MKG 300 Ch. 9 – Flashcards
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The product life cycle has four stages. Which of the following is not one of these?
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Economic competition
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As a product moves through its product life cycle:
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customers' needs and attitudes may change.
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During the market introduction stage of the product life cycle:
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funds are being invested in marketing with the expectation of future profits.
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Total industry profits reach their maximum during the __________ stage of the product life cycle.
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market growth
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Health Care Products Company has noticed that in one of its product-markets industry sales have leveled off and competition has been getting tougher. This product-market appears to be in the ____ stage of the product life cycle.
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market maturity
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Midway, Inc. has seen most of its competitors drop out of its product-market due to declining industry sales and profits. But Midway still has much demand for its product from a small group of loyal customers. This product-market is in which product life cycle stage?
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Sales decline
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Which of the following observations concerning the product life cycle is NOT TRUE?
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The sales and profits of an individual brand follow the life-cycle pattern.
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8. In the market introduction stage of a fast product life cycle, _____ helps develop loyal customers early and keeps competitors out.
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a low initial penetration price
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Which of the following is LESS LIKELY to happen as a product moves through the later stages of the product life cycle?
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Place - move toward selective distribution
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According to your text, which of the following is an example of a "new product"?
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All of the above.
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According to the FTC, for a producer to call a product "new," the product:
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must be entirely new or changed in a functionally significant or substantial respect.
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Which of the following is NOT a separate stage of the new-product development process?
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Marketing Research.
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Which of the following is an effective source of ideas at the idea generation stage of the new-product development process?
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All of the above.
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The Consumer Product Safety Commission can:
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All of the above.
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It is difficult to maintain consistent quality in services because
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the server is inseparable from the service
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_____ means giving employees the authority to correct a problem without first checking with management.
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Empowerment
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Regarding product life cycles, which is TRUE?
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Product life cycles describe industry sales and profits within some product-market.
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According to the text, product life cycles are:
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getting shorter.
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As a product moves into the market maturity stage of its life cycle, the marketing manager should:
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expect the market to move toward pure competition.
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Regarding product life cycles, good marketing managers know that:
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product life cycles can be extended through product modifications.
