Retailers must decide on which three major productâ variable

Productâ assortment, servicesâ mix, and store atmosphere

What are the four major types of retailâ organization?

Corporateâ chains, voluntaryâ chains, retailerâ cooperatives, and franchise organizations.

The retail marketing mix consists of which of theâ following?

Product and serviceâ assortment, retailâ prices, promotion, and location

MAR 255 CH8 - 15 Quiz - Flashcards

Q: One reason integrated marketing communications is necessary isâ __________.

consumersâ don\'t distinguish between content sources the way marketers do

Q: Which of the following statements regarding the changing communications landscape isâ correct?

The dominance ofâ television, magazines, newspapers and other traditional mass media is declining

Q: What is the goal of integrated marketingâ communications?

To deliverâ clear, consistent, and compelling messages about the organization and its brands

Q: Advertising appeals should have three characteristics. These characteristicsâ are:

to beâ meaningful, to beâ believable, and to be distinctive

question

One reason integrated marketing communications is necessary is __________.

answer

consumers don't distinguish between content sources the way marketers do

question

What is the goal of a pull strategy?

answer

To build consumer demand

question

Which promotional tool engages directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships?

answer

Direct and digital marketing

question

Which of the following statements regarding the changing communications landscape is correct?

answer

The dominance of television, magazines, newspapers and other traditional mass media is declining

question

The public relations function of _______ is used to build and maintain national or local community relationships.

answer

public affairs

question

Specific promotional tools used in _______ include press releases, sponsorships, events, and web pages.

answer

public relations

question

Which promotional tool is best suited to deliver a personalized and immediate message to a specific customer or customer community?

answer

Direct marketing

question

Which advertising objective is used heavily when introducing a new product category?

answer

Informative

question

The _____________ message execution style shows one or more "typical" people using the product in a normal setting.

answer

slice of life

question

Logos, stationery, brochures, signs, business forms, business cards, buildings, uniforms, and company cars and trucks are examples of which promotional tool?

answer

Corporate identity materials

question

________ advertising is utilized most often by mature, well-known brands.

answer

Reminder

question

What is the goal of integrated marketing communications?

answer

To deliver clear, consistent, and compelling messages about the organization and its brands

question

When advertisers determine the qualitative value of message exposure through a given medium, they are assessing ________.

answer

media impact

question

Which advertising objective is best suited to building selective demand?

answer

Persuasive

question

Advertising appeals should have three characteristics. These characteristics are:

answer

to be meaningful, to be believable, and to be distinctive

question

Which of the following statements is correct regarding the use of advertising as a promotional tool?

answer

Consumers tend to view advertised products as more legitimate.

question

________ is a short-term incentive to encourage the purchase or sale of a product or service.

answer

Sales promotion

question

Companies who primarily direct their promotional activities to channel members are using a(n) ______ strategy.

answer

push

question

Generally, _________ is a company's most expensive promotional tool.

answer

personal selling

question

Working with donors or members of nonprofit organizations to gain financial or volunteer support represents which public relations function?

answer

Development

question

Specific promotional tools used in ______ include direct mail, catalogs, online and social media, mobile marketing, and more.

answer

direct and digital marketing

question

What are the two major elements in developing advertising strategy?

answer

Creating advertising messages and selecting advertising media

question

Which of the following statements about public relations is correct?

answer

The lines between advertising and public relations are becoming more and more blurred.

question

One popular method of branded entertainment is ________, which embeds brands as props within other programming, for example, television shows and movies.

answer

product placement

question

In the promotion mix, ________ refers to any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.

answer

advertising

question

Which type of retailer carries a narrow product line with deep assortments within those lines?

answer

Specialty stores

question

Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called ___________.

answer

retail convergence

question

One retail trend resulting from economic conditions is ________.

answer

tighter consumer spending

question

Which of the following statements about major retail trends is true?

answer

Online buying is growing at a much brisker pace than retail buying as a whole.

question

Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and customers?

answer

Warehousing

question

Which of the following statements about retailer marketing decisions is correct?

