Q: Which of the following would be an appropriate strategy during the maturity stage of the productâ lifecycle? A. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. B. Modify theâ market, product offering and marketing mix. Your answer is correct.C. Shift some advertising from building product awareness to building product conviction and purchase. D. Select products toâ maintain, harvest or drop. E. Use promotional spending to inform consumers and get them to try the product.

B. Modify theâ market, product offering and marketing mix. Your answer is correct.C. Shift some advertising from building product awareness to building product conviction and purchase.

Q: To create successful newâ products, a company mustâ _______. A. understand itsâ consumers, markets, and competitors and develop products that deliver superior value B. obtain successful products through acquisitions instead of doing internal development C. cut costs to keep the price of new products low D. focus their new product development efforts only on consumers E. spend more onâ R&D that its competitors

A. understand itsâ consumers, markets, and competitors and develop products that deliver superior value

Q: Which of the following statements is true regarding standardizing products for internationalâ markets? A. Standardization helps a company develop a different image in different countries. B. Standardization decreases productâ design, manufacturing, and marketing costs. C. Standardization increases productâ design, manufacturing, and marketing costs. D. Markets and consumers all over the world areâ alike, so a company should always standardize international products. E. Standardization ensures that products will succeed in foreign markets.

B. Standardization decreases productâ design, manufacturing, and marketing costs.

Q: When Dr. Lawncare developed his revolutionary new solar poweredâ lawnmower, he knew that during the introductory stage of the product lifecycleâ ___________. A. profits would rise quickly and there would be rapid market acceptance of his product. B. sales would be slow and profitsâ non-existent C. sales would be low but profits would be high D. sales would fall and profits would drop E. sales would be slow and profits would level off or decline

B. sales would be slow and profitsâ non-existent

Q: Intuit follows aâ \"Design for Delightâ (D4D)\" development philosophy that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuitâ using? A. âTeam-based new product development B. Crowdsourcing C. Marketing strategy development D. âCustomer-centered new product development E. Systematic new product development

D. âCustomer-centered new product development

Question 1

The Learning Institute recently conducted a brainstorming session that generated a large number of ideas for adding new products and services. Learning Institute managers will most likely useâ ________ next to arrive at a realistic number of ideas to adopt.  A. crowdsourcing B. idea screening .C. business analysis D. concept development E. concept testing

Accepted Answer

B. Idea Screening

Question 2

Which of the following would be an appropriate strategy during the maturity stage of the productâ lifecycle?  A. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. B. Modify theâ market, product offering and marketing mix. Your answer is correct.C. Shift some advertising from building product awareness to building product conviction and purchase. D. Select products toâ maintain, harvest or drop. E. Use promotional spending to inform consumers and get them to try the product.

Accepted Answer

B. Modify theâ market, product offering and marketing mix. Your answer is correct.C. Shift some advertising from building product awareness to building product conviction and purchase.

Question 3

Throughâ _____ a company can obtain new products by buying a wholeâ company, aâ patent, or a license to produce someoneâ else\'s product.  A. internalâ R&D B. idea generation C. product life cycle strategies D. new product development E. acquisition

Accepted Answer

E. acquisition

Question 4

In the earlyâ 1970\'s, Gary Dahl sold pet rocks. The product had aâ short, temporary period of unusually high sales driven by consumer enthusiasm and immediate productâ popularity, but then sales declined very quickly. The PLC sales pattern for pet rocks is known asâ ______.  A. a style B. a fad C. a normal product life cycle curve D. a fashion E. a failure

Accepted Answer

B. a fad

Question 5

To create successful newâ products, a company mustâ _______.  A. understand itsâ consumers, markets, and competitors and develop products that deliver superior value B. obtain successful products through acquisitions instead of doing internal development C. cut costs to keep the price of new products low D. focus their new product development efforts only on consumers E. spend more onâ R&D that its competitors

Accepted Answer

A. understand itsâ consumers, markets, and competitors and develop products that deliver superior value

Question 6

Which of the following statements about new product development strategy isâ correct?  A. Innovation can be very expensive and very risky. B. New products are usually successful because consumers like new things. C. A new product will succeed as long as it is priced correctly. D. New products are not a major source of growth for companies. E. Good advertising creates successful new products.

