MKTG 2150 Final Review Exam Questions
With Correct Answers
Many marketers use the concept of _____ to manage a product from its
initial launch through to its eventual decline.
a) product commercialization
b) the marketing mix
c) the product growth cycle
d) the product life cycle - ANSWER d) the product life cycle
Photographic Dreams has developed a photography process that does not
require battery power. In its current product life cycle stage, there are few
competitors but also slow sales. Photographic Dreams product is most
likely in this stage:
a) growth
b) introduction
c) maturity
d) commercialization - ANSWER b) introduction
Ryobi Power Tools plans to introduce a lightweight, battery-powered snow
blower early in the fall, next year. Currently, Ryobi is working with internal
and external market research teams. to gather employee, marketplace, and
consumer feedback on existing snow removal products currently available.
With a focus on ideas and gathering feedback, Ryobi is likely in what stage
of the new product development cycle?
a) New product development strategy
b) Screening and evaluation
c) Development
d) Idea generation - ANSWER b) Screening and evaluation
Ryobi Power Tools plans to introduce a lightweight, battery-powered snow
blower early in the fall, next year. After moving through the business
,analysis and development, Ryobi enters the Test Marketing stage. The
main objective of this phase is to:
a) examine competitive reaction to the product concept. adoption curve.
b) only sell the product to the most interested target markets.
c) to determine whether consumers will actually buy the product, and to
what extent.
d) test potential marketing tactics. - ANSWER c) to determine whether
consumers will actually buy the product, and to what extent.
_____ involves determining financial projections on bringing a new product
to market and selling it in the future.
a) Concept test
b) Development
c) Screening and evaluation
d) Business analysis - ANSWER d) Business analysis
Which of the following is true of the growth stage of the product life cycle?
a) During this stage, profits are minimal, and sales grow slowly.
b) This stage is characterized by little competition and a lack of consumer
awareness about the product.
c) It is characterized by a slowdown of increase in both the sales and profit
areas.
d) This stage sees an increase in competition and a rapid rise in sales and
profits. - ANSWER d) This stage sees an increase in competition and a
rapid rise in sales and profits.
In the maturity stage of the product life cycle, brand loyalty is the marketing
objective. What is the promotional focus in the same stage?
a) Focus on pricing and sales promotion.
b) Focus on building awareness with advertising.
c) Emphasize points of difference versus the competition.
d) Only minimal promotion, if any. - ANSWER a) Focus on pricing and
sales promotion.
Just prior to launching a new model of its popular water-ski boat, the
Skimmer, Simon Watercraft expects, and starts to see, decreasing profits
for the product line. In response, the company drastically reduces
promotional activities to maximize the remaining profit from the remaining
sales. This strategy is known as:
a) line extension
, b) radical innovation
c) harvesting
d) commercialization - ANSWER c) harvesting
A company realizes that one of its products has become obsolete in the
market since its sales and profits have consistently declined. Which of the
following strategies can the company adopt to deal with its declining
product?
a) Line extension
b) Deletion
c) Penetration pricing
d) Price skimming - ANSWER b) Deletion
Most consumers believe that the higher the price of the diamond, the
higher its quality is.This is an example of price influencing the perception of
overall quality and _____ to consumers.
a) acceptable cost
b) volume
c) value
d) trade-in allowances - ANSWER c) value
Which of the following is NOT one of the four general pricing approaches?
a) Demand oriented
b) Cost oriented
c) Competition oriented
d) Break-even oriented - ANSWER d) Break-even oriented
Entering a new market can be challenging. A common pricing strategy that
is used to gain market share and establish a presence in a new market by
offering comparable products at a lower than market price is known, as:
a) skimming
b) penetration
c) prestige
d) price lining - ANSWER b) penetration
The manufacturer of a new variety of fat-free ice cream that has the
consistency and taste of regular ice cream needs to determine a pricing
strategy for its new product. Which of the following conditions would
suggest using a skimming pricing strategy for the tasty fat-free ice cream?
a) The ice cream market is highly conservative.
