BUSML 3150 FINAL UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. Acquisitions and new product development
Answer:
What are the two ways a firm can obtain new products?
A. New product development and external research and development
B. New product development and existing product modification
C. Acquisitions and external research and development
D. Mergers and acquisitions
E. Acquisitions and new product development
Question:
2. Understand its consumers, markets, and competitors, and
develop products that deliver superior value
Answer:
To create successful new products, a company must _______.
A. understand its consumers, markets, and competitors, and develop products
that deliver superior value
B. wait and see what new products its competitors offer
C. spend more on R&D than its competitors
D. cut costs to keep the price of new products low
E. avoid innovation and only improve existing, successful products
Question:
3. Generating new product ideas
Answer:
What is the first step in the new product development process?
A. Consulting with R&D on the feasibility of the new product
B. Screening new product ideas
C. Generating new product ideas
D. Setting the budget
E. Building a prototype
,Question:
4. Conducting a business analysis
Answer:
Once management has decided on its product concept and marketing strategy, it
can evaluate the business attractiveness of the proposal, which involves ___________.
A. building and testing a prototype
B. conducting concept testing
C. conducting a business analysis
D. introducing the new product to the market
E. conducting test marketing
Question:
5. Sales are slow and profits nonexistent
Answer:
During the introductory stage of the product lifecycle, ______________.
A. sales rise quickly and profits are high
B. sales fall and profits decline
C. profits rise quickly and there is rapid market acceptance of the product
D. sales rise quickly, but profits are nonexistent
E. sales are slow and profits nonexistent
Question:
6. Which stage of the product lifecycle normally lasts longer than the previous
stages and poses strong challenges to marketing management?
A. Decline
B. Introduction
C. Maturity
D. Growth
E. Product development
Answer:
Maturity
,Question:
7. The government may prevent companies from adding
products through acquisitions if the effect threatens to
lessen competition.
Answer:
Which of the following statements regarding socially responsible product
decisions is correct?
A. The government may prevent companies from adding products through
acquisitions if the effect threatens to lessen competition.
B. When companies drop products, they do not have any legal obligations to
suppliers, dealers, and customers.
C. Consumers who have been injured by a product with a defective design cannot
sue manufacturers or dealers.
D. Manufacturers are generally not concerned with product liability.
E. Manufacturers are not required to comply with laws regarding product quality
and safety.
Question:
8. Because markets and consumers around the world differ
widely, companies must usually adapt their product
offerings in different world markets.
Answer:
Which of the following statements regarding the marketing of international
products and services is correct?
A. Markets and consumers all over the world are alike, so a company should
always standardize international products.
B. The trend toward growth of global service companies will not continue and will
actually decline.
C. Advertising is one service industry that has not needed to globalize its
operations.
D. Because markets and consumers around the world differ widely, companies
must usually adapt their product offerings in different world markets.
E. Markets and consumers around the world are now so similar that international
product and services marketers no longer face special challenges when
marketing in foreign countries.
, Question:
9. Modified and improved products are considered new.
Answer:
Which of the following statements concerning new products is correct?
A. Modified and improved products are considered new.
B. To be considered new, the product must be something consumers have not
seen before.
C. Most new products succeed within two years of their introduction.
D. A modified product is not considered a new product.
E. Products that are merely improved in some way are not considered new.
Question:
10. sales would be slow and profits non-existent
Answer:
When Dr. Lawncare developed his revolutionary new solar powered lawnmower,
he knew that during the introductory stage of the product lifecycle ___________.
A. profits would rise quickly and there would be rapid market acceptance of his
product.
B. sales would be low but profits would be high
C. sales would be slow and profits would level off or decline
D. sales would fall and profits would drop
E. sales would be slow and profits non-existent
Question:
11. Standardization decreases product design,
manufacturing, and marketing costs.
Answer:
Which of the following statements is true regarding standardizing products for
international markets?
A. Standardization increases product design, manufacturing, and marketing costs.
B. Standardization helps a company develop a different image in different
countries.
C. Markets and consumers all over the world are alike, so a company should
always standardize international products.
D. Standardization decreases product design, manufacturing, and marketing
costs.
