Marketing Final Exam BCOR 2201 questions with ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
verified detailed answers ||\\//|| ||\\//||
skew - correct answer✔✔Barcode on products
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
innovation - correct answer✔✔Identify a need (reason), a match between a need and a ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
solution, usually a companies top priority - create new products to fulfill needs
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
How we classify new products - correct answer✔✔Convenience, shopping, specialty,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
unsought
convenience - correct answer✔✔Inexpensive, many outlets, promo: price availability and ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
awareness stressed, frequent purchases ||\\//|| ||\\//|| ||\\//||
Ex: toothpaste, cake mix, soap, detergent
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
shopping - correct answer✔✔often has alternative prices, fairly expensive, large # of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
selective outlets, promo: differentiation from competitors stressed, customers prefer specific
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
brands but will switch, infrequent purchases ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: tv, computers, Jeans
||\\//|| ||\\//|| ||\\//||
specialty - correct answer✔✔To seek out, very expensive, very limited, promo: uniqueness of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
brand/status stressed, very brand loyal, infrequent purchases
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: rolls-Royce, Rolex watches
||\\//|| ||\\//|| ||\\//||
continuous innovation - correct answer✔✔requires no new learning by consumers; gain ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumer awareness and wide distribution ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: new improved shaver or detergent (old)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
,dynamically continuous innovation - correct answer✔✔disrupts consumer's normal routine ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
but does not require totally new learning, advertise points of difference/benefits to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumers
Ex: electric toothbrush, CDs (new but not too new)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
discontinuous innovation - correct answer✔✔requires new learning and consumption ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
patterns by consumers, educate consumers through product trial and personal selling
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: VCR, digital video recorder, electric car (that new new)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Why do we need a development process? - correct answer✔✔Helps us to mitigate risk by
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
prioritizing products with a greater chance of market success ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
New Product Development - correct answer✔✔refers to original products, product
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
improvements, product modifications, and new brands developed from the firm's own ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
research and development ||\\//|| ||\\//||
New Product Development Process - correct answer✔✔A seven-phase process for
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
introducing products ||\\//||
1. New-product strategy
||\\//|| ||\\//|| ||\\//||
2. Idea generation
||\\//|| ||\\//||
3. Screening and evaluation
||\\//|| ||\\//|| ||\\//|| ||\\//||
4. Business analysis
||\\//|| ||\\//||
5. Development
||\\//||
6. Market testing
||\\//|| ||\\//||
7. Commercialization
||\\//||
1. new-product strategy - correct answer✔✔why new products? - SBU Investment
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
, links the new-product development process with the objectives of the marketing
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
department, the business unit, and the corporation ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
protocol statement - correct answer✔✔identifies target market, customer's needs, product
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
description, and product benefit before product development begins ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: Apple Watch (makes products for specific groups, connected throughout, off phone)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
2. Idea Generation - correct answer✔✔Seeking ideas/brainstorming: Customer and supplier
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
suggestions, employee suggestions, R&D breakthroughs, competitive products, universities, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
small tech firms, inventors, many internal/external sources (open innovation), utilizing
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
technology enables platform to obtain ideas (crowdsourcing) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
3. Screening and Evaluation - correct answer✔✔internally and externally evaluates new-
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
product ideas to eliminate those that warrant no further effort, pick the best, do
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
analysis/testing, review purchase intent/performance expectation/immediacy off purchase ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: brand idea, brand/product persona, emotional benefits, functional benefits, features and
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
attributes ||\\//||
AWARENESS IS CRITICAL ||\\//|| ||\\//||
4. Business Analysis - correct answer✔✔Detailed financial projections, specifies the features
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
of the product and the marketing strategy needed to bring it to market and make financial
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
projections
5. Development - correct answer✔✔turns the idea on paper into a prototype
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: consumer packaging, Digiorno
||\\//|| ||\\//|| ||\\//||
6. Market Testing - correct answer✔✔involves exposing actual products to prospective
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumers under realistic purchase conditions to see if they will buy ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: placement of products in an aisle (eye-tracking of shelf visibility)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
