MKTG 396 EXAM STUDY GUIDE TEST BANK
2026 ACTUAL EXAM FULL SOLUTION
◍ late majority - the last group of buyers to enter a new product
market; when they do, the product has achieved its full market
potential
◍ Laggards - consumers who like to avoid change and rely on
traditional products until they are no longer available
◍ New Product Development Process - idea generation, idea
screening, concept development and testing, marketing strategy
development, business analysis, product development, test marketing,
commercialization
◍ idea generation - The systematic search for new-product ideas -
Major sources of new product ideas include internal sources and
external sources such as customers, competitors, distributors and
suppliers, and others
◍ Crowdsourcing - inviting broad communities of people -
customers, employees, independent scientists and researchers, and
even the public at large - into the new product innovation process
◍ Idea Screening - screening new product ideas to spot good ones
and drop poor ones as soon as possible
,◍ product concept development and screening - the second step of
product development in which marketers test product ideas for
technical and commercial success
◍ marketing strategy development - designing an initial marketing
strategy for a new product based on the product concept - this must
answer how where when and whom the product will be introduced
◍ business analysis - a review of the sales, costs, and profit
projections for a new product to find out whether these factors satisfy
the company's objectives
◍ product development - developing the product concept into a
physical product to ensure that the product idea can be turned into a
workable market offering
◍ test marketing - the stage of new product development in which the
product and its proposed marketing program are tested in realistic
market settings
◍ Commercialization - introducing a new product into the market
◍ Product Life Cycle - describes the stages a new product goes
through in the marketplace: product development, introduction,
growth, maturity, and decline
,◍ introduction stage - the PLC stage in which a new product is first
distributed and made available for purchase
◍ growth stage - the PLC stage in which a product's sales start
climbing quickly
◍ maturity stage - the PLC stage in which a product's sales growth
slows or levels off (most products are in this stage - marketers try to
prevent decline)
◍ modifying the market - company tries to increase consumption by
finding new users and new market segments for its brands
◍ modifying the product - changing characteristics such as quality,
features, style, packaging, or technology platforms to retain current
users or attract new ones
◍ modifying the marketing mix - involves improving sales by
changing one or more of the marketing mix elements - improving
service, adjusting prices, running a sales promo
◍ decline stage - stage of the product life cycle when sales decline
and the product eventually exits the market
◍ Style, Fashion, Fad - Style- a basic and distinctive mode of
expression
Fashion- a currently accepted or popular style in a given field
, Fad- a temporary period of unusually high sales driven by consumer
enthusiasm and immediate product or brand popularity
◍ product and service decisions - individual product decisions,
product line decisions, product mix decisions
◍ individual product and service decisions - 1. product attributes
2. branding
3. packaging
4. labeling
5. product support services
◍ product and service attributes - communicate and deliver the
benefits
Quality
Features
Style and design
◍ product quality - the characteristics of a product or service that bear
on its ability to satisfy stated or implied customer needs
◍ product features - specific design characteristics that allow a
product to perform certain tasks ex. back up cam
2026 ACTUAL EXAM FULL SOLUTION
◍ late majority - the last group of buyers to enter a new product
market; when they do, the product has achieved its full market
potential
◍ Laggards - consumers who like to avoid change and rely on
traditional products until they are no longer available
◍ New Product Development Process - idea generation, idea
screening, concept development and testing, marketing strategy
development, business analysis, product development, test marketing,
commercialization
◍ idea generation - The systematic search for new-product ideas -
Major sources of new product ideas include internal sources and
external sources such as customers, competitors, distributors and
suppliers, and others
◍ Crowdsourcing - inviting broad communities of people -
customers, employees, independent scientists and researchers, and
even the public at large - into the new product innovation process
◍ Idea Screening - screening new product ideas to spot good ones
and drop poor ones as soon as possible
,◍ product concept development and screening - the second step of
product development in which marketers test product ideas for
technical and commercial success
◍ marketing strategy development - designing an initial marketing
strategy for a new product based on the product concept - this must
answer how where when and whom the product will be introduced
◍ business analysis - a review of the sales, costs, and profit
projections for a new product to find out whether these factors satisfy
the company's objectives
◍ product development - developing the product concept into a
physical product to ensure that the product idea can be turned into a
workable market offering
◍ test marketing - the stage of new product development in which the
product and its proposed marketing program are tested in realistic
market settings
◍ Commercialization - introducing a new product into the market
◍ Product Life Cycle - describes the stages a new product goes
through in the marketplace: product development, introduction,
growth, maturity, and decline
,◍ introduction stage - the PLC stage in which a new product is first
distributed and made available for purchase
◍ growth stage - the PLC stage in which a product's sales start
climbing quickly
◍ maturity stage - the PLC stage in which a product's sales growth
slows or levels off (most products are in this stage - marketers try to
prevent decline)
◍ modifying the market - company tries to increase consumption by
finding new users and new market segments for its brands
◍ modifying the product - changing characteristics such as quality,
features, style, packaging, or technology platforms to retain current
users or attract new ones
◍ modifying the marketing mix - involves improving sales by
changing one or more of the marketing mix elements - improving
service, adjusting prices, running a sales promo
◍ decline stage - stage of the product life cycle when sales decline
and the product eventually exits the market
◍ Style, Fashion, Fad - Style- a basic and distinctive mode of
expression
Fashion- a currently accepted or popular style in a given field
, Fad- a temporary period of unusually high sales driven by consumer
enthusiasm and immediate product or brand popularity
◍ product and service decisions - individual product decisions,
product line decisions, product mix decisions
◍ individual product and service decisions - 1. product attributes
2. branding
3. packaging
4. labeling
5. product support services
◍ product and service attributes - communicate and deliver the
benefits
Quality
Features
Style and design
◍ product quality - the characteristics of a product or service that bear
on its ability to satisfy stated or implied customer needs
◍ product features - specific design characteristics that allow a
product to perform certain tasks ex. back up cam
