Chapter 8 Of Marketing

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| By Pmathur

Pmathur

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Quizzes Created: 4 | Total Attempts: 2,042

Questions: 9 | Attempts: 647 | Updated: Mar 19, 2023

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This will help in preparation of Ch 8 for Marketing exam.

Questions and Answers

1.

A company can obtain new products in two ways. One of them is via new product development. What is the other method?
- A.
  
  Reverse engineering
- B.
  
  Acquisition
- C.
  
  Customer survey
- D.
  
  Industry survey
Correct Answer
B. Acquisition

Explanation
Acquisition is the other method through which a company can obtain new products. Acquisition refers to the process of purchasing or acquiring another company that already has developed products. This allows the acquiring company to gain access to the products developed by the acquired company without having to go through the process of new product development themselves.

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2.

Idea generation phase creates lots of new ideas. Which stage helps spot good ideas and drop bad ones?
- A.
  
  Idea resourcing
- B.
  
  Idea researching
- C.
  
  Idea testing
- D.
  
  Idea screening
Correct Answer
D. Idea screening

Explanation
During the idea generation phase, numerous ideas are generated. However, not all of these ideas are feasible or valuable. The stage that helps identify and separate the good ideas from the bad ones is idea screening. Idea screening involves evaluating each idea based on predetermined criteria to determine its potential for success. This stage helps save time and resources by eliminating ideas that are not worth pursuing further, allowing the focus to be on the most promising ideas for further development and implementation.

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3.

Which of the options below is NOT part of Marketing Strategy Statement
- A.
  
  Describe target market
- B.
  
  Product screening
- C.
  
  Plan Product Positioning
- D.
  
  Sales, market share and profit goals for first few years
Correct Answer
B. Product screening

Explanation
Product screening is not part of the Marketing Strategy Statement. The Marketing Strategy Statement typically includes elements such as describing the target market, planning product positioning, and setting sales, market share, and profit goals for the first few years. Product screening, on the other hand, refers to the process of evaluating and selecting potential product ideas or concepts based on certain criteria. While it is an important step in the product development process, it is not directly related to the Marketing Strategy Statement.

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4.

Huggies introduces new diapers in Portland and Seattle to see customer response before launching them nationwide. This is an example of
- A.
  
  Stress Marketing
- B.
  
  Test Marketing
- C.
  
  Brand Marketing
- D.
  
  Business Analysis
Correct Answer
B. Test Marketing

Explanation
Test marketing is the correct answer as it involves introducing a product or service in a limited market to gauge customer response and gather feedback before a full-scale launch. In this case, Huggies is launching new diapers in Portland and Seattle to assess how well they are received by customers and to make any necessary adjustments or improvements before expanding to a nationwide market. Test marketing helps companies minimize risks and make informed decisions based on real-world data and customer feedback.

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5.

One approach for new product development is to allow multiple teams to work together which is called simultaneous product development. What is the other approach
- A.
  
  Parallel product development
- B.
  
  Reverse product development
- C.
  
  Future product development
- D.
  
  Sequential product development
Correct Answer
D. Sequential product development

Explanation
Sequential product development is the other approach for new product development. In this approach, the development process follows a linear sequence where each stage is completed before moving on to the next one. It involves a step-by-step process starting from idea generation, market research, concept development, prototyping, testing, and finally, launching the product. This approach allows for a more organized and structured development process, ensuring that each stage is thoroughly completed before progressing to the next one.

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6.

A basic and distinctive mode of expression is called
- A.
  
  Style
- B.
  
  Fashion
- C.
  
  Fads
Correct Answer
A. Style

Explanation
Style refers to a basic and distinctive mode of expression. It is a unique way in which individuals or groups express themselves through their choices in clothing, accessories, behavior, and overall appearance. Style is often seen as a reflection of one's personality, taste, and individuality. It is a more enduring and timeless form of expression compared to fashion, which is more temporary and subject to trends. While fads are short-lived and quickly fade away, style remains consistent and can be seen as a personal signature.

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7.

Atkinson Low Carb diet was in fashion in early 2000s and then quickly died. This is an example of
- A.
  
  Style
- B.
  
  Fashion
- C.
  
  Fad
Correct Answer
C. Fad

Explanation
The fact that the Atkinson Low Carb diet was popular in the early 2000s and then quickly lost its popularity suggests that it was a fad. Fads are trends or behaviors that become popular for a short period of time and then fade away just as quickly. In this case, the diet gained attention and followers but eventually lost its appeal, indicating that it was not a lasting or sustainable trend.

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8.

All of the following are major steps in developing new products except
- A.
  
  Test marketing
- B.
  
  Evaluation of competitors' efforts.
- C.
  
  Screening.
- D.
  
  Business analysis.
Correct Answer
B. Evaluation of competitors' efforts.

Explanation
The major steps in developing new products include test marketing, screening, and business analysis. Test marketing involves introducing the product to a specific market segment to gather feedback and assess its potential success. Screening involves evaluating ideas and selecting the most promising ones for further development. Business analysis involves assessing the financial viability and profitability of the product. However, evaluating competitors' efforts is not a major step in the development process as it focuses on analyzing the actions and strategies of competitors, rather than directly developing the product itself.

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9.

A company wanting to maintain market share during the maturity stage requires moderate and sometimes large
- A.
  
  Advertising expenditures.
- B.
  
  Distribution expenditures.
- C.
  
  Production expenditures.
- D.
  
  Price increases.
Correct Answer
A. Advertising expenditures.

Explanation
During the maturity stage, a company's product has already gained widespread acceptance in the market, and competition becomes intense. To maintain market share and stay ahead of competitors, the company needs to invest in advertising expenditures. This is because advertising helps to create brand awareness, reinforce customer loyalty, and attract new customers. Moderate to large advertising expenditures are necessary to ensure that the company's products remain visible and relevant in the market, thereby maintaining its market share.

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Current Version
Mar 19, 2023

Quiz Edited by
ProProfs Editorial Team
Feb 25, 2010

Quiz Created by
Pmathur

Chapter 8 Of Marketing

A company can obtain new products in two ways. One of them is via new product development. What is the other method?

Idea generation phase creates lots of new ideas. Which stage helps spot good ideas and drop bad ones?

Which of the options below is NOT part of Marketing Strategy Statement

Huggies introduces new diapers in Portland and Seattle to see customer response before launching them nationwide. This is an example of

One approach for new product development is to allow multiple teams to work together which is called simultaneous product development. What is the other approach

A basic and distinctive mode of expression is called

Atkinson Low Carb diet was in fashion in early 2000s and then quickly died. This is an example of

All of the following are major steps in developing new products except

A company wanting to maintain market share during the maturity stage requires moderate and sometimes large