answer

Many retailers identify three critical factors for retail success: location, location, and location.

question

Superstores that are actually giant specialty stores and have seen tremendous growth recently are called _______.

answer

category killers

question

Retailers must decide on which three major product variable

answer

Product assortment, services mix, and store atmosphere

question

___________ are the largest single group of wholesalers, accounting for roughly 50 percent of all wholesaling.

answer

Merchant wholesalers

question

Carefully orchestrating the store's layout and displays, background music, colors, and smells is related to ________.

answer

experiential retailing

question

By practicing ______ retailing, today's retailers are increasingly adopting environmentally sustainable practices.

answer

green

question

What is the overall goal when retailers choose their product assortment?

answer

Differentiate the retailer while matching target shoppers' expectations.

question

Which of the following correctly describes the retail practice known as high-low pricing?

answer

High-low pricing means charging higher prices on an everyday basis, coupled with frequent sales and other price promotions.

question

What are the four major types of retail organization?

answer

Corporate chains, voluntary chains, retailer cooperatives, and franchise organizations.

question

The practice of coming into retail stores to check out merchandise and prices but making purchases online using a computer or mobile device is called _______.

answer

showrooming

question

Macy's carries several product linesl—typically clothing, home furnishings, and household goods—with each line operating as a separate department managed by specialist buyers or merchandisers. Macy's is best described as a(n) ________.

answer

department store

question

After segmenting and defining their target markets, what should retailers do next?

answer

Decide how they will differentiate and position themselves in the market.

question

Hotels and motels, banks, airlines, restaurants, colleges, hospitals, movie theaters, tennis clubs, bowling alleys, repair services, hair salons, and dry cleaners are all examples of ________.

answer

service retailers

question

Which of the following statements about wholesaling is true?

answer

Wholesalers must make decisions regarding their marketing mix.

question

________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.

answer

Retailing

question

Which of the following statements about shopping centers is correct?

answer

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

question

A discount store (for example, Target, Kohl's, or Walmart) sells standard merchandise at lower prices. To do this, discount stores accept which of the following two conditions?

answer

lower margins and higher sales volume

question

By performing the channel function of ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost.

answer

selling and promoting

question

_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale.

answer

Shopper marketing

question

The retail marketing mix consists of which of the following?

answer

Product and service assortment, retail prices, promotion, and location

question

Which of the following describes a just-in-time logistics system?

answer

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

question

When the company has defined its channel objectives, it should next identify its major channel alternatives in terms of the types of intermediaries, the number of intermediaries, and __________________.

answer

the responsibilities of channel members

question

The length of a channel is indicated by ___________.

answer

the number of intermediary levels

question

A(n)_______ is a layer of intermediaries that performs some work in bringing the product and its ownership closer to find the final buyer.

answer

channel level

question

_______ involves reusing, recycling, refurbishing, or disposing of broken, unwanted, or excess products returned by consumers or resellers.

answer

Reverse logistics

question

Under which type of system does the customer share real-time data on sales and current inventory levels with the supplier, and the supplier then takes full responsibility for managing inventories and deliveries?

answer

Vendor-managed inventory

question

Which of the following is a reason that producers use marketing channels and channel intermediaries?

answer

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

question

Which of the following is an example of horizontal channel conflict?

answer

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

question

Which channel partners in a company's supply chain are upstream from a manufacturer or producer?

answer

Suppliers.

question

When setting channel objectives, companies should state the objectives in terms of ______.

answer

targeted levels of customer service

question

What is the first step in marketing channel design?

answer

Analyzing consumer needs.

question

Which technology could one day make the entire supply chain intelligent and automated?

answer

Radio frequency identification

question

Channels often involve 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 environmental changes?

answer

Adaptability criteria

question

What are the four major functions of logistics?

answer

Warehousing, inventory management, transportation, logistics information management

question

A(n) _____ is made up of one or more independent producers, wholesalers, retailers, and consumers.

answer

conventional distribution channel

question

Companies today see channel members as first-line customers and practice strong ________.

