Question: 1. Which of the following steps immediately succee... Bookmark 1. Which of the following steps immediately succeeds the business analysis step in the process of developing a new product? Test marketing Idea screening Commercialization Concept testing Product development 2. Innov Inc. manufactures electronics and home appliances for the environment-conscious buyer. It has recently launched an online crowdsourcing campaign that invites consumers to come up with any one product idea that is feasible and has good market potential. Which of the following steps of the product development process is indicated in this scenario? Test marketing Product launching Commercialization Idea development Idea screening 3. Which of the following steps in the product development process allows a complete check of the marketing strategy in a natural environment? Screening new ideas Idea development Commercialization Business analysis Test marketing 4. In the commercialization step of the product development process, a company is likely to: engage marketing research specialists, engineers, and outside sources to generate ideas for a new product. assess the firm's ability to produce and market a product by bringing together a team of experts like designers, engineers, and marketers. evaluate a product's compatibility in the marketplace and its potential profitability. gear up for full-scale production, distribution, and promotion of a product. run a trial mini-launch of a product in limited areas that represent the potential market. 5. Consumer products such as furniture, clothing, and sporting goods are examples of _____. convenience products business products industrial products specialty products shopping products 6. Consumer products such as designer clothing and shoes are classified as: convenience products. shopping products. specialty products. industrial products. accessory products. 7. Business products such as window glass, batteries, and spark plugs for automobiles are classified as: raw materials. processed materials. component parts. accessory equipment. major equipment. 8. In the context of classification of business products, _____ include materials that make production, management, and other operations possible. industrial services processed materials supplies accessories component parts 9. In the context of product relationships, a _____ is a group of closely related products that are treated as a unit because of a similar marketing strategy. cohort brand product line trademark product mix 10. KoolQ Corp. is a beverage company that is facing stiff competition from other companies in the industry. As a result, it has increased its marketing expenditure by a significant amount in order to revitalize sales. As part of this marketing effort, it has released healthier versions of its beverages in attractive packages. In the context of the life cycle of a product, KoolQ Corp. is most likely to be in the _____. growth stage promotion stage decline stage introduction stage maturity stage 11. The swoosh logo of Nike is an example of a _____. product mark brand mark product line trademark product mix 12. _____ are brands owned and controlled by a wholesaler or retailer. Manufacturer brands Private distributor brands Maker brands Producer brands Generic products 13. A product with no brand name that often comes in plain simple packages is referred to as a(n): accessory product. generic product. manufacturer brand. private distributor brand. brand mark product. 14. Which of the following statements is true of packaging and labeling? Packaging is defined as the presentation of important information about a product on its package. Product packaging should be designed such that it does not attract a consumer's attention for more than 2.5 seconds. Warnings, instructions, certifications, and manufacturers' identifications are never included in the labels of products. The content of labeling, often required by law, may include ingredients or content, nutrition facts, and care instructions. Research has shown that labeling has a negligible impact on sales. 15. Enigma Corp., a clothing store, is offering casual tees at $9.99 only. In this case, which of the following pricing strategies is Enigma Corp. implementing? Reference pricing strategy Penetration pricing strategy Comparison pricing Symbolic/prestige pricing Even/odd pricing 16. Enchanting Fragrances Corp. has recently introduced a range of perfumes that is priced very high and still has a lot of demand from consumers who are loyal to this brand. In this case, which of the following pricing strategies is Enchanting Fragrances Corp. implementing? Skimming pricing Symbolic/prestige pricing Penetration pricing Even/odd pricing Reference pricing 17. In the context of pricing strategies, _____ is charging the highest possible price that buyers who want a product will pay. penetration pricing price skimming psychological pricing profit standardization prestige pricing 18. Echno Corp. is releasing a range of headphones, earphones, and acoustic devices for music enthusiasts in a new market. To enter the market and gain market share rapidly, Echno slashes the prices of its products and markets its products aggressively. In this scenario, which of the following pricing strategies is Echno Corp. using? Penetration pricing Psychological pricing Price skimming Profit maximization Prestige pricing 19. _____ is a type of psychological pricing in which a lower-priced item is compared to a more expensive brand in hopes that a consumer will use the higher price as a comparison price. Penetration pricing Even/odd pricing Price skimming Profit maximization Reference pricing 20. Wholesalers and retailers are _____. intermediary organizations end-users manufacturers consumers industrial organizations 21. Which of the following statements describes a warehouse club? It is a self-service store that offers a complete line of food products and some nonfood products. It is a general merchandise store that offers brand name and private brand products at low prices. It is a large-scale, members-only establishment that combines cash-and-carry wholesaling with discount retailing. It is a giant outlet that offers all food and nonfood products found in supermarkets, as well as most routinely purchased products. It is a combination of a supermarket and discount store and is often larger than a superstore. 22. Which of the following major wholesaling functions involves creating long-term partnerships among channel members? Promotion Inventory Control Financing and budgeting Supply chain management Marketing research 23. Which of the following activities is associated with risk taking function of wholesaling? Providing a sales force, advertising, sales promotion, and publicity Creating long-term partnerships among channel members Providing information about market and managing computer networks to facilitate exchanges and relationships Arranging and making local and long-distance shipments Assuming responsibility for theft, product obsolescence, and excess inventories 24. In the context of channels for consumer products, _____ are often sold by agents who bring buyers and sellers together. automobiles refrigerators tourism services digital watches candies 25. One Stop Inc. is a self-service store that offers dairy products, meat, and all the other food products along with some nonfood items. In the context of various types of merchandise retailers, One Stop Inc. is a _____. department store superstore discount store supermarket hypermarket 26. Which of the following forms of market coverage is most likely to be used to distribute convenience items? Intensive distribution Exclusive distribution Selective distribution Coordinated distribution Targeted distribution 27. Advertising, personal selling, publicity, and sales promotion are collectively known as the: product mix. distribution channels. promotion mix. marketing channels. product strategy. 28. In the context of the elements of the promotion mix, _____ is direct, two-way communication with buyers and potential buyers. labeling test marketing advertising packaging personal selling 29. In the context of publicity as an element of the promotion mix, _____ describes the concept of getting Internet users to pass on ads and promotion to others. rapid marketing viral marketing test marketing personal selling solution selling 30. In the context of promotional strategies, which of the following indicates a pull strategy? The exclusive use of personal selling The exclusive use of salespeople The exclusive use of test marketing The exclusive use of advertising The exclusive use of telesales