits,and few competitors

Accepted Answer

The introduction stage of the PLC is characterized by low sales, high cost per customer, negative profits, and few competitors. This is because the product is new to the market and customers may not yet be aware of its benefits, resulting in lower sales. As a result, the cost per customer can be high, causing negative profits. Furthermore, there may be few competitors since the product is new and unique, making it difficult for competitors to enter the market.

Question 6

Market fragmentation in the market evolution process is often followed by ________ caused by the emergence of a new attribute that has strong appeal.

Accepted Answer

Market fragmentation is often followed by market consolidation, where companies merge or acquire others to strengthen their position, especially when a new attribute emerges that appeals strongly to consumers, leading to a more unified market.

Question 7

Today,most products are in the ________ of the life cycle,and most marketing managers must cope with the problems and challenges of this stage.

Accepted Answer

The statement mentions "most products are in the ____ of the life cycle" and the problems and challenges that marketing managers face. The maturity stage is the stage where most products are, as they have already gone through the introduction and growth stages. At this stage, sales growth slows down, competition increases, and the product may require new marketing strategies to maintain its market share. Therefore, D) maturity stage is the best choice.

Question 8

Managers try to stimulate sales by modifying the product's characteristics.Which of these modifications has as its aim to increase the product's functional performance

Accepted Answer

Quality improvement aims to increase the product's functional performance. Feature improvement may also improve the product's performance, but it is typically aimed at adding new features or functions rather than improving existing ones. Style improvement is aimed at changing the aesthetic appeal of the product. Fashion improvement is focused on keeping up with current trends. Packaging improvement is aimed at improving the packaging design or materials rather than the product's functionality.

Question 9

Markets are similar to products with respect to life-cycle concepts.All of the following are considered to be stages that markets pass through in market evolution EXCEPT ________.

Accepted Answer

Destruction is not considered to be one of the stages in market evolution. The four stages that markets typically pass through are emergence, growth, maturity, and decline.

Question 10

If an organization chooses "harvesting" as a decline stage PLC strategy,the first step in using such a strategy would likely be to ________.

Accepted Answer

Harvesting as a decline stage PLC strategy involves reducing costs and maximizing profits by cutting R&D costs and plant and equipment investment, while still maintaining the product and sales to loyal customers. Therefore, the first step would likely be to cut these costs. Options A, C, D, and E involve actions that would not align with this strategy.

Question 11

When Campbell's soups began advertising its soups as excellent snacks,it was using which of the following volume-oriented brand usage strategies

Accepted Answer

Campbell's soups began advertising its soups as excellent snacks, which is an example of using the product on more occasions.

Question 12

As market growth slows during the maturity stage of market evolution,the market splits into finer segments and high ________ occurs.

Accepted Answer

During the maturity stage of market evolution, the market becomes saturated and growth slows down, leading to a split into smaller, more specialized segments. This is known as market fragmentation, where companies start targeting narrower market segments, resulting in a high level of competition within each segment.

Question 13

Marketing programs can be modified to stimulate sales.Which of the following forms of marketing program modification might seek to speed delivery or extend more credit

Accepted Answer

The answer of Marketing programs can be modified to stimulate...

Question 14

Which of the following is a popular criticism of product life-cycle theory

Accepted Answer

One of the popular criticisms of product life-cycle theory is that life-cycle patterns are too variable in shape and duration. It is not always possible to predict the exact shape or duration of a product's life cycle, which can make it difficult to apply the theory in practice.

Question 15

In the decline phase of the product life cycle,if a firm "milks" the firm's investment to recover cash quickly,it is using a strategy called ________.

Accepted Answer

The strategy of "milking" a product in decline, refers to harvesting the investment made in the product to recover cash quickly, rather than investing further in the product. Therefore, the correct choice is D, harvesting.

Question 16

If an entrepreneur discovers that her firm's market is one of diffused preferences,she can use a ________ to expand sales while keeping costs low.

Accepted Answer

The answer of If an entrepreneur discovers that her firm's...

Question 17

The maturity stage of the product life cycle can be divided into three distinct phases.If the absolute level of sales starts to decline and customers begin switching to other products,the product is most likely in the ________ phase of the maturity stage.

Accepted Answer

The decaying maturity phase is characterized by a decline in sales and customers switching to other products. This indicates that the product has reached its peak and is on its way out of the market, making option B the best choice. The growth phase is characterized by an increase in sales, stable phase by constant sales with no growth, competitive vulnerability by facing threats from competitors, and abandonment phase where the product is no longer profitable and is removed from the market.

Question 18

Francis Kelly and Barry Silverstein define a ________ as one that stands out,not just in its own product category but from all other brands,and that achieves significant results in the marketplace.

Accepted Answer

The definition given by Kelly and Silverstein describes a breakaway brand, which sets itself apart from other brands in all categories and achieves significant success in the marketplace. A point-of-difference is a unique attribute or benefit that sets a brand apart from its competitors within its own product category. A point-of-parity is a similarity shared by competing brands within a product category. A negatively correlated brand attribute is one that is associated with negative emotions or perceptions. A fragmented market is one in which there are many small competitors, without any one dominant player.

Question 19

A manufacturer of calculators finds that there is an even split between customers who want small handheld calculators and those that want large ones.This type of market,in which buyer preferences scatter evenly,is called a(n)________ market.

Accepted Answer

The given scenario describes a diffused-preference market where customers are evenly split between two options. In a diffused-preference market, buyer preferences are scattered across multiple options, making it difficult for sellers to identify a clear market segment. This is different from a mass market where there is a large group of customers with similar preferences or a niche market where there is a smaller group of customers with very specific preferences. An emerging market refers to a new and growing market, while a standardized market refers to a market where products are very similar and there is little differentiation.

Question 20

A company might try to expand the market for its mature brand by working with the two factors that make up sales volume.Volume equals (=)________.

Accepted Answer

Sales volume is the product of the number of brand users and their usage rate per user. Therefore, a company can try to expand the market for its mature brand by increasing either the number of brand users or their usage rate per user. For example, the company could attract new users by targeting a new demographic or geographical market, or it could encourage existing users to consume more of the product by introducing new uses for it or offering promotions.

Quiz 10: Crafting the Brand Positioning

During which of the following stages of the product life cycle (PLC) would we expect a marketing manager to pursue a marketing objective of maximizing market share

When Vlasic created a cucumber 10 times larger than the traditional pickle cucumber (e.g.,Hamburger Stackers) ,it used ________ as a means of modifying its product so additional customers might be attracted to the brand.