BCOR 2201 Exam 2 Questions with
Verified Answers
Product Lifecycle - ✔✔Introduction, Growth, Maturity, Decline
Introduction Stage - ✔✔Awareness and Primary Demand, skimming or penetration, Early
adopters
Growth Stage - ✔✔More competitors to enter, Promote product superiority, shift rom
awareness to loyalty
Maturity Stage - ✔✔Good Competitors remain, promote loyalty, mass markets, product
modification
Decline Stage - ✔✔Divest, eliminate week products, profitable survivor
Intangibility of services - ✔✔Processes, Services are produces and consumed simultaneously,
Suppliers and Buyers are involved
Variability of Services - ✔✔People and Automation, The Quality of service depends on who
provides them. i.e Hotel quality
Perishability of Services - ✔✔Matching Processes, Services cannot be stored, ie. different
annual pricing---- Part-time employees
7 P's of Services Marketing mix - ✔✔Product/Offer
Place
Price
, Promotion
Physical Evidence
Processes
People
continuous inovation - ✔✔a modification of an existing product, ie. different flavors of Ben and
Jerry's Ice cream
discontinuous innovation - ✔✔a totally new product that creates major changes in the way we
live, ie. one-wheels
Market Pioneer - ✔✔Creates new market, First choice of Segments, Set rules, Create
Distribution,
Market Follower - ✔✔A company that takes advantage of an already established market, Uses
pioneer mistakes as advantages to learn,
Stage 1: New Product Strategy - ✔✔First step in the new product innovation cycle
Objectives: Identify markets and Strategic Roles
Planning: Target market, Needs, Product description
Stage 2: Idea Generation - ✔✔Second step in new product innovation cycle
Brainstorming, Create new ideas, R&D breakthroughs
Stage 3: Screening and Evaluation - ✔✔Third step in the new product innovation cycle
Screening and Evaluation if the new idea meets the business objectives and expectations
Stage 4: Business Analysis - ✔✔The fourth step in the new Product innovation cycle
Verified Answers
Product Lifecycle - ✔✔Introduction, Growth, Maturity, Decline
Introduction Stage - ✔✔Awareness and Primary Demand, skimming or penetration, Early
adopters
Growth Stage - ✔✔More competitors to enter, Promote product superiority, shift rom
awareness to loyalty
Maturity Stage - ✔✔Good Competitors remain, promote loyalty, mass markets, product
modification
Decline Stage - ✔✔Divest, eliminate week products, profitable survivor
Intangibility of services - ✔✔Processes, Services are produces and consumed simultaneously,
Suppliers and Buyers are involved
Variability of Services - ✔✔People and Automation, The Quality of service depends on who
provides them. i.e Hotel quality
Perishability of Services - ✔✔Matching Processes, Services cannot be stored, ie. different
annual pricing---- Part-time employees
7 P's of Services Marketing mix - ✔✔Product/Offer
Place
Price
, Promotion
Physical Evidence
Processes
People
continuous inovation - ✔✔a modification of an existing product, ie. different flavors of Ben and
Jerry's Ice cream
discontinuous innovation - ✔✔a totally new product that creates major changes in the way we
live, ie. one-wheels
Market Pioneer - ✔✔Creates new market, First choice of Segments, Set rules, Create
Distribution,
Market Follower - ✔✔A company that takes advantage of an already established market, Uses
pioneer mistakes as advantages to learn,
Stage 1: New Product Strategy - ✔✔First step in the new product innovation cycle
Objectives: Identify markets and Strategic Roles
Planning: Target market, Needs, Product description
Stage 2: Idea Generation - ✔✔Second step in new product innovation cycle
Brainstorming, Create new ideas, R&D breakthroughs
Stage 3: Screening and Evaluation - ✔✔Third step in the new product innovation cycle
Screening and Evaluation if the new idea meets the business objectives and expectations
Stage 4: Business Analysis - ✔✔The fourth step in the new Product innovation cycle
