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15 Cards in this Set
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Which of the following best describes the odds of a new product’s success when launched by an established company as opposed to being launched by a new company? a) Products launched by established companies fail at the same rate as products launched by new companies. b) Products launched by established companies fail more often than products launched by new companies. c) Products launched by established companies fail less often than products launched by new companies. d) The majority of new products do not fail, regardless of the age of the company. e) New product failure rate has no correlation with the age of the company. |
c) Products launched by established companies fail less often than products launched by new companies. |
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Designing an initial marketing strategy for a new product based on the product concept is known as which of the following? a) Product development b) Marketing strategy development c) Customer-centered new-product development d) Team-centered new-product development e) New-product development |
b) Marketing strategy development |
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Betony’s Beanies is a brand new company that has just launched their signature product: the BB Beanie. Based on this information, which of the following can you predict about the success of the BB Beanie? a) The BB Beanie is likely to sell extremely well b) The BB Beanie is likely to sell moderately well c) The BB Beanie is likely to have average sales d) The BB Beanie is likely to perform slightly worse than other similar products e) The BB Beanie is likely to fail in the marketplace |
e) The BB Beanie is likely to fail in the marketplace |
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All of the following are reasons companies engage in new product development EXCEPT a) to test the innovativeness of the R&D team b) to better serve customers c) to add to company profit d) to remain competitive in the market e) to add variety to the company's products |
a) to test the innovativeness of the R&D team |
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Which of the following describes an approach to developing new products based on cooperation between various company departments in an attempt to save time and increase effectiveness? a) Sequential product development b) Customer-centered new product development c) Systematic new product development d) Team-cenetered new-product development e) Cooperative product development |
d) Team-cenetered new-product development |
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Selene’s Sandal Salon is in the process of developing a new line of sporty women’s sandals. In order to get ideas for the line, the company has asked several members of the community for their input: customers, suppliers, distributers, store owners—anyone who would provide input. Which of the following is Selene’s Sandal Salon engaging in? a) Customer innovation b) Community screening c) Crowdsourcing d) Customer-centered new-product development e) Commercialization |
c) Crowdsourcing |
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Fresh Air is a company that sells air fresheners. The company is in the process of developing a new blend of air freshener that can be attached onto a ceiling fan and released into the air using centrifugal force. The company has already tested the product concept and devised a marketing strategy. They are now in the process of reviewing projections of cost, possible sales, and the amount of potential profit. Which of the following is Fresh Air engaging in? a) Cost-benefit analysis b) Concept review c) Marketing strategy development d) Business analysis e) Marketing analysis |
d) Business analysis |
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Which of the following would NOT explain why idea screening is a necessary part of product development? a) Some ideas do not represent a real need for consumers b) Some ideas are too costly to develop c) Some ideas are already being made by the company d) Some ideas do not have a large enough market to make production profitable e) Some ideas are conceptually impossible to develop |
c) Some ideas are already being made by the company |
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Which of the following is NOT a reason test marketing is important in the product development process? a) It determines if a product will sell in the target market. b) It determines if a product can be produced at an efficient cost. c) It determines if the product’s advertising is successful. d) It determines if the product can produce a profit. e) It determines if the product’s sales will eventually taper off. |
e) It determines if the product’s sales will eventually taper off. |
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The course of a product’s sales and profits over its lifetime is known as which of the following? a) Product process b) Product life cycle c) Product stages d) Product growth e) Product phases |
b) Product life cycle |
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It seems that yesterday, Snuggly Animals were nonexistent. Now, Snuggly Animals are on every child’s Christmas list. Snuggly Animals are so popular with children under the age of 10 that the stores can’t keep them on the shelves and schools have banned the presence of them in the classroom. Which of the following best describes Snuggly Animals? a) Style b) Novelty c) Fashion d) Commodity e) Fad |
e) Fad |
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Which of the following does NOT contribute to the difficulties that marketers have keeping products in the maturity stage? a) There are more competitors in the market b) The consumers are used to the product and looking for something new c) Sales of the product have stopped increasing and have leveled off d) There are many similar products in the market e) Mature products tend to turn into fads |
e) Mature products tend to turn into fads |
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What is the job of a product steward? a) Ensure a product is marketed properly to its target audience. b) Determine problems in a product that may lead to a lawsuit. c) Represent a product or company in court. d) Test a product for safety. e) Safeguard the product’s public image. |
b) Determine problems in a product that may lead to a lawsuit. |
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Darby’s Digital Streaming is known all over the United States for its patented digital streaming process for television and movies. Their patented process is a critical factor contributing to their high quality products. The company wants to expand into foreign markets, but does not want to lose the high quality the company is known for. Which of the following makes the most sense for Darby’s Digital Streaming a) Offer different products to different countries. b) Develop new products to sell overseas. c) Modify their existing products to sell overseas. d) Standardize their product offerings. e) Create a new product and test it in their current market.
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d) Standardize their product offerings. |
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Which of the following is the most important consideration when dealing with a foreign market? a) Product integrity b) Advertising and marketing c) Product cost d) Differences in foreign markets e) Company growth |
d) Differences in foreign markets |
