Marketing 3.01 Test – Flashcards
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Marketers may extend a product's life cycle by
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finding new uses for it
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The product life cycle refers to the stages a product moves through from the time it enters the market until the time
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it exits the market
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Which of the following is a true statement about the introduction stage of the product life cycle
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Profits are usually nonexistent
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A price-skimming strategy works well when introducing
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electronic products.
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Which of the following is one of the main goals of promotion during the introduction stage
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Building awareness of the product
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During the decline stage, a company may choose to continue offering the product but cut out all promotional expenditures. This is a strategy known as
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harvesting.
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Which of the following is a type of "product" that the product life cycle can apply to
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A brand
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Which of the following marketing strategies is appropriate for the maturity stage of the product life cycle
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Offering incentives to distributors
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Which of the following is a true statement about the growth stage of the product life cycle
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Competitors arrive on the scene
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Marketers may attempt to increase the number of a product's users by
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selling the product in a foreign country
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Which of the following is a true statement about the decline stage of the product life cycle
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The stage can be fast or slow
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Kevin is standing in line to purchase the latest version of his favorite smartphone. He loves getting the newest technology as soon as it's available. Kevin is known as a(n)
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early adopter
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A software manufacturer may sell an entire "suite" of software programs for one price during the maturity stage. This is a marketing strategy known as
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bundling
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Which of the following is a true statement about the maturity stage of the product life cycle
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Sales growth slows down
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Which of the following stages of the product life cycle is the most difficult one for marketers
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Maturity
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Most of the products we use are in which stage of the product life cycle?
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Maturity
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Which of the following marketing strategies is appropriate for the decline stage of the product life cycle
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Selling the product online
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Which of the following marketing strategies is appropriate for the growth stage of the product life cycle
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Expanding the product line
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Which of the following is a true statement regarding promotion expenditures during the growth stage of the product life cycle
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They decrease as a percentage of sales revenue
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During the growth stage, costs are affected by
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economies of scale
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Product/service management plays an important role in marketing because it affects a business's strategy to create a certain impression of a product in the minds of customers. This strategy is known as
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positioning
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Which of the following is not a product/service-management activity
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Conducting interviews with potential employees
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Which of the following controls such new-product considerations as warranties and safety standards
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Government regulations
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Are all products test marketed
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No; it can delay entry into the full market.
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Which of the following is a stage of a product's life cycle
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Maturity
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Costs and available resources are especially important factors for product/service managers to examine during which phase of product/service management
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New-product development
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A tangible, or physical, item and the customer benefits that it offers is known as a(n)
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good
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In which step of the new-product development process do product/service managers estimate the cost of production and make plans for packaging, labeling, brand name, promotion, and distribution
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Product development
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Product/service management should be approached from the angle of the
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customer's point of view
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A service that is not attached to any tangible good is known as a __________ service
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pure
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Why must care be taken in eliminating weak products
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To prevent damaging a company's image
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Why should existing products be monitored
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To make changes in product or packaging to extend a product's life cycle.
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At what point in the new-product development process does a product's life cycle begin?
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Commercialization
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Product/service management can help to decrease
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business risk
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Step in developing that may involve employees, customers, sales, even friends.
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generate ideas
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Step in developing which answers is target market interested? Right time? Benefits?
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test product
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Step in developing that is detailed and more serious screening step to analyze demand, cost, and competition
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feasibility analysis
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Service is the business's primary product such as hair salon or bank
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pure service
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Lengthy step in where working model is tested, modified, retested.
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develop product
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Step in developing that identifies if an idea is unworkable.
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screen ideas
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Step in developing when product goes into full-scale production and product life cycle begins
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commercialization
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Spent six years developing a chicken sandwich
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Chick-fil-A
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Product/Service managers keep up with sales, profit, and market share on existing products.
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monitor products
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Step in developing that introduces product to limited market to see if accepted.
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test market
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What can help product/service managers predict whether a new product will be successful before a business makes a major investment?
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Market research
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When a competing product that offers additional benefits enters the market, a business's product may become
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obsolete
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Services that include delivery, instruction, or maintenance are referred to as __________ services
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product-related
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Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to
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market opportunities
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Which step in the new-product development process involves seeking feedback from customers to know what response they would give to a proposed product?
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Concept testing
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Products that are performed rather than produced are known as
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services