Accepted Answer

A. Innovation can be very expensive and very risky.

Question 7

Which of the following statements is true regarding product life cycleâ curves?  A. Managing products through their life cycle is an easy task. B. Marketers do not know the exact shape and length of theirâ product\'s life cycle in advance. C. All products follow the traditionalâ 5-stage PLC model. D. Once a product reaches the declineâ stage, it cannot be recycled back to growth. E. Marketing strategies do not change for different life cycle stages.

Accepted Answer

B. Marketers do not know the exact shape and length of theirâ product\'s life cycle in advance.

Question 8

Which of the following statements is true regarding standardizing products for internationalâ markets? A. Standardization helps a company develop a different image in different countries. B. Standardization decreases productâ design, manufacturing, and marketing costs. C. Standardization increases productâ design, manufacturing, and marketing costs. D. Markets and consumers all over the world areâ alike, so a company should always standardize international products. E. Standardization ensures that products will succeed in foreign markets.

Accepted Answer

B. Standardization decreases productâ design, manufacturing, and marketing costs.

Question 9

When a product is in the decline stage of theâ PLC, a company may reduce various costsâ (plant andâ equipment, maintenance,â R&D, advertising, salesâ force), hoping that sales hold up. In otherâ words, they areâ ________ the product. A. dropping B. milking C. growing D. maintaining E. harvesting

Accepted Answer

E. harvesting

Question 10

Which of the following statements concerning new products isâ correct? A. Modified and improved products are considered new. B. A modified product is not considered a new product. C. Products that are merely improved in some way are not considered new. D. Most new products succeed within two years of their introduction. E. To be consideredâ new, the product must be something consumers have not seen before.

Accepted Answer

A. Modified and improved products are considered new.

Question 11

Sales are risingâ rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does thisâ describe? A. Introduction B. Decline C. Growth D. Product development E. Maturity

Accepted Answer

C. Growth

Question 12

To be more sociallyâ responsible, some companies are appointingâ _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems. A. product champions B. product managers .C. product stewards .D. brand managers E. attorneys

Accepted Answer

.C. product stewards

Question 13

Most products are at which stage of their productâ lifecycle? A. Maturity B. Product development C. Growth D. Decline E. Introduction

Accepted Answer

A. Maturity

Question 14

Installing an innovation management system toâ collect, review,â evaluate, and manage new product ideas representsâ a(n) ______________ approach to new product development. A. systematic B. crowdsourced C. âteam-based D. âcustomer-centered E. sequential

Accepted Answer

A. systematic

Question 15

Which of the following is NOT a product life cycleâ (PLC) stage? A. Maturity B. Commercialization C. Decline D. Introduction E. Growth

Accepted Answer

B. Commercialization

Question 16

A company launching a new product at the commercialization stage of new product development must first decide onâ ___________. A. the target market B. introduction timing C. market share goals D. profit goals E. the value proposition

Accepted Answer

B. introduction timing

Question 17

Which of the following is an external source of new product ideas for aâ company? A. Hackathons B. âR&D C. Trade magazines D. Innovation E. Intrapreneurial programs

Accepted Answer

C. Trade magazines

Question 18

When Dr. Lawncare developed his revolutionary new solar poweredâ lawnmower, he knew that during the introductory stage of the product lifecycleâ ___________. A. profits would rise quickly and there would be rapid market acceptance of his product. B. sales would be slow and profitsâ non-existent C. sales would be low but profits would be high D. sales would fall and profits would drop E. sales would be slow and profits would level off or decline

Accepted Answer

B. sales would be slow and profitsâ non-existent

Question 19

At which stage of the new product development process is a physical product firstâ developed? A. Concept development and testing B. Product development C. Marketing strategy development D. Test marketing E. Idea generation

Accepted Answer

B. Product development

Question 20

Intuit follows aâ \"Design for Delightâ (D4D)\" development philosophy that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuitâ using? A. âTeam-based new product development B. Crowdsourcing C. Marketing strategy development D. âCustomer-centered new product development E. Systematic new product development

Accepted Answer

D. âCustomer-centered new product development

Question 21

Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors ofâ short-listed ideas will be adequately rewarded. In thisâ case, Goldtone is usingâ ________ to generate new product ideas. A. crowdsourcing B. business analysis C. concept development D. marketing strategy development E. test marketing

Accepted Answer

A. crowdsourcing

Question 22

At which stage of the new product development process is crowdsourcingâ used? A. Commercialization B. Product development C. Marketing strategy development D. Idea generation E. Idea screening