With Correct Answers
Many marketers use the concept of _____ to manage a product from its
initial launch through to its eventual decline.
a) product commercialization
b) the marketing mix
c) the product growth cycle
d) the product life cycle - ANSWER d) the product life cycle
Photographic Dreams has developed a photography process that does not
require battery power. In its current product life cycle stage, there are few
competitors but also slow sales. Photographic Dreams product is most
likely in this stage:
a) growth
b) introduction
c) maturity
d) commercialization - ANSWER b) introduction
Ryobi Power Tools plans to introduce a lightweight, battery-powered snow
blower early in the fall, next year. Currently, Ryobi is working with internal
and external market research teams. to gather employee, marketplace, and
consumer feedback on existing snow removal products currently available.
With a focus on ideas and gathering feedback, Ryobi is likely in what stage
of the new product development cycle?
a) New product development strategy
b) Screening and evaluation
c) Development
d) Idea generation - ANSWER b) Screening and evaluation
Ryobi Power Tools plans to introduce a lightweight, battery-powered snow
blower early in the fall, next year. After moving through the business
,analysis and development, Ryobi enters the Test Marketing stage. The
main objective of this phase is to:
a) examine competitive reaction to the product concept. adoption curve.
b) only sell the product to the most interested target markets.
c) to determine whether consumers will actually buy the product, and to
what extent.
d) test potential marketing tactics. - ANSWER c) to determine whether
consumers will actually buy the product, and to what extent.
_____ involves determining financial projections on bringing a new product
to market and selling it in the future.
a) Concept test
b) Development
c) Screening and evaluation
d) Business analysis - ANSWER d) Business analysis
Which of the following is true of the growth stage of the product life cycle?
a) During this stage, profits are minimal, and sales grow slowly.
b) This stage is characterized by little competition and a lack of consumer
awareness about the product.
c) It is characterized by a slowdown of increase in both the sales and profit
areas.
d) This stage sees an increase in competition and a rapid rise in sales and
profits. - ANSWER d) This stage sees an increase in competition and a
rapid rise in sales and profits.
In the maturity stage of the product life cycle, brand loyalty is the marketing
objective. What is the promotional focus in the same stage?
a) Focus on pricing and sales promotion.
b) Focus on building awareness with advertising.
c) Emphasize points of difference versus the competition.
d) Only minimal promotion, if any. - ANSWER a) Focus on pricing and
sales promotion.
Just prior to launching a new model of its popular water-ski boat, the
Skimmer, Simon Watercraft expects, and starts to see, decreasing profits
for the product line. In response, the company drastically reduces
promotional activities to maximize the remaining profit from the remaining
sales. This strategy is known as:
a) line extension
, b) radical innovation
c) harvesting
d) commercialization - ANSWER c) harvesting
A company realizes that one of its products has become obsolete in the
market since its sales and profits have consistently declined. Which of the
following strategies can the company adopt to deal with its declining
product?
a) Line extension
b) Deletion
c) Penetration pricing
d) Price skimming - ANSWER b) Deletion
Most consumers believe that the higher the price of the diamond, the
higher its quality is.This is an example of price influencing the perception of
overall quality and _____ to consumers.
a) acceptable cost
b) volume
c) value
d) trade-in allowances - ANSWER c) value
Which of the following is NOT one of the four general pricing approaches?
a) Demand oriented
b) Cost oriented
c) Competition oriented
d) Break-even oriented - ANSWER d) Break-even oriented
Entering a new market can be challenging. A common pricing strategy that
is used to gain market share and establish a presence in a new market by
offering comparable products at a lower than market price is known, as:
a) skimming
b) penetration
c) prestige
d) price lining - ANSWER b) penetration
The manufacturer of a new variety of fat-free ice cream that has the
consistency and taste of regular ice cream needs to determine a pricing
strategy for its new product. Which of the following conditions would
suggest using a skimming pricing strategy for the tasty fat-free ice cream?
a) The ice cream market is highly conservative.
