Product Development & Marketing – Introduction To Business

Product Development & Marketing – Introduction To Business

In this quiz the questions is about product development and marketing, business analysis, idea development.


Which of the following stages of the product development process assesses a product’s compatibility in the market? 

idea development

idea screening

test marketing

business analysis – Correct


_____ is a trial minilaunch of a product in limited areas that represent the potential market.

Commercialization

Test marketing- Correct

Idea screening

Concept testing


Which of the following is an element of the promotion mix? 

price

publicity – Correct

product

place


_____ has the important function of providing revenue to sustain a firm. 

Operations

Accounting

Marketing – Correct

Finance


_____ is the full introduction of a complete marketing strategy and the launch of a product. 

Test marketing

Commercialization – Correct

Idea screening

Idea development


_____ is the goal of the marketing concept. 

Customer satisfaction -Correct

Asset turnover

Sales orientation

Productivity boosting


Which of the following is a common mobile marketing tool? 

podcasts

wikis

viral marketing

multimedia messages – Correct


_____ occurs when criminals obtain personal information that allows them to impersonate someone else in order to use the person’s credit to obtain financial accounts and make purchases. 

Phishing

Crowdsourcing

Firewalling

Identity theft – Correct


Which of the following is a psychological variable of buying behavior? 

attitude – Correct

refernce groups

social roles

social classes


_____ permit website operators to track how often a user visits the site, what he or she looks at while there, and in what sequence and also allow web users to customize services and content. 

Widgets

Cookies – Correct

QR Code

Apps


At the heart of all business is the_____, the act of giving up one thing in return for something else. 

marketing strategy

risk management

collusion

exchange – Correct


A _____ is a brand that is legally protected from use by any other firm. 

brand mark

manufacturer’s brand

generic brand

trademark – Correct


Before introducing a new product, a prototype is created at the _____ stage. 

test marketing

product development – Correct

idea development

idea generation


A _____ is a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers. 

market evaluation

contingency plan

SWOT analysis

marketing strategy – Correct


A _____ is best described as a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas. 

target market

market segment

market – Correct

focus group


The role of _____ is to communicate with individuals, groups, and organizations to facilitate an exchange directly or indirectly. 

promotion – Correct

branding

distribution

merchandising


_____ are commonly determined by ranking people into higher or lower positions of respect. 

Functional teams

Social roles

Reference groups

Social classes – Correct


_____ refers to the decision processes and actions of people who purchase and use products. 

Buying behavior – Correct

Distributing

Market orientation

Franchising


A customer’s subjective assessment of benefits relative to costs in determining the worth of a product is known as 

risk.

cost.

price.

value. – Correct


During the first half of the 20th century, businesspeople viewed _____ as the primary means of increasing profits. 

production

sales – Correct

marketing

promotion


_____ is the chance of loss associated with marketing decisions. 

Risk – Correct

Liability

Utility

Value


_____ are web-based journals in which writers can editorialize and interact with other Internet users. 

Online newspapers

Wikis

Social networking sites

Blogs – Correct


Widgets are 

identifying strings of text on users’ computers that permit website operators to track how often a user visits the site, what he or she looks at while there, and in what sequence.

small bits of software on a website, desktop, or mobile device that perform a simple purpose, such as providing stock quotes. – Correct

antivirus programs that help individuals avoid identity theft.

little black and white squares that appear in magazines, posters, and store displays.


Which of the following is the stage in the product development process where most new product ideas are rejected because they seem inappropriate for an organization? 

idea screening – Correct

test marketing

idea development

product development


_____ are often employed to boost sales. 

Permanent price reductions

Discounts – Correct

Reference prices

High prices


_____ describes how marketers use digital media to find out the opinions or needs of potential markets. 

Collecting

Networking

Surveying

Crowdsourcing – Correct


Which of the following is a condition required for an exchange to take place? 

Each participant must hold on to his or her respective “something of value.”

Products offered should be standardized by sellers.

The items of value offered by the buyers and sellers must be tangible in nature, such as money and cars.

Buyers and sellers must be able to communicate about the “something of value” available to each. – Correct


Which of the following promotion mix variables is best for promoting expensive products with specialized uses, such as houses? 

advertising

sales promotion

publicity

personal selling – Correct


The _____ reflects the degree to which a good, service, or idea meets the demands and requirements of customers. 

product labeling

product quality – Correct

brand mark

brand name


When a _____ strategy is used, a company attempts to motivate wholesalers and retailers to make the product available to their customers. 

test-marketing

skimming

pull

push – Correct


Motorcycles are an example of _____ products. 

convienence

shopping

generic

specialty – Correct


Industrial products such as lumber, cotton, and iron ore are classified as 

raw materials. – Correct

supplies.

accessory equipment.

component parts.


In the context of digital communication, _____ refers to the customer’s ability to regulate the information they view as well as the rate and exposure to that information. 

connectivity

addressability

control – Correct

accessibility


In the _____ approach, the marketer aims its marketing efforts at two or more segments, developing a marketing strategy for each. 

total-market

multisegment – Correct

niche

concentration


A _____ is a website where users can create a profile and interact with other users, post information, and engage in other forms of web-based communication.

social network – Correct

wiki

podcast

webcast


If a company develops an advertising campaign exclusively for a segment of consumers with a certain income and education, which of the following segmentation variables is the company using? 

demograpic – Correct

geographic

psychographic

behavioristic


_____ are websites where users can add to or edit the content of posted articles. 

Virtual realities

Wikis – Correct

Blogs

Social networking sites


The financial value placed on an object involved in an exchange between a buyer and a seller is known as its 

nominal value.

discount.

comparable value.

price. – Correct


During the _____ stage of the product cycle, a firm tries to strengthen its position in the market by emphasizing the product’s benefits and identifying market segments that want these benefits. 

decline

growth – Correct

maturity

introductory


Which of the following steps of personal selling is associated with asking a prospect to buy a product? 

presenting

approaching

closing – Correct

following up


Which of the following characteristics distinguishes digital marketing from traditional marketing? 

creativity

addressability – Correct

accountability

adaptability


In the _____ approach to market segmentation, a company develops one marketing strategy for a single market segment. 

concentration – Correct

mass-market

differentiated

multisegment


_____ are audio or video files that can be downloaded from the Internet via a subscription that automatically delivers new content to listening devices or personal computers. 

Social networking sites

Podcasts – Correct

Blogs

Wikis


Inventory control, transportation, and warehousing are all examples of activities of 

channel D marketing.

departmentalization.

operationalization.

physical distribution. – Correct


The market orientation approach emphasizes 

extensive promotional activities.

efficient production of goods.

making the products first and then trying to persuade customers that they need them.

determining what customers want first and then producing it. – Correct


When a company sets a low price for a new product to discourage competition from entering the market, it is using the _____ strategy. 

penetration pricing – Correct

price skimming

even/odd pricing

psychological pricing


Which of the following modes of transportation offers speed and a high degree of dependability but is the most expensive? 

shipping

railroads

trucking

air transport – Correct


One of the best ways businesses can utilize digital media is for _____ purposes, such as increasing brand awareness and connecting with consumers. 

placement

promotion – Correct

pricing

distribution


If a company is eliminating certain models of a product and cutting back on expenditures, the product is most likely in the _____ stage of the product life cycle. 

decline – Correct

intermediate

growth

maturity


In _____ marketing, all marketing efforts focus on one small, well-defined market segment that has a unique, specific set of needs. 

multisegment

differentiated

mass

niche – Correct


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