Marketing Chap 9 – Flashcards
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Ideally, before a new product is developed, a firm should have a precise protocol, which is a statement that identifies: (1) what the product will be and do to satisfy consumers; (2) specific customers' needs, wants, and preferences; and (3) __________. a. a clear marketing plan b. clear financial goals and expectations c. a well-defined target market d. a comprehensive SWOT analysis e. a precise budget of how much can be spent for a new offering's marketing program
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c
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There are eight marketing reasons why a new product can fail. One of these is __________. a. having an insignificant point of difference b. not listening to the "voice of the consumer" c. not learning critical "takeaway" lessons from past failures d. encountering "groupthink" in product development meetings e. pushing a poorly conceived offering into the market to generate quick sales and profits
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a
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There are six organizational problems that can cause new-product disasters. One of them is __________. a. failing to generate intense brand recognition b. avoiding the "NIH problem" c. thinking too much "out-of-the-box" d. receiving too much input from different departments within the firm e. not satisfying customers on critical factors
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b
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Amanda is the owner of a company called Piquant (which means having a pleasantly sharp taste or appetizing flavor). She was looking for a new product to go with her company's line of food condiments when a customer suggested creating a spicy mayonnaise. This is an example of a. "bootleg" innovation. b. ideation outsourcing. c. extended collaboration. d. idea "groupthink." e. open innovation.
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e
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Which stage in the new-product process results in the definition of the new product protocol and identifies the role it might serve in the firm's business portfolio? a. new-product strategy development b. idea generation c. screening and evaluation d. business analysis e. development
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a
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Teachers, optometrists, and social workers are service workers that could be classified as a. unskilled. b. semi-skilled labor. c. skilled labor. d. professionals. e. public servants.
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d
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product
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a good, service, or idea consisting of tangible and intangible features that satisfies consumers' needs and is received in exchange for money or something else of value
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services
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intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
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consumer products
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products purchased by the ultimate consumer
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business products
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products organizations buy that assist directly or indirectly in providing other products for resale
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Four I's
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inventory, inconsistency, inseparability, intangibility
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idle production capacity
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when the service provider is available but there is no demand for the service
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product item
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a specific product that has a unique brand, size, or price
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product line
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a group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales outlets, or prices
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product mix
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all the product lines offered by a company
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new-product process
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the seven stages an organization goes through to identify business opportunities and convert them into salable products or services
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customer experience management
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the process of managing the entire customer experience within the company
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