QuestionQuestion 1Which of the following is NOT a factor closely associated with new product success?product superiority/qualityproduction-driven processfamiliarity to the companymarket need, growth, and sizeeconomic advantage to user4 pointsQuestion 2What is the least costly stage of the product development process?idea generationidea screeningproject planningproduct developmenttest marketing4 pointsQuestion 3Generally speaking, the organization has to consider three categories of risk in the idea screening phase prior to deciding whether an idea is a viable product concept. These three categories are:financial, competitive, and strategicexternal, managerial, and financialstrategic, market, and internalenvironmental, financial, and promotionalstrategic, tactical, and operational4 pointsQuestion 4A company that manufactures amusement park rides is thinking of developing a thrill ride that tosses its riders overhead and backwards at a force of 2.5 Gs. In the _____ stage of this new product’s development, the company’s research showed that the ride will not be perceived by amusement park attendees as being significantly different from existing rides. Furthermore, the product cannot be developed in time for the new season and is likely to cost more than the company usually spends on developing a new ride.idea generationidea screeningproject planningproduct developmenttest marketing4 pointsQuestion 5For years Russell Stover has been one of the leading producers of boxes of candy, then it decided to introduce a candy bar. Before commercializing the product, the candy manufacturer stocked a make-believe store with several different varieties of candy bars and Russell Stover candy bars. It then invited members of its target audience to make a selection. After making their selections, the participants were asked a series of questions relating to how the purchase decision was made. In terms of the new product development process, this process is an example of:test marketingpseudo commercializationproduct developmentidea generationproduct planning4 pointsQuestion 6Which of the following statements about the failure of new products is true?Problems that lead to a new product’s failure are all outside the control of the company that introduced the product.Cross-functional research does not decrease the likelihood of product failure.Due to technological advancements in research, faulty marketing research is seldom, if ever, the cause of a new product failure.The only reason new products fail is because they have been inadequately screened, developed, and marketed.None of the above statements about the failure of new products is true.4 pointsQuestion 7Which of the following products is most likely to use sales promotions?loudspeaker systems for sports stadiumsoatmeala new vaccine to prevent feline leukemiacomputer software for designing e-commerce sitesa new self-cleaning cat litter that contains bacteria to consume wastes4 pointsQuestion 8The manufacturer of Lane Furniture should offer a $50 rebate on its line of recliner chairs to:stimulate product demandkeep total costs lowallow for the use of two-way communicationreach many buyers simultaneouslyprovide a credible promotional message4 pointsQuestion 9In the long run and often in the short run, advertising is justified on the basis of:how it relates to the sales forecastits coststhe revenue it producesmarket shareexternal environmental factors4 pointsQuestion 10If you use your computer and your Internet service provider to access information, you may have noticed small ads either at the top of the page or on the side for banks, Internet retailers, consumer products manufacturers, and investment firms. Why do these companies advertise on the Internet?Internet advertising is interactive and low cost per exposure.Internet advertising is flexible and personalized.Internet advertising has geographic selectivity.Internet advertising has a high pass-along readership.Internet advertising has a long message life.4 pointsQuestion 11Which of the following is the best example of push marketing strategy?a print ad introducing Burpee.com, a new Web site for amateur gardenersan ad for Dannon bottled water in a trade journal for supermarket managersan ad for Celebrex, a prescription drug for arthritis, in Better Homes and Gardensa radio ad for The Clark Howard Show, a show that provides consumer-oriented advicean article in Southern Living magazine on the Donvier Premiere Ice Cream Maker4 pointsQuestion 12An announcement on the local radio station advising area residents the American Red Cross was holding a blood drive at the First United Methodist Church would be an example of which promotional mix element?a consumer promotionproduct placementdirect marketingpublic relationsa trade promotion4 pointsQuestion 13Which of the following is an example of a results-oriented measure for evaluating salespeople?number of sales calls madedistributor sales-inventory ratiosnumber of demonstrations completedhow many complaints were handleduncontrollable job lost time4 pointsQuestion 14Josh Goodrich recently sold a first edition of Moby Dick. The book came from a private collector and was purchased by a New England museum. Goodrich acted as a go-between for the buyer and seller and never took actual possession of the valuable book. What marketing intermediary role did Goodrich assume?manufacturer’s agentbrokerfacilitating agentdistributorjobber4 pointsQuestion 15If a supermarket chain that was famous for the amount and quality of beef it sold were to buy a cattle ranch to insure it had a steady and constant supply of steaks and roasts, it would be an example of a(n) _____ vertical marketing system.retail cooperativeadministeredselectivecontractualcorporate4 pointsQuestion 16If a manufacturer desires selective distribution for its line if $300 women’s business suits, it would be most likely to choose which of the following types of retailers?catalog showroomoff-price retailerhypermarketwarehouse storespecialty store4 pointsQuestion 17Which of the following statements about price elasticity is true?You must have historical data to calculate price elasticity.The price elasticity for a product is not important when making pricing decisions about that product.Price elasticity can be calculated by surveying a sample from the target market and getting their responses to questions about the relationship between price and purchase quantity.Price elasticity is unaffected by psychological factors.The determination of a product’s price elasticity is an inexpensive process.4 pointsQuestion 18The Phillips flat screen television is in the introductory stage of its product life cycle. If you want to own one of these TV sets, you must be willing to pay $15,000. You can buy a standard TV model that is in the maturity stage for around $500. Since it appears Phillips is intent on recouping its developmental costs, it is using:bundle pricingprice baitingpenetration pricingprestige pricingprice skimming4 pointsQuestion 19Hansen Distributors wholesales products for babies such as strollers, swings, and cribs. In which of the following examples would it be legal for Hansen to use price discrimination?Hansen has a two-tiered price structure for small and large retailers.Hansen puts a high price on its products, and then allows the retailer to sell at a lower-than-marked price.Hansen advertises in a mailing an in-store price that is not available if you order by mail or phone.Hansen gives a quantity discount to a store chain that orders 20,000 baby swings.Price discrimination is always illegal.4 pointsQuestion 20In a general model for developing pricing strategy, the first step is to:adopt a customer-orientationdevelop a mission statementset pricing objectivesdetermine who will be responsible for setting the objectivesengage in market research4 pointsQuestion 21Which of the following rules can be used to improve a company’s pricing strategy?Continuously monitor pricing decisions.Base pricing strategy on intuition and experience.Realize price elasticities are static.Recognize buyers typically have one and only one acceptable price for a product.Remember buyers are not concerned with relative price.4 pointsQuestion 22If a restaurant manager is concerned about the inseparability characteristic of service, he would e most concerned about the creation of _____ utility.form and possessiontime and formpossessiontime and placeform, time, place, and possession4 pointsQuestion 23In which of the following situations would the service provider find that an unconditional guarantee is an effective marketing tool?Prices are low, and the target market is at the brand awareness stage.Services are not individualized because buyer resistance is low.Prices are low because the service cannot be individualized.Prices are high.Brand name recognition is achievable through advertising.4 pointsQuestion 24To be successful, an internal marketing program must contain:integrated marketing communicationscooperative, empathetic customersa carefully designed targeting strategyan emphasis on teaching employees to have good attitudes.all of the above4 pointsQuestion 25Which of the following statements about how the travel industry deals with service challenges is true?Internal marketing has not proven to be an efficient strategy for companies in the travel industry.Unlike other industries, the travel industry is perceived as offering superior service quality.The travel industry is the leader in the use of technology.Companies in the travel industry who pay close attention to fluctuating demand and the perishability of services are successful.The travel industry relies on direct distribution.
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