Question

29.With regard to the various stages of the new product development process:

- a product’s profit potential is estimated in the idea generation stage.

- from a marketing perspective, scientists are the ideal source of ideas.

- new product ideas are generated during the test marketing stage.

- screening involves evaluating the idea in terms of a new-product checklist.

22. Which is NOTa characteristic of services?

- personal factors are very important, especially at the time of the purchase decision.

- there is usually a large set of acceptable brands or suppliers offering a given set of services.

- they tend to be adopted more slowly than products because of the difficulty in assessing quality.

- they tend to experience strong brand loyalty.

13.“Less-for-much-less” positioning involves meeting consumers’:

- lower quality requirements at the lowest possible price

- high quality requirements at a discounted rate

- quality performance requirements at a lower price

- lower quality requirements in exchange for a lower price

11.Regarding market segmentation:

- a firm with multiple market segmentation is going to experience some degree of cannibalism, i.e., one of its products will take sales from another of its products.

- a single market segment approach is generally focused on a small market away from the so-called “center” of the total market.

- the idea of multiple market segmentation is to give each market segment the choice from among several brands from the same seller.

- the single market segment approach is usually some form of the “me too” strategy.

Answer 1

Answer 29:

Option D. In new product development process, screening involves evaluating the ideas in terms of a new product checklist.

Answer 22:

Option C. All the options mentioned above are characteristic of a service except they tend to be adopted slowly than products because of the difficulty in assessing quality. The quality can be assessed in services.

Answer 13:

Option A. Less for much less involves meeting customer's lower quality requirements at the lowest possible price.

Answer 11:

Option B. Market Segmentation refers to a single market approach focused on a small market away from the so called center of the total market.