answer

partner relationship management

question

A(n) _______ is made up of the company, suppliers, distributors, and, ultimately, customers who "partner" with each other to improve the performance of the entire system.

answer

value delivery network

question

Large retailers like Walmart have enormous channel control due to their size and power. Which type of channel arrangement does this represent?

answer

Administered VMS

question

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 regarding full-line forcing?

answer

It may or may not be legal.

question

Producers of convenience products typically use ______ distribution.

answer

intensive

question

What is the most common type of a contractual VMS?

answer

A franchise

question

Sherwin-Williams sells its paint and other branded products exclusively through company-owned retail stores. Sherwin-Williams has established a(n) _________.

answer

corporate VMS

question

One key function performed by channel members is ___________, or shaping offers to meet the buyer's needs, including activities such as manufacturing, grading, assembling, and packaging.

answer

matching

question

Companies now use ________ and supply chain management software to help recruit, train, organize, manage, motivate, and evaluate relationships with channel partners.

answer

partner relationship management

question

Online marketers taking business from traditional brick-and-mortar retailers is an example of _____.

answer

disintermediation

question

In complex selling situations, personal selling can be more effective than advertising because it is ______________.

answer

interpersonal

question

Which of the following statements about coordinating marketing and sales is correct?

answer

Coordinating marketing and sales can be improved by increasing communication between the two groups.

question

What are the four elements of a compensation plan for salespeople?

answer

A fixed amount, a variable amount, expenses, and fringe benefits

question

Which of the following statements is true regarding salespeople?

answer

The best salespeople are the ones who work closely with customers for mutual gain.

question

Which of the following occurs during the presentation step in the personal selling process?

answer

The salesperson tells the buyer a value story.

question

To set its sales force size, a company can first group accounts into different classes according to size, account status, or other factors related to the amount of effort required to maintain the account. It then determines the number of salespeople needed to call on each class of accounts the desired number of times. This is called the ______ approach.

answer

workload

question

________ promotions are used to generate business leads, stimulate purchases, reward customers, and motivate salespeople.

answer

Buisness

question

What is the fastest growing sales trend today?

answer

Social selling

question

At which step in the personal selling process does a salesperson meet the customer for the first time?

answer

Approach

question

Justin, Inc., a U.S.-based watch manufacturer, sells its products in China, Russia, France, and India. To manage sales, Justin appoints a number of sales representatives to each location. Justin has adopted a ________ sales force structure.

answer

territorial

question

GE Healthcare employs different sales forces for diagnostic imaging, life sciences, and integrated IT products and services. GE Healthcare has adopted a(n) ______ sales force structure.

answer

product

question

After the presentation and demonstration step in the sales process, a salesperson should next be prepared to _______.

answer

handle objections

question

Helping salespeople to "work smart" by doing the right things in the right ways is the goal of which area of sales force management?

answer

supervision

question

Which consumer promotion tool is like coupons except that the price reduction occurs after the purchase rather than at the retail outlet?

answer

Rebates

question

Which of the following statements about personal selling is correct?

answer

Many customers are unable to distinguish the salesperson from the company.

question

The seven-step selling process takes a(n) __________ approach to selling. In other words, its aim is to help salespeople close a specific sale with a customer.

answer

transaction-oriented

question

Which of the following are common trade promotion tools?

answer

Discounts, free goods, allowances and free advertising specialty items

question

After recruiting and selecting salespeople, what is the next major step in sales force management?

answer

Training salespeople

question

What is the final step in the seven-step personal selling process?

answer

Follow-up

question

What is the first decision made in sales force management?

answer

Designing sales force strategy and structure.

question

One consumer promotion tool is _______, which are goods offered free or at a low cost as an incentive to buy a product.

answer

premiums

question

Which of the following are objectives of trade promotions?

answer

Getting retailers to carry new items and more inventory, buy ahead, or promote the company's products and give them more shelf space

question

Most companies today want their salespeople to _______, which means demonstrating and delivering superior customer value and capturing a return on that value that is fair for both the customer and the company.

