Quiz 4

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Question #1

Pfizer Corp. is introducing a truly new product idea. Pfizer is spending a lot of money to inform potential customers and intermediaries about the availability and advantages of the new product. Although sales are rising slowly, Pfizer doesn’t expect the product to become profitable for at least another year. Pfizer’s new product is in which stage of the product life cycle?

A market development

B market growth

C market introduction

D sales decline

E market maturity

Question #2

If you are seeking new-product ideas for your business, your ________ are a good source.

A production people

B customers and intermediaries

C intermediaries

D customers, production people, intermediaries, and salespeople

E salespeople

Question #3

At one time, most firms assumed defects were an inevitable part of mass production. ________ firms showed that this assumption was not valid.

A American

B Latin American

C Japanese

D Chinese

E European

Question #4

Because firms must be developing new products all the time, which of the following statements is true?

A One new invention may make possible many new products to replace old ones.

B One new invention may make possible many new products to replace ol ones. Although the life of different products varies, product life cycles are getting shorter. The developed economies experience technological advances more rapidly than the less-developed economies. Competitors are likely to rapidly introduce product improvements in the market growth stage.

C Competitors are likely to rapidly introduce product improvements in the market growth stage.

D Although the life of different products varies, product life cycles are getting shorter.

E The developed economies experience technological advances more rapidly than the less-developed economies.

Question #5

Use this information for questions that refer to the Wire Products Inc. (WPI) case.
Rob Rose sat back to review the portfolio of products his company, Wire Products Inc. (WPI), has in its product line. The company specializes in making various products for consumer and industrial uses from hard laminated wire that is coated with special paints.
1) WPI’s Wire Closet products have been on the market for 10 years. Consumers install the wire shelves and closet rods themselves. The market leader, Closetmaid, has been selling similar products for more than 20 years, but so far the sales volume and profits for the market have continued to grow. Recently, several new competitors have come into the market.
2) Three months ago, WPI entered the lawn and garden market with folding fences made with laminated wire and branded as Wire Fold-Fence. Previously, WPI had never made fences or been a player in the lawn and garden market—although other companies have been making products in this market for years. However, Rob Rose has discovered that recent sales of wire garden fencing have leveled off and profits are declining overall. Still, WPI thinks it has some cost advantages and can grow its own sales and profits in this market.
3) WPI has just developed Oil Wire, a new concept for the environmental cleanup market. Oil Wire is coated with a special material that cleans up oil spills. There has never been a product like this and WPI wants to quickly get the word out about its benefits. The product is now being rolled out in selective markets.
4) Another business product is Wire Locker, used for secure storage by gymnasiums or companies. This style of locker has now gone out of fashion, and most customers are finding better materials to use for lockers. Aggressive selling has helped Wire Locker’s sales stay flat, but the total market for wire-style lockers is only half what it was 10 years ago.
5) WPI’s Wire Window product is used as a security product to protect glass windows. It sells to homeowners and retailers looking for additional safety. WPI’s sales of this product have dropped in recent years because competitors have introduced maintenance-free products. However, the overall market for this type of product continues to show good growth.
6) WPI is running concept tests of a new wire car-top carrier called Wire Car Top. There are other car-top carrier products on the market, but WPI plans to include options in its carrier that will make it easier to load bikes, skis, and suitcases. Wire Car Top is also very easy to put on and take off of the car because of its light weight and ease-of-use features. The concept tests are helping WPI analysts develop rough estimates of costs, sales, and profits.
7) Another new-product idea, tentatively called Wire Tent, is being considered. It would use laminated wires to create a portable tent frame. This product is currently being evaluated to determine its fit with the company’s objectives and external market trends.
Rob is thinking about the product life cycle, where each product fits, and what he should be doing as part of his marketing plan for each of these products.
For which product is it most critical for WPI to build brand familiarity?

A Wire Locker

B Wire Closet

C It is equally important for each of these products.

D Wire Window

E Wire Tent

Question #6

A new-product idea moves through the early stages of the life cycle more quickly when it has all the following characteristics except

A being easy to use.

B being compatible with the values and experiences of target customers.

C having advantages that are easy to communicate.

D being available for trial on a limited basis, without a great deal of risk to the customer.

E having no competitive advantage over those already in the market.

Question #7

Product life cycles are

A getting shorter.

B speeding up in the later stages.

C slowing down in the early stages.

D now about the same length as they were a hundred years ago.

E getting longer.

Question #8

Kelly Drake, marketing manager for Find-Ur-Way global positioning systems, is testing the marketing mix for one of her company’s new products. The product was introduced in two different markets with different prices and packages. This suggests the new product is in the ________ step of the new-product development process.

A screening

B idea generation

C development

D idea evaluation

E commercialization

Question #9

With total quality management (TQM), a company’s management makes the marketing department solely responsible for quality and customer service.

A TRUE

B FALSE

Question #10

It is outside the power of the Consumer Product Safety Commission to

A back up its orders with fines and jail sentences.

B order repairs of unsafe products.

C search for unsafe products in consumers’ homes.

D order returns of unsafe products.

E set safety standards for products.

Question #11

Bank of America checking account customers can take a picture of a check with their phone and it will be virtually deposited, which eliminates the need for the customer to physically go to the bank. This is an example of

A the use of artificial intelligence to add to the customer experience.

B augmented reality.

C the creation of a new “tech” product.

D an intelligent agent anticipating customer needs.

E a software application adding value to a core product.

Question #12

Regarding the organization of the product classes, an impulse product is to an emergency product as

A a shopping product is to a specialty product.

B a consumer product is to a business product.

C an impulse product is to a convenience product.

D a new unsought product is to a regularly unsought product.

E an installation is to a homogeneous shopping product.

Question #13

The law that focuses on the protection of trademarks and brand names is the

A Lanham Act.

B Federal Fair Packaging and Labeling Act.

C Federal Mass Product Act.

D Uniform Product Code Act.

E Magnuson-Moss Act.

Question #14

Installations are not bought very often, but the number of potential buyers at any particular time is usually quite large.

A TRUE

B FALSE

Question #15

Regarding the demand for business products, which of the following is true?

A The demand facing most individual firms is fairly inelastic, Industry demand is generally highly elastic and Demand for business products is derived from the demand for final consumer products.

B Industry demand is generally highly elastic.

C The demand facing most individual firms is fairly inelastic.

D Demand for business products is derived from the demand for final consumer products.

Question #16

Which of the following relates to a product decision that should be made during marketing strategy planning?

A packaging

B product class and product idea

C product idea

D branding, product idea, product class, and packaging

E branding and packaging

Question #17

Which of the following is the best example of an individual product?