Question 1 In class we discussed the Product Life Cycle PLC concept In which stage of the PLC would we find sales that are low but rising Answer 0 out of 10 points Selected Answer Correct Answer Growth Introducti on Response Feedback In the introduction stage of the PLC we find innovative consumers little if any competition sales that are low but rising and virtually no profits Question 2 In class we discussed the Product Life Cycle PLC concept In which stage of the PLC would we typically find industry profits reaching their peak Answer 0 out of 10 points Decli ne Growt h Selected Answer Correct Answer Response Feedback In the growth stage of the Product Life Cycle PLC we find that there is mass market interest in the product competition is increasing there is rapid growth in sales and industry profits are strong and then peak as competition drives prices and profits down Question 3 0 out of 10 points In class we considered the value of brand equity to the manufacturer Which of the following is NOT one of the benefits of brand equity Answer Selected Answer Correct Answer Response Feedback A strong brand name acts as a barrier to competition All of above were benefits discussed Benefits of a strong brand include providing customers with a reason to buy the product is a barrier to competition can facilitate international expansion and can help a brand to survive a crisis Question 4 In class we heard that Dunkin Donuts is catering to local tastes in China with a new donut flavor What new product have they created Answer 0 out of 10 points Selected Answer Garlic flavored donuts Pork donuts flavored Correct Answer Response Feedback Pork donuts may not be palatable to Americans or Europeans but the parent company of Dunkin Donuts and the Baskin Robbins ice cream chains is catering to local tastes in China where it aims to open another 100 stores in the next two to three years Question 5 Even though Liquid Paper correction fluid is in the stage of the product life cycle Gillette has not deleted it from its line because there is still a residual core of consumers who use the product Answer 0 out of 10 points Selected Answer Correct Answer maturi ty declin e Question 6 Response Feedback Dropping a product from a company s product line is called product deletion It is one of two choices in the decline stage of the product life cycle One of the eight primary reasons for product failure is Answer 0 out of 10 points the product is too innovative there is too little market attractiveness Selected Answer Correct Answer Response Feedback There are eight main reasons a new product can fail 1 insignificant point of difference 2 incomplete market and product protocol 3 not satisfying customers on critical factors 4 bad timing 5 too little market attractiveness 6 poor product quality and 7 poor execution of the marketing mix and 8 no economical access to buyers Question 7 The initial purchase of a product by a consumer is referred to as a n Answer 0 out of 10 points Selected Answer product sampling Correct Answer trial Response Feedback Text term definition trial Question 8 0 out of 10 points Figure 11 5 The consumers represented by C in Figure 11 5 above are called Answer early adopters early majority Selected Answer Correct Answer Response Feedback Text Figure 11 5 shows the consumer population divided into five categories of product adopters based on when they adopt a new product A innovators B early adopters C early majority D late majority and E laggards Question 9 0 out of 10 points The key idea behind diffusion of innovation is that Answer Selected Answer Correct Answer the introduction of a entire new product class almost always diffuses the importance of its predecessor within a matter of months not all consumers accept a new product at the same time adoption of a product spreads slowly throughout the population Response Feedback Not all consumers rush to buy a product in the introductory stage and the shapes of the life cycle curves indicate that most sales occur after the product has been on the market for some time Question 10 In the new product process product ideas that survive the business analysis proceed to actual Answer 0 out of 10 points Selected Answer Correct Answer screening evaluation and development Response Feedback term definition Key development Question 1 Free samples are one of the most popular means to gain consumer trial In fact most consumers consider a sample Answer 10 out of 10 points Selected Answer to be the best way to evaluate a new product Correct Answer to be the best way to evaluate a new product Response Feedback Free samples are one of the most popular means to gain consumer trial and it is logical that increased consumer trial will lead to increased adoption In fact 71 percent of consumers consider a sample to be the best way to evaluate a new product Question 2 New Coke was repositioned as a slightly sweeter less filling soft drink because the Coca Cola Company discovered that its 1984 market share in supermarkets was 2 percent behind Pepsi This product repositioning strategy was Answer 0 out of 10 points to change the value offered a reaction to a competitor s position Selected Answer Correct Answer Response Feedback One reason to reposition a product is because a competitor s entrenched position is adversely affecting sales and market share as was the case with Coke in 1984 Question 3 Product life cycle refers to Answer Selected Answer 0 out of 10 points a concept that describes the stages a new product goes through from product concept to commercialization Correct Answer a concept that describes the stages a new product goes through in the marketplace introduction growth maturity and decline the product life cycle Response Feedback Key term definition product life cycle Question 4 Which of the following statements is most accurate Answer 0 out of 10 points Selected Answer Correct Answer With the exception of the ade at the end of the word alluding to the citrus taste the gator was the result of randomly selecting 5 letters from a Scrabble board The name Gatorade was coined by a team who lost to the FL Gators attributing the Gator win to the aid it got from the rehydrating beverage Response Feedback The chapter opening example provides a description of Gatorade s success Question 5 Johnson Johnson effectively repositioned St Joseph Aspirin from one for infants to an adult low strength aspirin to reduce the risk of heart problems or strokes This is an