Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
4 stages of the product life cycle |
1.) Market introduction 2.) Market Growth 3.) Market maturity 4.) Sales decline |
|
|
a collective intellectual gathering of information that comes from the public and then used to complete a business-related task |
Crowd sourcing |
|
|
An industry with tough competition faces falling profits, and its sales growth is slow. Demand for individual brands has become quite elastic—as consumers see competing products as almost homogeneous. Several firms have dropped out. Which of the following stages of the product life cycle does this indicate? |
Market maturity |
|
|
Which of the following statements is true of a second-mover? |
Follows quickly behind a pioneer |
|
|
Albert works as a server for a restaurant that gives him a certain amount of autonomy. For example, if customers complain about their meal, Albert is allowed to provide them with a free dessert or otherwise compensate them as he deems appropriate. He does not need to check with management before he makes his decision. In this case, the restaurant Albert works for is promoting better service quality through |
empowerment |
|
|
Which of the following terms refers to the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products? |
product liability |
|
|
Product or brand managers are commonly used when a firm |
has several different types of products and brands |
|
|
Maria's company makes televisions. The Clarity, a 4K television featuring wireless capabilities, is their best selling model, and the company plans to release a new version in a month. However, next year Maria's company plans to release a television featuring brand new technology that offers even better picture quality than the Clarity. This is an example of |
Planned obsolescence |
|
|
Product ideas that survive the screening and idea evaluation steps get further investment of time and money, including the creation of a(n) _____, which is an early sample or model built to test a concept.imitation |
Prototype |
|
|
Which of the following statements is true of the market introduction stage of the product life cycle? |
There is a need for informative promotion/advertisement. |
|
|
Using total quality management to improve the implementation of a marketing plan is likely to involve |
The training and empowerment of employees to identify and solve customer problems. |
|
|
Which of the following statements about fashion-related products is false? |
Fashion products have long life cycles |