answer

practice value selling

question

It's time for the Super Bowl, and the end-of-the-aisle displays at the supermarket feature chips, dips, and soft drinks. What type of sales promotion tool is this?

answer

Point-of-purchase

question

Which of the following statements about sales promotions is correct?

answer

The growing use of sales promotion has resulted in promotion clutter.

question

Geico's website is designed to quickly turn an inquiry into a sale. Geico has designed a(n) ______ website.

answer

marketing

question

Which of the following statements about blogs is correct?

answer

Blogs can be difficult for the company to control.

question

Which of the following statements about mobile marketing is correct?

answer

Smartphones can be very useful in shopping situations.

question

The digital version of word-of-mouth marketing that involves creating videos, ads, and other marketing content that is so infectious that customers will seek them out or pass them along to their friends is called _______.

answer

viral marketing

question

To avoid being intrusive and annoying, most legitimate e-mail marketers practice ______, which means sending e-mail pitches only to customers who "opt in."

answer

permission-based e-mail marketing

question

Marketers use __________ to engage customers anywhere, anytime during the buying and relationship-building processes.

answer

mobile marketing

question

________ involves sending an offer, announcement, reminder, or other item to a person at a particular address.

answer

Direct-mail marketing

question

According to the text, _______ is perhaps the biggest advantage of social media.

answer

engagement and social sharing capabilities

question

A blog is a(n) ______.

answer

online forum

question

Which of the following is true regarding the forms of direct and digital marketing?

answer

Both the new digital and the more traditional forms of direct marketing must be blended into a fully integrated marketing communications program.

question

How does Google earn approximately 90% of its revenues?

answer

Selling contextual advertising

question

Because social media are _____, they are ideal for starting and participating in customer conversations and listening to customer feedback.

answer

interactive

question

The primary purpose of _________ websites is to present brand content that engages consumers and creates customer-brand community.

answer

branded community

question

The benefits of direct and digital marketing for buyers are that it is _________.

answer

easy, convenient and private

question

Many consumers today rent DVDs from a vending machine called Redbox, which can be found in retail stores and other locations. Redbox is type of direct marketing tool called a(n) _________.

answer

kiosk

question

____________ is perhaps the toughest public policy issue now confronting the direct marketing industry.

answer

Invasion of privacy

question

Companies like Amazon and Expedia.com that sell products and services directly to final buyers over the Internet are known as _______.

answer

e-tailers

question

Forms of digital and social media marketing include ______.

answer

online marketing, social media marketing, and mobile marketing

question

Which form of marketing involves engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships?

answer

Direct and digital marketing

question

Which of the following is a form of traditional direct marketing?

answer

Kiosk marketing

question

Which of the following statements is true regarding sellers and their use of direct and digital marketing?

answer

Sellers have opportunities to engage in real-time marketing.

question

One challenge of social media marketing is that ___________.

answer

social networks are largely user-controlled

question

Webites, online advertising, email, online video, and blogs are all forms of ______.

answer

online marketing

question

Consumers may receive an e-mail, supposedly from their bank or credit card company, saying that their account's security has been compromised. The sender asks consumers to log on to a provided Web address and confirm their account and other personal information and then steals this private information. This is a fraudulent practice called ______.

answer

phishing

question

H&M recently ran ads that let viewers with certain Samsung smart TVs use their remotes to interact directly with the commercials. This recent form of direct response television marketing is called ________.

answer

iTV

question

________ involve(s) the direct exchange of goods and services.

answer

Barter

question

Countries can set ________, which is a limit on the amount of foreign imports that they will accept in certain product categories.

answer

a quota

question

The purpose of a tariff is to ________.

answer

raise revenue

question

________ is a geographic characteristic of market potential.

answer

Country size

question

_________ is a demographic characteristic.

answer

Education

question

_________ is a geographic characteristic indicator of market potential.

answer

Climate

question

_______ is(are) demographic characteristic indicators of market potential.

answer

Population size and growth

question

Which of the following is a demographic factor indicator of market potential?

answer

Education

question

In a(n) ________ economy, the vast majority of people engage in simple agriculture.

