CH 6 Flashcards
As defined in your text, a product refers to
-any good or service that is mass produced and sold in more than one market.
-the specific combination of goods, services, or ideas that a firm offers to its target market
-marketed items of value that fulfill a need of an individual consumer or business.
-a tangible good that is received in exchange for money, time, or effort.
-any intangible offering a firm makes to an individual consumer or a business.
the specific combination of goods, services, or ideas that a firm offers to its target market
A risk associated with product-line extensions is that the new product may take away from sales of existing products in the product line. This is referred to as
diffusion.
outsourcing.
revamping.
cannibalization.
disruptive technology.
cannibalization.
Which scenario reflects the trial stage of the consumer adoption process?
a consumer reading online reviews of a mobile phone
a consumer buying an extended warranty on a product
a consumer ordering a new customized desktop computer from an online retailer
a consumer test riding a bike at a sports equipment store to see if she likes it
a consumer seeing an advertisement urging the audience to try a new high-speed Internet service free of cost
a consumer test riding a bike at a sports equipment store to see if she likes it
In the context of new-product characteristics that impact the adoption rate of a product, _____Blank refers to how well a new product fits into potential customers’ needs, values, product knowledge, and past behaviors.
likability
complexity
trialability
observability
compatibility
compatibility
Which product category makes up the smallest percentage of new products but carries the most potential (and risk) for the company introducing them?
repositioned products
new-category entries
product-line extensions
revamped products
new-to-the-market products
new-to-the-market products
A company that is introducing a new product in its final form to a geographically limited market to see how well the product sells and to get reactions from potential users is engaged in
idea screening.
concept marketing.
product screening.
concept testing.
test marketing.
test marketing.
A(n) _____Blank is a mock-up of a good, often created individually with the materials a firm expects to use in the final product.
fad product
avatar
prototype
low-learning product
first-mover
prototype
In which stage of the product life cycle is there an increase in promotion to resellers to entice them to continue to buy the company’s product rather than a competitor’s?
decline
beginning
introduction
maturity
growth
maturity
Mike is 40 years old. He had lunch every day at Bakers Square restaurant until it went out of business. He recognizes now that he will have to find a new place for lunch. What type of adopter can Mike be classified as?
late majority
early adopter
laggard
innovator
early majority
laggard
Exp: Laggards remain loyal to a product until it is no longer available for sale.
A group of related products marketed by the same firm is known as a(n)
product screen.
product prototype.
product line.
individual brand.
generic brand.
product line.
A technology that displaces an established technology and shakes up the industry, or a ground-breaking product that creates a completely new industry is referred to as
inventive technology.
planned obsolescence.
creative technology.
product revamping.
disruptive technology.
disruptive technology.
Ming always buys the latest gadgets on the market. She takes pride in buying new technology products as soon as they are launched and shares thoughts about her purchases on her blog. Which type of adopter is Ming?
early adopter
innovator
laggard
early majority
late majority
innovator
At what stage of the product life cycle is price usually the highest?
introduction
maturity
decline
growth
profit
introduction
Estimating the cost of a product, identifying the price at which a product will be sold, and estimating the demand for a product all take place in which stage of the new-product development process?
product launch
test marketing
new-product strategy development
business analysis
product development
business analysis
Stuffed Buddy launched a line of miniature-sized stuffed animals which became extremely popular within days of their release. Customers lined up to buy the stuffed animals and stores ran out of stock rapidly. However, in a few months, demand for the product started to decline and the company soon discontinued production of the line. Based on the product life cycle curve of the product, the product can be identified as a
low-learning product.
staple product.
fad product.
high-learning product.
fashion product.
fad product.
Which stage of the product life cycle is characterized by companies taking advantage of economies of scale?
growth
decline
conception
maturity
introduction
growth
Which type of product has a product life cycle curve that is a steep up-and-down curve because consumers rapidly adopt and then abandon it?
fashion products
high-learning products
fad products
low-learning products
slow-learning products
fad products
Chiara’s Custom Knitwear sells handmade sweaters to men and women and offers knitting classes to the community and online. The sweaters and classes are
products.
ideas.
supply.
services.
inventory.
products.
