Mrkt 444 Chapter 7 – Flashcards
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When a company can show that its product's projected lifetime is high under certain operating conditions, it is using _____ as a product discriminator.
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durability
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When companies provide too few products in a product line, they run the risk of _____.
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missing important market opportunities
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The objective in the introduction phase of the product life cycle (PLC) is to _____.
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build market awareness for the product leading to trial purchase
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In the introduction phase of the product life cycle (PLC), it is important to _____.
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inform and educate the target audience about the product's features and benefits
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The most dramatic increase in revenue is most likely to occur in the _____ phase of the product life cycle.
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growth
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In the growth phase of the product life cycle, marketing communications _____.
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link the brand with key product features and highlight differentiation between competitors
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During the maturity phase of the product life cycle, _____
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sales grow, but at a rate lower than the growth stage
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In the maturity phase of the product life cycle, the targeted consumers are _____.
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majority adopters
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During the maturity phase of the product life cycle,_____.
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product reaches its maximum distribution
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Which of the following characterizes the decline stage of the product life cycle?
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Significant price pressures come from both competitors and more price-sensitive consumers.
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In the B2B market, market testing is _____.
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smaller in scope and involves fewer individuals and companies
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In the _____ phase of the product life cycle (PLC), sales continue to increase but at a decreasing rate.
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Maturity
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Which of the following is an overall evaluation of a product and usually assesses the product's probability of success?
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Business case analysis
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What refers to the fundamental need met by a product?
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Essential benefit
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In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the _____.
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Core product
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Which of the following helps clarify the basic operationalization of a product such as the physical characteristics and features?
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Alpha Testing
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In the context of product classifications, tangibility refers to the _____.
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Physical aspect of a product
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Clothes, furniture, and major appliances such as refrigerators and dishwashers are examples of _____.
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Shopping goods
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_____ are unique purchases made based on a defining characteristic for the consumer, which might be a real or perceived product feature such as Apple iPhone's easy user interface.
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Specialty goods
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A _____ is a group of products linked through usage, customer profile, price points, and distribution channels.
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Product line
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Combining all the products offered by a company is called the _____.
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product mix
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_____ is the percentage of time the product works without failure or stoppage.
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Reliability
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The product life cycle (PLC) defines the life of a product in four basic stages, which includes_____.
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Introduction, growth, maturity, and decline
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The essential marketing objective in the growth phase of the product life cycle (PLC) is to _____.
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differentiate the product from those of new competitors
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Products that are new-to-the-world create a fundamental change in the marketplace and are known as _____.
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Disruptive innovations