answer

subsistence

question

In a(n) __________economy, fast growth in manufacturing results in rapid overall economic growth.

answer

emerging

question

________ economies are major exporters of manufactured goods, services, and investment funds.

answer

Industrial

question

Venezuela produces oil in surplus, whereas Guyana produces rice in surplus and El Salvador produces coffee in surplus. These nations have little hard currency to pay for purchases from other countries and frequently exchange involves a(n) ________.

answer

barter

question

The simplest way to enter a foreign market is through ________.

answer

exporting

question

_________ offer(s) few market opportunities.

answer

Subsistence economies

question

Twenty-Four7, a cosmetic firm located in the United States, markets its products in Asian and European countries through independent distributors. In this case, Twenty-Four7 has entered international markets through ________.

answer

indirect exporting

question

University Boutiques promotes its brand in new international markets by providing rights to local boutiques to use its patented designs and brand name. In this case, University Boutiques' market-entering strategy is referred to as ________.

answer

licensing

question

The biggest involvement in a foreign market comes through ________ of the development of foreign-based assembly or manufacturing facilities.

answer

direct investment

question

________ involves changing the products to meet local requirements, conditions, or wants.

answer

Product adaptation

question

McDonald's operates the same basic fast-food look, layout, and operating model in its restaurants around the world but ________ its menu and design to local tastes.

answer

adapts

question

In the whole-channel concept for international marketing, which of the following is NOT a global value delivery network?

answer

Price escalation

question

________ is when a company adds the cost of transportation, tariffs, importer margin, wholesaler margin, and retailer margin to its factory price.

answer

Price escalation

question

________ is a global communication strategy of fully adapting advertising messages to local markets.

answer

Communication adaptation

question

In the whole-channel view of distribution, the first link, ________, moves company products from points of production to the borders of countries within which they are sold.

answer

channels between nations

question

In the whole-channel view of distribution, the second link, _________, moves products from their market entry points to the final consumers.

answer

channels within nations

question

Many companies get involved in several international markets and ventures. They can be __________, with country managers who are responsible for salespeople, sales branches, distributors, and licensees in their respective countries.

answer

geographical organizations

question

Which of the following is a potentially effective action a company could take in response to a competitor's price cut?

answer

Reduce price

question

When Apple Computer Company introduced its iPhone, it's priced the new product at $599, considerably higher than either their iPod or competing cellular phones. Apple Computer was pursuing a ___________________ new product pricing strategy.

answer

market-skimming

question

Over the years, U.S. air carriers have been accused numerous times of collusion when setting prices. This illegal practice is called _______.

answer

price fixing

question

UPS charges different prices for shipping depending on an item's destination. The more distant the city the package is being shipped to, the higher the price UPS charges. Which geographic pricing method is UPS using?

answer

Zone pricing

question

Geared2Beer, a craft beer brand, identifies a market segment that is willing to pay premium prices for its craft beer, and Geared2Beer managers select an ideal selling price. Managers then determine the costs to create craft beer that meets the ideal selling price. The company's pricing approach is referred to as ________.

answer

target costing

question

A retailer temporarily prices a few select items below cost to create excitement and pull consumers into the store. This is an example of _________ pricing.

answer

promotional

question

Which of the following statements is true regarding initiating price increases?

answer

Wherever possible, the company should consider ways to meet higher costs or demand without raising prices.

question

Companies that use ________ continually adjust prices to meet the characteristics and needs of individual customers and situations.

answer

dynamic pricing

question

Sadie's Restaurant has listened to its customers over the years and is now able to offer the right combination of quality and good service at a fair price. Which pricing strategy is Sadie's using?

answer

Good-value pricing

question

One major objective associated with a market-penetration pricing strategy is to ________.

answer

win a large market share

question

Which of the following statements is true regarding oligopolistic competition?

answer

Each seller is alert and responsive to competitors' pricing strategies and marketing moves

question

Selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business is an illegal practice called _______.

answer

predatory pricing

question

Which of the following statements is true regarding initiating price cuts?

