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Exam 8: New Products and Innovation

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Question 31

Multiple Choice

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Amos does not want to find new customers or create new products.Instead, he is opening more stores and improving the marketing mix-more intriguing advertising, better pricing, better reward program, better in-store service, better store ambience, etc.What strategy is he using?

A) market penetration
B) product development
C) market development
D) diversification

E) A) and B)
F) A) and C)

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Question 32

Multiple Choice

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The test marketing was successful.Now, Jules needs to estimate the sales potential of the new all-natural cleaning product her company developed.Which of the following equations should she use?

A) $SP = (MP × PI) + Pr
B) $SP = (MP + PI) × Pr
C) $SP = MP + PI + Pr
D) $SP = MP × PI × Pr

E) None of the above
F) B) and C)

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Question 33

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The __________ are 3-5% of consumers who like to try new ideas and are willing to take risks.They tend to be relatively educated, and capable and confident in assessing information about a product on their own.

What are new products, and why are they important?

Upon completion of the idea generation stage, the marketing manager takes the customer data and tries to predict the product's likely success.

When testing the best color for a new detergent, SoapSuds Inc.set up a test market that uses a virtual shopping experience to give customers a chance to buy the product (or not) , which is called a(n) __________ test market.

In the real world, companies do not use a purely bottom-up or top-down marketing process.

Companies are ever evolving and the primary way they make changes is by offering "new and improved" goods and services to customers.

The product life cycle is a popular metaphor in marketing to describe the development of a product before it is introduced to the marketplace.

What is the role of forecasting in marketing? How do we estimate sales potential?

ABC Co.wants to grow through innovation.It has modified several of its products and developed two new products for its customers.Which strategy is ABC Co.using?

The stage of the product life cycle where sales and profits drop and new products replace older generations is called

It's been shown that new products increase a company's long-term financial performance and value.

The __________ are more risk averse and waiting to hear that people who have already adopted the product have had favorable experiences with the new product.

What term refers to the likelihood that the target segment will buy the product?

Regarding fast-growing economies, what does "BRIC" stand for?

One marketing trend is the growing concern for environmental and corporate social responsibility.

Explain how focus groups typically work.

The process of developing new products depends first on a company's

Change in the market is always occurring.