Accepted Answer

E. Idea screening

Question 23

Which of the following statements regarding socially responsible product decisions isâ correct? A. Companies can safely ignore patent laws. B. Safety legislation has been passed to regulate chemical substances and drugs andâ poisons, but notâ toys, automobiles and fabrics. C. Manufacturers are generally not concerned with product liability. D. When companies dropâ products, they do not have any obligations toâ suppliers, dealers and customers. E. The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

Accepted Answer

E. The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

Question 24

After ideas areâ screened, the next stage of the new product development process isâ _____. A. test marketing B. concept development and testing C. idea generation D. commercialization E. product development

Accepted Answer

B. concept development and testing

Question 25

Which of the following statements is correct concerning service marketers goingâ global? A. Compared to productâ marketers, service marketers do not face any additional challenges when going global. B. One industry that still has not globalized is retailing. C. Due to the nature of theirâ business, professional service firms cannot expand their business to foreign markets. D. The trend toward growth of global service companies is expected to continue in the near future. E. The growth of global service companies is expected to decline in the near future.

Accepted Answer

D. The trend toward growth of global service companies is expected to continue in the near future.

Question 26

Which of the following describes aâ just-in-time logisticsâ system? A. âJust-in-time logistic systems eliminate the need for forecasting. B. âJust-in-time logistics systems allow producers and retailers to carry large amounts of inventory. C. âJust-in-time logistics systems ensure that new stock arrives at least one week before it is needed. D. âJust-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations. .E. âJust-in-time logistics systems greatly increaseâ inventory-carrying andâ inventory-handling costs.

Accepted Answer

D. âJust-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations.

Question 27

What is the most common type of a contractualâ VMS? A. A supplier B. A channel intermediary C. A franchise D. A wholesaler E. A retailer

Accepted Answer

C. A franchise

Question 28

âA(n)_______ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to find the final buyer. A. supply chain B. value delivery network C. contact D. channel level E. marketing channel

Accepted Answer

D. channel level

Question 29

Online marketers taking business from traditionalâ brick-and-mortar retailers is an example ofâ _____. A. horizontal conflict B. vertical conflict C. disintermediation D. an administered VMS E. franchising

Accepted Answer

C. disintermediation

Question 30

Under which type of system does the customer shareâ real-time data on sales and current inventory levels with theâ supplier, and the supplier then takes full responsibility for managing inventories andâ deliveries? A. âJust-in-time logistics B. Reverse logistics C. RFID D. Piggybacking E. âVendor-managed inventory

Accepted Answer

B. Reverse logistics

Question 31

What is the first step in marketing channelâ design? A. Identifying the types of intermediaries to use. B. Analyzing consumer needs. C. Setting channel objectives. D. Evaluating major channel alternatives. E. Identifying the number of intermediaries to use.

Accepted Answer

B. Analyzing consumer needs.

Question 32

âA(n) _____ is made up of one or more independentâ producers, wholesalers,â retailers, and consumers. A. corporate vertical marketing system B. administered vertical marketing system C. channel level D. franchise E. conventional distribution channel

Accepted Answer

E. conventional distribution channel

Question 33

Which of the following is a reason that producers use marketing channels and channelâ intermediaries? A. Using channel intermediaries increases the number of contacts with customers. B. Marketing channel decisions only require aâ short-term commitment. C. Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers. .D. Using marketing channels allows producers to retain control over how and to whom they sell their products. E. The reduced costs of using channel intermediaries offsets the inefficiencies of marketing channels.

Accepted Answer

C. Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.

Question 34

The length of a channel is indicated byâ ___________. A. the number of final consumers B. the number of producers C. the number of retailers in the channel D. the number of intermediary levels E. the number of wholesalers in the channel

Accepted Answer

D. the number of intermediary levels

Question 35

When setting channelâ objectives, companies should state the objectives in terms ofâ ______. A. exclusive distribution arrangements B. âcompetitor\'s objectives C. expected profitability D. targeted levels of customer service E. the length of the channel

Accepted Answer

D. targeted levels of customer service

Question 36

Which technology could one day make the entire supply chain intelligent andâ automated? A. Vendor managed inventory B. Third party logistics C. Radio frequency identification D. âJust-in-time E. Electronic data interchange

Accepted Answer

C. Radio frequency identification

Question 37

Large retailers like Walmart have enormous channel control due to their size and power. Which type of channel arrangement does thisâ represent? A. Corporate VMS B. Administered VMS .C. Franchise D. Contractual VMS E. Conventional distribution channel

