Marketing Management MKT 300 Final Exam Comprehensive Study
Guide and Practice Questions
1. 6 Stages of the new product development process - correct answer ✔✔ Idea Generation
Concept Testing
Product Development
Market Testing
Product Launch
Evaluation of Results
Idea Generation - correct answer ✔✔ development of viable new product ideas
Concept Testing - correct answer ✔✔ testing the new product idea among a set of potential
customers
Product Development - correct answer ✔✔ development of prototypes and/r the product
Market Testing - correct answer ✔✔ testing the actual products in a few test markets
Product Launch - correct answer ✔✔ full-scale commercialization of the product
Evaluation of Results - correct answer ✔✔ analysis of the performance for the new product and
making appropriate modifications
4. Service - correct answer ✔✔ any intangible offering that involves a deed, performance of
effort that cannot be physically possessed
, 5. Service Characteristics differentiating services from goods - correct answer ✔✔ Intangibility
Variability
Inseparable
Variability - correct answer ✔✔ because we are human, we are prone to lose control of our
emotions...causing error
Knowledge Gap - correct answer ✔✔ the difference between customers' expectations and the
firm's perception of those customer expectations
Delivery Gap - correct answer ✔✔ the difference between the firms service standards and the
actual service it provides to customers
Communication Gap - correct answer ✔✔ the difference between the actual services provided
to customers and the service that the firm's promotion program promises.
7. What is price - correct answer ✔✔ the overall sacrifice a consumer is willing to make to
acquire a specific product or service.
8. 4 Types of pricing objectives - correct answer ✔✔ Profit Orientation
Sales Orientation
Competitor Orientation
Customer Orientation
Profit Orientation - correct answer ✔✔ focus on target profit pricing, maximize profit or target
return pricing
Guide and Practice Questions
1. 6 Stages of the new product development process - correct answer ✔✔ Idea Generation
Concept Testing
Product Development
Market Testing
Product Launch
Evaluation of Results
Idea Generation - correct answer ✔✔ development of viable new product ideas
Concept Testing - correct answer ✔✔ testing the new product idea among a set of potential
customers
Product Development - correct answer ✔✔ development of prototypes and/r the product
Market Testing - correct answer ✔✔ testing the actual products in a few test markets
Product Launch - correct answer ✔✔ full-scale commercialization of the product
Evaluation of Results - correct answer ✔✔ analysis of the performance for the new product and
making appropriate modifications
4. Service - correct answer ✔✔ any intangible offering that involves a deed, performance of
effort that cannot be physically possessed
, 5. Service Characteristics differentiating services from goods - correct answer ✔✔ Intangibility
Variability
Inseparable
Variability - correct answer ✔✔ because we are human, we are prone to lose control of our
emotions...causing error
Knowledge Gap - correct answer ✔✔ the difference between customers' expectations and the
firm's perception of those customer expectations
Delivery Gap - correct answer ✔✔ the difference between the firms service standards and the
actual service it provides to customers
Communication Gap - correct answer ✔✔ the difference between the actual services provided
to customers and the service that the firm's promotion program promises.
7. What is price - correct answer ✔✔ the overall sacrifice a consumer is willing to make to
acquire a specific product or service.
8. 4 Types of pricing objectives - correct answer ✔✔ Profit Orientation
Sales Orientation
Competitor Orientation
Customer Orientation
Profit Orientation - correct answer ✔✔ focus on target profit pricing, maximize profit or target
return pricing