verified detailed answers ||\\//|| ||\\//||
skew - correct answer✔✔Barcode on products
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
innovation - correct answer✔✔Identify a need (reason), a match between a need and a ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
solution, usually a companies top priority - create new products to fulfill needs
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
How we classify new products - correct answer✔✔Convenience, shopping, specialty,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
unsought
convenience - correct answer✔✔Inexpensive, many outlets, promo: price availability and ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
awareness stressed, frequent purchases ||\\//|| ||\\//|| ||\\//||
Ex: toothpaste, cake mix, soap, detergent
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
shopping - correct answer✔✔often has alternative prices, fairly expensive, large # of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
selective outlets, promo: differentiation from competitors stressed, customers prefer specific
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
brands but will switch, infrequent purchases ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: tv, computers, Jeans
||\\//|| ||\\//|| ||\\//||
specialty - correct answer✔✔To seek out, very expensive, very limited, promo: uniqueness of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
brand/status stressed, very brand loyal, infrequent purchases
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: rolls-Royce, Rolex watches
||\\//|| ||\\//|| ||\\//||
continuous innovation - correct answer✔✔requires no new learning by consumers; gain ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumer awareness and wide distribution ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: new improved shaver or detergent (old)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
,dynamically continuous innovation - correct answer✔✔disrupts consumer's normal routine ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
but does not require totally new learning, advertise points of difference/benefits to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumers
Ex: electric toothbrush, CDs (new but not too new)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
discontinuous innovation - correct answer✔✔requires new learning and consumption ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
patterns by consumers, educate consumers through product trial and personal selling
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: VCR, digital video recorder, electric car (that new new)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Why do we need a development process? - correct answer✔✔Helps us to mitigate risk by
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
prioritizing products with a greater chance of market success ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
New Product Development - correct answer✔✔refers to original products, product
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
improvements, product modifications, and new brands developed from the firm's own ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
research and development ||\\//|| ||\\//||
New Product Development Process - correct answer✔✔A seven-phase process for
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
introducing products ||\\//||
1. New-product strategy
||\\//|| ||\\//|| ||\\//||
2. Idea generation
||\\//|| ||\\//||
3. Screening and evaluation
||\\//|| ||\\//|| ||\\//|| ||\\//||
4. Business analysis
||\\//|| ||\\//||
5. Development
||\\//||
6. Market testing
||\\//|| ||\\//||
7. Commercialization
||\\//||
1. new-product strategy - correct answer✔✔why new products? - SBU Investment
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
, links the new-product development process with the objectives of the marketing
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
department, the business unit, and the corporation ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
protocol statement - correct answer✔✔identifies target market, customer's needs, product
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
description, and product benefit before product development begins ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: Apple Watch (makes products for specific groups, connected throughout, off phone)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
2. Idea Generation - correct answer✔✔Seeking ideas/brainstorming: Customer and supplier
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
suggestions, employee suggestions, R&D breakthroughs, competitive products, universities, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
small tech firms, inventors, many internal/external sources (open innovation), utilizing
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
technology enables platform to obtain ideas (crowdsourcing) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
3. Screening and Evaluation - correct answer✔✔internally and externally evaluates new-
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
product ideas to eliminate those that warrant no further effort, pick the best, do
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
analysis/testing, review purchase intent/performance expectation/immediacy off purchase ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: brand idea, brand/product persona, emotional benefits, functional benefits, features and
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
attributes ||\\//||
AWARENESS IS CRITICAL ||\\//|| ||\\//||
4. Business Analysis - correct answer✔✔Detailed financial projections, specifies the features
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
of the product and the marketing strategy needed to bring it to market and make financial
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
projections
5. Development - correct answer✔✔turns the idea on paper into a prototype
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: consumer packaging, Digiorno
||\\//|| ||\\//|| ||\\//||
6. Market Testing - correct answer✔✔involves exposing actual products to prospective
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumers under realistic purchase conditions to see if they will buy ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Ex: placement of products in an aisle (eye-tracking of shelf visibility)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