Accepted Answer

B. Administered VMS

Question 38

What are the four major functions ofâ logistics? A. âRetailing, inventoryâ management, transportation, and logistics information management B. Inventoryâ management, transportation,â shipping, warehousing C. âWarehousing, inventoryâ management, retailing, logistics information management D. âWarehousing, inventoryâ management, transportation, logistics information management Your answer is correct.E. âWarehousing, inventoryâ management, transportation, retailing E. âWarehousing, inventoryâ management, transportation, retailing

Accepted Answer

D. âWarehousing, inventoryâ management, transportation, logistics information management Your answer is correct.E. âWarehousing, inventoryâ management, transportation, retailing

Question 39

â_______ involvesâ reusing, recycling,â refurbishing, or disposing ofâ broken, unwanted, or excess products returned by consumers or resellers. A. Reverse logistics B. Inbound logistics C. Outbound logistics D. Warehousing E. Inventory management

Accepted Answer

A. Reverse logistics

Question 40

When the company has defined its channelâ objectives, it should next identify its major channel alternatives in terms of the types ofâ intermediaries, the number ofâ intermediaries, andâ __________________. A. the profitability of the channel B. consumer needs C. economic criteria D. whether to use intensive or exclusive distribution E. the responsibilities of channel members

Accepted Answer

E. the responsibilities of channel members

Question 41

Full-line forcing is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line. Which of the following statements is true regardingâ full-line forcing? A. It is always illegal. B. It is always legal. C. It may or may not be legal. D. It is only legal in Newâ York, California and Texas. E. It is only illegal in Europe.

Accepted Answer

C. It may or may not be legal.

Question 42

Channels often involveâ long-term commitments and companies have many alternatives. What type of criteria should be used if the company wants to keep the channel flexible so that it can respond to environmentalâ changes? A. Profitability criteria B. Sales criteria C. Adaptability criteria D. Investment criteria E. Control criteria

Accepted Answer

C. Adaptability criteria

Question 43

âA(n) _______ is made up of theâ company, suppliers,â distributors, and,â ultimately, customers whoâ \"partner\" with each other to improve the performance of the entire system. A. channel level B. marketing channel C. contact D. value delivery network E. supply chain

Accepted Answer

D. value delivery network

Question 44

Companies today see channel members asâ first-line customers and practice strongâ ________. A. partner relationship management B. B2B selling C. consumer advertising D. trade promotions E. discount pricing

Accepted Answer

A. partner relationship management

Question 45

One key function performed by channel members isâ ___________, or shaping offers to meet theâ buyer\'s needs, including activities such asâ manufacturing, grading,â assembling, and packaging. A. promotion B. matching C. risk taking D. negotiating E. contact

Accepted Answer

D. negotiating

Question 46

Which channel partners in aâ company\'s supply chain are upstream from a manufacturer orâ producer? A. Business distributors B. Suppliers. C. Retailers D. Wholesalers E. Customers

Accepted Answer

B. Suppliers.

Question 47

Companies now useâ ________ and supply chain management software to helpâ recruit, train,â organize, manage,â motivate, and evaluate relationships with channel partners. A. customer relationship management B. partner relationship management C. logistics D. channel management E. distribution

Accepted Answer

B. partner relationship management

Question 48

âSherwin-Williams sells its paint and other branded products exclusively throughâ company-owned retail stores.â Sherwin-Williams has establishedâ a(n) _________. A. conventional distribution channel B. contractual VMS C. administered VMS D. vertical marketing system E. corporate VMS

Accepted Answer

E. corporate VMS

Question 49

Which of the following is an example of horizontal channelâ conflict? A. A retailer complaining about aâ producer\'s pricing. B. A consumer complaining to a retailer about the service he received. C. A consumer complaining to a producer about the quality of a product. D. A retailer complaining about receiving damaged goods from a wholesaler. E. A Ford dealer complaining that another Ford dealer is advertising in its territory.

