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16. A product is a good, service, or idea consisting of a __________ that satisfies consumers and is received in exchange for money or some other unit of value.
warranty from the seller
bundle of tangible and intangible attributes
bundle of tangible attributes
a tangible received in exchange for a person’s time and
bundle of intangible attributes
17. Which of the following is NOT an attribute of a new product?
The product is less than 6 months old.
The product requires a significant degree of new learning by consumers.
The product is new in legal terms.
The product is new from a competitor’s perspective.
The product is new from the organization’s perspective.
18. When General Foods introduced Post Cereals with freeze-dried fruits, people found that by the time the fruit had absorbed enough milk, the flakes were soggy. Why did this product fail?
poor product quality
insignificant point of difference compared to competitive offerings
too little market attractiveness
poor execution of the marketing mix
no economical access to buyers
19. The stages a firm goes through to identify business opportunities and convert them into salable goods or services are called the
situation analysis.
new-product process.
strategic management process.
SWOT analysis.
idea generation process.
20. When audiences are allowed to preview actual movies such as Pretty Woman and National Treasure: Book of Secrets before they are released to the general public, it is a part of the __________ stage of the new-product process.
market testing
business analysis
commercialization
screening and evaluation
concept testing
21. Lack of profit in the introductory stage of the product life cycle is very often the result of
insufficient allocation of resources to the marketing mix.
poor selection of distribution channels.
high taxes.
large investment costs in product development.
ineffective execution of the marketing program.
22. When the National Cattlemen’s Beef Association advertises Beef, It’s What’s for Dinner it is trying to stimulate __________ demand.
selective
primary
derived
generic
secondary
23. The stage in the product life cycle labeled “C” in the above Figure is called:
introduction
maturity
growth
diversification
decline
24. Which of the following is a characteristic of the growth stage of the product life cycle?
advertising emphasis switches to primary demand
growing proportion of repeat purchasers to initial purchasers
product features remain unchanged
profit margins increase as sales increase
All of the above are characteristics of the growth stage of the product life cycle.
25. The apple that appears on every Apple computer product is an example of a
copyright
trade name
service mark
brand name
generic brand