Product Strategy And New Product Development

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Marketing in Today's Business Milieu
Marketing Foundations: Global, Ethical, Sustainable
Elements of Marketing Strategy, Planning, and Competition
Market Research Essentials
CRM, Big Data, and Marketing Analytics
Understand Consumer and Business Markets
Segmentation, Target Marketing, and Positioning
Product Strategy and New Product Development
Build the Brand
Service as the Core Offering
Manage Pricing Decisions
Manage Marketing Channels, Logistics, and Supply Chain
Promotion Essentials: Digital and Social Media Marketing
Promotion Essentials: Legacy Approaches

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Question 1

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The essential component in delivering value is the product price.

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Question 2

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When the product is wrong, skilled marketing communication and pricing sophistication can correct the problems.

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Question 3

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The essential benefit is the fundamental need met by a product.

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Question 4

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Different target markets will view the same product in completely different ways.

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Question 5

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True/False

A stock-keeping unit (SKU) is a unique identification number used to track a product in the consumer's home.

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Question 6

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Reliability is a product's ability to deliver on features and performance characteristics promised in marketing communications.

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Question 7

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More than any other discriminator, style has the disadvantage of being difficult to copy.

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Question 8

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Luxury cars such as the Chevrolet Corvette are available with tires that enable a driver to continue driving even after the tire has been damaged. This is an example of Corvette using style as a product discriminator.

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Question 9

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One of the disadvantages of using style as a product discriminator is that consumer tastes change over time and what is considered stylish can quickly lose its appeal.

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Question 10

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Barbara's Bakery sells custom cakes, cookies, and other pastries. These represent Barbara's Bakery's product line.

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Question 11

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The targeted consumers during the maturing phase of a product life cycle are innovators and early adopters.

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Question 12

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Desktop computers, cell phones, and tablet computers are examples of new-to-the-world products considered disruptive innovations.

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Question 13

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A go-to-market mistake happens when a good idea is prematurely eliminated during the screening process.

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Question 14

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The number of products purchased by the same customer is called repeat purchases.

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Question 15

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The business case analysis is an overall evaluation of a product and usually assesses the product's probability of success.

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Question 16

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An individual moves through five stages before adopting a product, including awareness, notice, trial, testing, and feedback.

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Question 17

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Trial purchase is the focus of a product launch marketing plan.

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Question 18

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Early adopters are product watchers who seek out new products but are price-sensitive.

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Question 19

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Everyone in a target market falls into one of five groups based on their willingness to try the innovation, including innovators, early adopters, early majority, late majority, and laggards.

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Question 20

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Late majority are product followers who are price-sensitive and risk-averse.

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