BUS 343 - Chapter 8,4 questions well
answered graded A+
_______ defines the stage's products move through as they enter, get established in, and
ultimately leave the marketplace. - correct answer ✔✔The product life cycle
The _______ stage of product life cycle is characterized by initial losses to the firm due to its
high start-up costs and low levels of sales revenue as the product begins to take off. - correct
answer ✔✔Introduction
The product development process can be diagrammed as sequential process. Place the stages in
order, with the first stage at top - correct answer ✔✔Idea Generation
Concept Testing
Product development
Market Testing
Product launch
Evaluation of product's success
_______ is the process by which ideas are transformed into new products and services that will
help firms grow. - correct answer ✔✔Innovation
The key characteristic of the growth stage of the product life cycle are: - correct answer
✔✔Increase in number of competitors
Rising sales
Profits Rise
, New product and service innovation is important because the longer a product or service exists
in a given marketplace, the more likely that the market will become______. - correct answer
✔✔saturated
The _______ stage of the life cycle for a new , innovative product or service usually starts with a
single firm, and innovators are the ones to try the new offering. - correct answer
✔✔Introduction Stage
Sequential steps are involved in a new product launch. Match each task on the left with the stop
on the right. - correct answer ✔✔1. Firm confirms its target market
2. Firm decides two the product will be positioned
3. Firm finalizes the remaining marketing mix variables for the new product.
The early majority represent approximately _____ of the total consumer market and is crucial to
the profitability of a product or service. Without them, the product or service will typically fail. -
correct answer ✔✔34%
A good service may pass through many stages as it establishes itself in the marketplace.
Marketing managers refer to this as the _________ cycle. - correct answer ✔✔Product Life cycle
A ______ is anything that is of value to a consumer and can be offered through a marketing
exchange. - correct answer ✔✔Product
While late to the party, the late majority category of consumers is still significant, making up
roughly ______ of the total consumer market. - correct answer ✔✔34%
________ are consumers who like to avoid changes and rely on traditional products until they
are no longer available. - correct answer ✔✔Laggards
answered graded A+
_______ defines the stage's products move through as they enter, get established in, and
ultimately leave the marketplace. - correct answer ✔✔The product life cycle
The _______ stage of product life cycle is characterized by initial losses to the firm due to its
high start-up costs and low levels of sales revenue as the product begins to take off. - correct
answer ✔✔Introduction
The product development process can be diagrammed as sequential process. Place the stages in
order, with the first stage at top - correct answer ✔✔Idea Generation
Concept Testing
Product development
Market Testing
Product launch
Evaluation of product's success
_______ is the process by which ideas are transformed into new products and services that will
help firms grow. - correct answer ✔✔Innovation
The key characteristic of the growth stage of the product life cycle are: - correct answer
✔✔Increase in number of competitors
Rising sales
Profits Rise
, New product and service innovation is important because the longer a product or service exists
in a given marketplace, the more likely that the market will become______. - correct answer
✔✔saturated
The _______ stage of the life cycle for a new , innovative product or service usually starts with a
single firm, and innovators are the ones to try the new offering. - correct answer
✔✔Introduction Stage
Sequential steps are involved in a new product launch. Match each task on the left with the stop
on the right. - correct answer ✔✔1. Firm confirms its target market
2. Firm decides two the product will be positioned
3. Firm finalizes the remaining marketing mix variables for the new product.
The early majority represent approximately _____ of the total consumer market and is crucial to
the profitability of a product or service. Without them, the product or service will typically fail. -
correct answer ✔✔34%
A good service may pass through many stages as it establishes itself in the marketplace.
Marketing managers refer to this as the _________ cycle. - correct answer ✔✔Product Life cycle
A ______ is anything that is of value to a consumer and can be offered through a marketing
exchange. - correct answer ✔✔Product
While late to the party, the late majority category of consumers is still significant, making up
roughly ______ of the total consumer market. - correct answer ✔✔34%
________ are consumers who like to avoid changes and rely on traditional products until they
are no longer available. - correct answer ✔✔Laggards
