Marketing and Product Development Quiz

A single product offered globally, targeting homogeneous customer segments.

Creating different products for each region to match diverse local tastes.

A basic global product platform with customizable features for each region.

Selling the same product globally.

May not appeal to any specific market segment and lack uniqueness.

Adjusting a product to ensure it functions correctly and is not rejected due to incompatibility in a new location.

Making changes to a product to align it better with local consumer preferences.

The fundamental product itself, excluding supplementary services.

A trade-off between producing a standardized product for broader appeal, and adapting it for particular country markets.

A name, logo, or symbol that distinguishes a company's products or services from competitors.

A company's collection of brands, including local, regional, and global brands.

A brand recognized and used in multiple countries.

Developing products or technologies in response to the needs and circumstances of a particular country or market..

Displaying product information in two languages.

The series of stages a product goes through from introduction to decline in the market.

The ability of a product to be manufactured and marketed profitably.

Gathering consumer feedback on a new product concept to identify improvements and potential reactions from target markets.

The method of predicting future sales volume based on the stage of a product in its life cycle.

Testing a new product in select markets to gauge consumer response before a full-scale launch.

Initiating the commercial release of a product into the global market after positive test marketing.

Products unauthorizedly using trademarks, patents, or copyrights.

Counterfeiting is a major problem similar in scale to illicit drug or weapon trafficking.

Consumer goods with strong brand recognition and high visibility are particularly at risk of counterfeiting.

The process of determining the length and width of a distribution channel. It involves selecting the appropriate intermediaries and levels to reach target customers effectively.

Refers to the number of levels or types of intermediaries involved in the distribution channel. For example, a direct channel involves selling directly to customers, while an indirect channel uses wholesalers or retailers.

Represents the number of institutions at each level of the distribution channel. A wide channel uses many intermediaries at each level, while a narrow channel uses fewer.

A model outlining the eleven key factors influencing international distribution channel design. It categorizes these factors as either exogenous (external) or controllable.

Factors related to the external environment that influence channel design. These include customer characteristics, distribution culture, and competition.

Counterfeit products can significantly reduce sales of authentic products by flooding the market with cheaper alternatives, making consumers less likely to buy the genuine item.

Counterfeiting can damage the reputation of a brand as consumers might associate poor quality or defective products with the original manufacturer, even though the fakes are not genuine.

Companies affected by counterfeiting need to invest resources in monitoring and combating the spread of fake products, increasing their operational expenses.

Counterfeit goods can discourage companies from investing in research and development, as they might not reap the full benefits of their innovation if their products are easily copied.

Companies can educate consumers about the dangers and consequences of buying counterfeit products, urging them to choose genuine goods.

Companies can pursue legal action against counterfeiters to protect their trademarks, intellectual property, and brand reputation.

The sequences of companies or individuals involved in making a product available to final consumers or industrial buyers, including the flow of information and ownership.

The degree to which a company controls its distribution network. Higher ownership means more direct control, while less ownership relies more on intermediaries.

The expenses associated with maintaining a distribution channel, including training, fees, and other costs.

The extent to which a product is available in different geographic areas. Intensive coverage means widespread availability, while selective coverage is more limited.

The ability of a company to influence the activities of intermediaries in its distribution channel.

The long-term stability and reliability of a distribution channel.

The factors used to evaluate potential intermediaries, including their experience, financial stability, and market reach.

Legal agreements outlining the responsibilities and obligations of both distributor and company.

The sale of legitimate products by unauthorized intermediaries, often at lower prices.

Negative consequences of the gray trade, including brand damage, strained relationships, and legal issues.

Strategies used by companies to minimize the impact of the gray trade, such as supply control, dealer collaboration, and customer education.

The core product plus additional services or benefits, like warranty, support, or extra features.

A group of customers who have similar needs and preferences.

A group of customers with diverse needs and preferences.

Producing and selling the same product globally, saving costs and reaching a wider audience.

May not fully satisfy local needs and might lack uniqueness.

Matching a product to local consumer preferences.

How much a product is tied to the cultural values, preferences, and customs of a specific region or country.

The process of putting a global brand strategy into action, including issues like local brand replacement, name changes, and potential resistance from local markets.

A gradual brand change strategy where the global brand is linked to the local brand for a period, after which the local brand is dropped. This linking can be done through endorsement branding (one brand introduces the other) or double branding (both brands presented together).

A less gradual brand change strategy where the firm abruptly drops the old brand name and introduces the new brand without much transition.

An extensive notice or warning about an upcoming change, providing people with time to prepare. This can involve various forms of communication like TV commercials.

Developing or modifying existing products to cater to new or changing customer needs on a global or regional basis while meeting technical feasibility and financial profitability objectives.

A structured approach to global product development with distinct stages (Idea Generation, Idea Screening, etc.) and gates (decision points) that ensure thorough evaluation before proceeding to the next stage.

Whether a product can be manufactured and sold at a profit.

Testing a new product idea with potential customers to gather feedback and suggestions.

Predicting how many products will be sold based on product life cycle.

Counterfeiting harms businesses through lost sales, damaged reputation, and increased costs.