Accepted Answer

E. A Ford dealer complaining that another Ford dealer is advertising in its territory.

Question 50

Producers of convenience products typically useâ ______ distribution. A. intensive .B. exclusive C. direct D. franchise E. selective

Accepted Answer

C. direct

Question 51

Hotels andâ motels, banks,â airlines, restaurants,â colleges, hospitals, movieâ theaters, tennisâ clubs, bowlingâ alleys, repairâ services, hairâ salons, and dry cleaners are all examples ofâ ________. A. service retailers B. franchises C. ânon-retailers D. specialty stores E. wholesalers

Accepted Answer

A. service retailers

Question 52

By practicingâ ______ retailing,â today\'s retailers are increasingly adopting environmentally sustainable practices. A. green B. service C. experiential D. âoff-price E. independentâ off-price

Accepted Answer

A. green

Question 53

Retailers must decide on which three major productâ variables? A. Productâ assortment, servicesâ mix, and price B. Productâ assortment, price, and location C. Productâ assortment, storeâ atmosphere, and price D. Productâ assortment, servicesâ mix, and store atmosphere E. Productâ assortment, servicesâ mix, and location

Accepted Answer

D. Productâ assortment, servicesâ mix, and store atmosphere

Question 54

By performing the channel function ofâ ________, wholesalers\' sales forces help manufacturers reach many small customers at a low cost. A. risk bearing B. âbulk-breaking C. financing D. selling and promoting E. buying and assortment building

Accepted Answer

D. selling and promoting

Question 55

Which of the following statements about retailer marketing decisions isâ correct? A. Many retailers identify three critical factors for retailâ success: location,â location, and location. B. Stores do not need to differentiate and position themselves. C. Most retailers seek either high markups on higher volume or low markups on lower volume. D. Retailers do not have to segment and target their markets. E. Retailers do not differentiate themselves on their service mix.

Accepted Answer

A. Many retailers identify three critical factors for retailâ success: location,â location, and location.

Question 56

Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers andâ customers? A. Warehousing B. Financing C. Buying and assortment building D. Transportation E. Risk bearing

Accepted Answer

A. Warehousing

Question 57

What is the overall goal when retailers choose their productâ assortment? A. Offer products that will appeal to as many segments as possible. B. Offer as many products as they can fit on the shelves. C. Offer the same products as their competitors. D. Differentiate the retailer while matching targetâ shoppers\' expectations. E. Only choose products that will maximize profits.

Accepted Answer

D. Differentiate the retailer while matching targetâ shoppers\' expectations.

Question 58

â________ refers to the activities involved in selling products or services directly to final consumers for theirâ personal, nonbusiness use. A. Shopper marketing B. Wholesaling C. Retailing D. Warehousing E. Manufacturing

Accepted Answer

C. Retailing

Question 59

Which of the following statements about shopping centers isâ correct? A. The most common type of shopping center is a strip mall. B. Shopping centers cannot have more than 10 stores because of zoning laws. C. Banks cannot be part of a shopping center. D. Retailers in a shopping center are independently owned and managed. E. Shopping centers are only found in rural areas.

Accepted Answer

A. The most common type of shopping center is a strip mall.

Question 60

What are the four major types of retailâ organization? A. Discountâ stores, serviceâ retailers, superstores, and supermarkets. B. Corporateâ chains, voluntaryâ chains, retailerâ cooperatives, and franchise organizations. C. Corporateâ chains, wholesalers,â superstores, and franchise organizations. D. Corporateâ chains, voluntaryâ chains, wholesalers, and franchise organizations. E. Corporateâ chains, voluntaryâ chains, retailerâ cooperatives, and wholesalers

Accepted Answer

B. Corporateâ chains, voluntaryâ chains, retailerâ cooperatives, and franchise organizations.

Question 61

Carefully orchestrating theâ store\'s layout andâ displays, backgroundâ music, colors, and smells is related toâ ________. A. green retailing B. online retailing C. experiential retailing D. social media retailing E. megaretailing

Accepted Answer

C. experiential retailing

Question 62

Which of the following statements about wholesaling isâ true? A. Wholesalers do not need to define a target market. B. Wholesalers must make decisions regarding their marketing mix. C. Wholesalers do not make positioning decisions. D. Wholesalers do not need to differentiate themselves. E. Wholesalers do not need to segment their markets.

Accepted Answer

B. Wholesalers must make decisions regarding their marketing mix.

Question 63

â___________ are the largest single group ofâ wholesalers, accounting for roughly 50 percent of all wholesaling. A. âManufacturers\' representatives B. Agents C. âManufacturers\' agents D. Brokers E. Merchant wholesalers

Accepted Answer

E. Merchant wholesalers

Question 64

One retail trend resulting from economic conditions isâ ________. A. green retailing B. the rise of megaretailers C. âpop-up stores D. the growth of social media retailing E. tighter consumer spending

Accepted Answer

E. tighter consumer spending

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