E. Standardization ensures that products will succeed in foreign markets.
AND CORRECT ANSWERS
Question:
1. Acquisitions and new product development
Answer:
What are the two ways a firm can obtain new products?
A. New product development and external research and development
B. New product development and existing product modification
C. Acquisitions and external research and development
D. Mergers and acquisitions
E. Acquisitions and new product development
Question:
2. Understand its consumers, markets, and competitors, and
develop products that deliver superior value
Answer:
To create successful new products, a company must _______.
A. understand its consumers, markets, and competitors, and develop products
that deliver superior value
B. wait and see what new products its competitors offer
C. spend more on R&D than its competitors
D. cut costs to keep the price of new products low
E. avoid innovation and only improve existing, successful products
Question:
3. Generating new product ideas
Answer:
What is the first step in the new product development process?
A. Consulting with R&D on the feasibility of the new product
B. Screening new product ideas
C. Generating new product ideas
D. Setting the budget
E. Building a prototype
,Question:
4. Conducting a business analysis
Answer:
Once management has decided on its product concept and marketing strategy, it
can evaluate the business attractiveness of the proposal, which involves ___________.
A. building and testing a prototype
B. conducting concept testing
C. conducting a business analysis
D. introducing the new product to the market
E. conducting test marketing
Question:
5. Sales are slow and profits nonexistent
Answer:
During the introductory stage of the product lifecycle, ______________.
A. sales rise quickly and profits are high
B. sales fall and profits decline
C. profits rise quickly and there is rapid market acceptance of the product
D. sales rise quickly, but profits are nonexistent
E. sales are slow and profits nonexistent
Question:
6. Which stage of the product lifecycle normally lasts longer than the previous
stages and poses strong challenges to marketing management?
A. Decline
B. Introduction
C. Maturity
D. Growth
E. Product development
Answer:
Maturity
,Question:
7. The government may prevent companies from adding
products through acquisitions if the effect threatens to
lessen competition.
Answer:
Which of the following statements regarding socially responsible product
decisions is correct?
A. The government may prevent companies from adding products through
acquisitions if the effect threatens to lessen competition.
B. When companies drop products, they do not have any legal obligations to
suppliers, dealers, and customers.
C. Consumers who have been injured by a product with a defective design cannot
sue manufacturers or dealers.
D. Manufacturers are generally not concerned with product liability.
E. Manufacturers are not required to comply with laws regarding product quality
and safety.
Question:
8. Because markets and consumers around the world differ
widely, companies must usually adapt their product
offerings in different world markets.
Answer:
Which of the following statements regarding the marketing of international
products and services is correct?
A. Markets and consumers all over the world are alike, so a company should
always standardize international products.
B. The trend toward growth of global service companies will not continue and will
actually decline.
C. Advertising is one service industry that has not needed to globalize its
operations.
D. Because markets and consumers around the world differ widely, companies
must usually adapt their product offerings in different world markets.
E. Markets and consumers around the world are now so similar that international
product and services marketers no longer face special challenges when
marketing in foreign countries.
, Question:
9. Modified and improved products are considered new.
Answer:
Which of the following statements concerning new products is correct?
A. Modified and improved products are considered new.
B. To be considered new, the product must be something consumers have not
seen before.
C. Most new products succeed within two years of their introduction.
D. A modified product is not considered a new product.
E. Products that are merely improved in some way are not considered new.
Question:
10. sales would be slow and profits non-existent
Answer:
When Dr. Lawncare developed his revolutionary new solar powered lawnmower,
he knew that during the introductory stage of the product lifecycle ___________.
A. profits would rise quickly and there would be rapid market acceptance of his
product.
B. sales would be low but profits would be high
C. sales would be slow and profits would level off or decline
D. sales would fall and profits would drop
E. sales would be slow and profits non-existent
Question:
11. Standardization decreases product design,
manufacturing, and marketing costs.
Answer:
Which of the following statements is true regarding standardizing products for
international markets?
A. Standardization increases product design, manufacturing, and marketing costs.
B. Standardization helps a company develop a different image in different
countries.
C. Markets and consumers all over the world are alike, so a company should
always standardize international products.
D. Standardization decreases product design, manufacturing, and marketing
costs.
E. Standardization ensures that products will succeed in foreign markets.
