MKT 319 EXAM 2 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MKT 319 EXAM 2 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS

Question:
1. What are the four categories of new products?
Answer:
new to the market, new category entry, product line extension and revamped

Question:
2. What is a new-to-the-market product? Provide an example
Answer:
a new invention, ex. iPhone

Question:
3. What is a new category entry? Provide an example
Answer:
a product that is new to the company, ex. Amazon Music

Question:
4. What is a product line extension? Provide an example
Answer:
using a group of related products to create a new product, ex. a new kind of toothpaste

Question:
5. What is a revamped product?
Answer:
The same product that is considered updated or "new and improved"

Question:
6. What are the types of new products from most to least risky?
Answer:
New products, new category entries, product line extensions, and revamped products

Question:
7. What are the seven stages of the product development process?
Answer:
new product strategy development, idea generation, idea screening, business analysis, product
development, test marketing and product launch

Question:
8. What are the categories of new product adopters?
Answer:
innovators, early adopters, early majority, late majority, and laggards

,Question:
9. What is the definition of product diffusion?
Answer:
How the products is adopted by consumers

Question:
10. What are the characteristics of a new product that affect diffusion?
Answer:
Competitive advantage, compatibility with behaviors, observability, complexity, trial-ability

Question:
11. What is competitive advantage?
Answer:
When the new product is clearly superior than another

Question:
12. What is compatibility with behaviors?
Answer:
When a new product is consistent in the potential users life

Question:
13. What is observability?
Answer:
When a new products innovation is visible

Question:
14. What is trialability?
Answer:
The degree to which a new product can be tested/observed

Question:
15. What is complexity?
Answer:
The degree a new product is perceived as difficult to understand and use

Question:
16. What are the five stages of the product life cycle?
Answer:
New product development, introduction, growth, maturity stage, and decline stage

Question:
17. What is the definition of ethics in relation to product development?
Answer:
The obligation to produce safe products

, Question:
18. What is the definition of sustainable design in relation to product development?
Answer:
The obligation to make products in such a way to reduce environmental impact

Question:
19. What is segmentation?
Answer:
Defines needs and wants of most interested parties by focusing resources to maximize profits

Question:
20. What are the four segmentation bases?
Answer:
Substantial, measurable, differential, accessible, actionable

Question:
21. What are the five necessary criteria for effective segmentation?
Answer:
Substantial, measurable, differentiable, accessible, tangible

Question:
22. What does it mean for segmentation to be substantial?
Answer:
Large enough to make a profit

Question:
23. What does it mean for segmentation to be measurable?
Answer:
The size and purchasing power are measurable and identifiable

Question:
24. What does it mean for segmentation to be differentiable?
Answer:
Segments must respond differently to marketing strategies

Question:
25. What does it mean for segmentation to be accessible?
Answer:
The product must reach and serve the market

Question:
26. What does it mean for segmentation to be actionable?
Answer:
There is the ability to to develop strategies to attract the segment to the companies product