answer

Cutting prices in an industry loaded with excess capacity may lead to price wars.

question

A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company use?

answer

market-penetration pricing

question

New, premium movie theaters offer features such as online reserved seating, high-backed leather executive chairs with armrests and footrests, the latest in digital sound, super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of pricing?

answer

Value-added pricing

question

Which of the following is true regarding the price-demand relationship?

answer

If demand is elastic, sellers will consider lowering their price.

question

Many state colleges and universities charge one price for in-state students and a higher price for out-of-state students. Which form of segmented pricing are these schools using?

answer

location-based pricing

question

Internal factors that affect pricing include ________.

answer

the company's overall marketing strategy, objectives, and marketing mix

question

________ refers to setting price based on buyers' perception of value rather than on the seller's cost.

answer

Customer value-based pricing

question

Bath & Body Works offers "three-fer" deals on its soaps and lotions (such as three antibacterial soaps for $10). This is an example of _______ pricing.

answer

product-bundle

question

A car buyer can choose a base model at one price, or one with a premium sound and navigation system at a higher price. This is an example of _______ pricing.

answer

optional-product

question

The Ford Mustang is offered in several different models. Ford will use __________ pricing to determine the price steps between the different models.

answer

product line

question

Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about wine, she will likely use the price of the wines as ________.

answer

an indicator of quality

question

Gillette charges a fairly low price for its razors (relative to costs) and a high price for razor blades. It is using a strategy of ___________ pricing.

answer

captive-product

question

Which of the following is a cost-oriented pricing approach?

answer

Breakeven pricing

question

Which of the following statements is true regarding standardizing products for international markets?

answer

Standardization decreases product design, manufacturing, and marketing costs.

question

To be more socially responsible, some companies are appointing _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

answer

product stewards

question

At which stage of the new product development process is crowdsourcing used?

answer

Idea generation

question

Which of the following statements is correct concerning service marketers going global?

answer

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

question

Most products are at which stage of their product lifecycle?

answer

Maturity

question

Through _____ a company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product.

answer

acquisition

question

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 use ________ next to arrive at a realistic number of ideas to adopt.

answer

idea screening

question

Sales are rising rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this describe?

answer

Growth

question

Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle?

answer

Modify the market, product offering and marketing mix.

question

To create successful new products, a company must _______.

answer

understand its consumers, markets, and competitors and develop products that deliver superior value

question

In the early 1970's, Gary Dahl sold pet rocks. The product had a short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product popularity, but then sales declined very quickly. The PLC sales pattern for pet rocks is known as ______.

answer

a fad

question

Which of the following statements concerning new products is correct?

answer

Modified and improved products are considered new.

question

Which of the following statements is true regarding product life cycle curves?

answer

Marketers do not know the exact shape and length of their product's life cycle in advance.

question

When Dr. Lawncare developed his revolutionary new solar powered lawnmower, he knew that during the introductory stage of the product lifecycle ___________.

answer

sales would be slow and profits non-existent

question

A company launching a new product at the commercialization stage of new product development must first decide on ___________.

answer

introduction timing

question

When a product is in the decline stage of the PLC, a company may reduce various costs (plant and equipment, maintenance, R&D, advertising, sales force), hoping that sales hold up. In other words, they are ________ the product.

answer

harvesting

question

After ideas are screened, the next stage of the new product development process is _____.

answer

concept development and testing

question

Which of the following statements regarding socially responsible product decisions is correct?

answer

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

question

Intuit follows a "Design for Delight (D4D)" development philosophy that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit using?

answer

Customer-centered new product development

question

Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a(n) ______________ approach to new product development.

answer

systematic

question

Which of the following is NOT a product life cycle (PLC) stage?

answer

Commercialization

question

At which stage of the new product development process is a physical product first developed?

answer

Product development

question

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 of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ________ to generate new product ideas.

answer

crowdsourcing

question

Which of the following statements about new product development strategy is correct?

answer

Innovation can be very expensive and very risky.

question

Which of the following is an external source of new product ideas for a company?

answer

Trade magazines

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