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Exam 10: Managing Successful Products, Services, and Brands

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Question 31

Multiple Choice

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Which of the following statements about the introduction stage of the product life cycle is most accurate?

A) If a firm's product is especially good, efforts should be made to create selective demand rather than primary demand to allow the firm to distinguish itself from competitors.
B) During the introduction stage, it is best to avoid a skimming pricing strategy.
C) During the introduction stage, it is best to avoid a penetration pricing strategy.
D) A firm should introduce the identical product at several different price points in order to gauge customer price sensitivity.
E) Because of large initial investment costs, overall industry profits often are initially negative.

F) All of the above
G) A) and B)

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Question 32

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Marketing for a product in the introduction stage of its product life cycle should focus primarily on gaining awareness and which other marketing objective?

A) stress differentiation
B) stimulate trial
C) foster brand loyalty
D) gain as much distribution as possible
E) target a marketing niche

F) C) and D)
G) A) and B)

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Question 33

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In terms of the diffusion of innovation, early majority accounts for ________ percent of product adopters.

As more competitors launch their own products in a product class and the product progresses along its life cycle, company attention is focused on creating ________ demand, rather than just demand for the product class.

Justin's is the ________ for a nut butter created by Justin Gold and now owned by Hormel.

When consumers think of Harley-Davidson, the image is of a masculine nonconformist. With Vespa motor scooters, the image is of a brainy environmentalist. Both Vespa and Harley-Davidson

There are several reasons a consumer would be reluctant to adopt a new product. For example, a consumer might be reluctant to adopt a new product because of a risk barrier, which occurs when

There are several reasons a consumer might be reluctant to adopt a new product. For example, a consumer might be reluctant to adopt a new product because of a usage barrier, which occurs when

The sale of two or more separate products in one package is referred to as

Three important aspects of product life cycles are (1) their length, (2) the shape of their sales curves, and (3) the rate at which

Changing the place a product occupies in a consumer's mind relative to competitive products is referred to as

According to the concept of the diffusion of innovation, consumers who have a fear of debt and depend on neighbors and friends as their information sources are called

In the late 1950s and 1960s, television westerns were extremely popular and included Gunsmoke, Bonanza, Wagon Train, and The Big Valley. When ratings declined as viewers' tastes changed, production of them waned. The television western was a product category that had entered the ________ stage of its product life cycle.

Several factors explain why a consumer would be reluctant to adopt a new product. For example, a consumer might be reluctant to adopt a new product because of a value barrier, which occurs when

Gatorade successfully used a ________ strategy when it introduced a group of lower calorie options called Gatorade G2.

Which of the following statements regarding the place element of services is most accurate?

The largest numbers of product adopters with respect to the diffusion of innovation are found among

Prerecorded music an example of a ________, and digital music downloading and streaming are an example of a ________.

When Wendy's wants to increase the value of its Dave's Hot 'N Juicy cheeseburger to its customers, it combines complementary items (French fries and a soft drink) to expedite the ordering process, and provide a complete meal. This product modification approach is called

LED (light-emitting diode) lightbulbs, such as the Cree LED bulb, have been available for only a few years in low lighting levels (lumens) . They are designed to replace incandescent and compact fluorescent lightbulbs, in part because of a federal law that phases out incandescent lightbulbs in favor of more energy-efficient ones. LED bulbs are more expensive but will last up to 20 years. In what stage of the product life cycle is this product?