Marketing Concepts Quiz

<p>Shopping goods (D)</p> Signup and view all the answers

<p>By developing unique tourism experiences (D)</p> Signup and view all the answers

<p>To react to market signals and ensure growth (B)</p> Signup and view all the answers

<p>Items that depend on advertising for sales (B)</p> Signup and view all the answers

<p>Durable goods provide lasting satisfaction (B)</p> Signup and view all the answers

<p>Products that reflect current levels of technological advancement. (A)</p> Signup and view all the answers

<p>Satellite systems (C)</p> Signup and view all the answers

<p>To serve as a solution to customers' problems. (C)</p> Signup and view all the answers

<p>Customers want new products and choices (B)</p> Signup and view all the answers

<p>Products that are the result of minor improvements to existing items. (C)</p> Signup and view all the answers

<p>Distribution (D)</p> Signup and view all the answers

<p>A positive change in method or technology. (C)</p> Signup and view all the answers

<p>Eliminate unsound concepts (C)</p> Signup and view all the answers

<p>A mix of tangible and intangible attributes. (B)</p> Signup and view all the answers

<p>Developing attractive ideas into product concepts (A)</p> Signup and view all the answers

<p>Human and social needs, both apparent and dormant. (D)</p> Signup and view all the answers

<p>Incubation (A)</p> Signup and view all the answers

<p>The scientific knowledge applied to create a product. (C)</p> Signup and view all the answers

<p>Create a large number of ideas (D)</p> Signup and view all the answers

<p>Implementation (B)</p> Signup and view all the answers

<p>Sales forecasting (C)</p> Signup and view all the answers

<p>To determine consumer reaction to the physical product. (A)</p> Signup and view all the answers

<p>Effective promotion. (C)</p> Signup and view all the answers

<p>To increase certainty of successful commercialization. (A)</p> Signup and view all the answers

<p>Product development. (C)</p> Signup and view all the answers

<p>Sales, costs, and profit projections. (D)</p> Signup and view all the answers

<p>Trademark registrations. (A)</p> Signup and view all the answers

<p>Responses to product usage in real settings. (A)</p> Signup and view all the answers

<p>Tax implications. (B)</p> Signup and view all the answers

<p>An invention, product, or process (C)</p> Signup and view all the answers

<p>A song composed by an artist (C)</p> Signup and view all the answers

<p>10 years (A)</p> Signup and view all the answers

<p>Trademarks must be renewed periodically (B)</p> Signup and view all the answers

<p>A general business strategy (B)</p> Signup and view all the answers

<p>Trademarks can be invalidated by cancellation (B)</p> Signup and view all the answers

<p>Protection for original works of authorship (D)</p> Signup and view all the answers

<p>An invention of a new gadget (B)</p> Signup and view all the answers

The use of scientific knowledge to create new products, processes, or services.

A positive change in how something is done or made, often using a new idea or method.

Products using the latest technology, often considered cutting-edge.

Products using a mix of familiar and advanced technology. Many common items fall here.

Products with simpler technology, often created by making small improvements to existing products.

A solution to a customer's need or want; it can be a physical good, a service, an idea, or even a person.

Successful entrepreneurs aim to satisfy and delight customers by creating products and services that address their needs.

Identifying unmet needs in the market is key to entrepreneurial success.

Tangible items that satisfy human needs and wants, like food, clothing, and electronics.

Intangible things of value that satisfy human needs and wants, like haircuts, banking, and entertainment.

Products classified based on how long they last and whether you can touch them, like a car (durable) vs. a snack (non-durable) vs. a haircut (service).

Products designed for individual consumers, like a can of soup (convenience), a new TV (shopping), a rare painting (specialty), or a product you didn't know you needed, like roadside assistance (unsought).

Products purchased by businesses to run their operations, like raw materials, machinery, or office supplies.

A strategy that involves orchestrating services and goods into a complete and engaging experience for customers, like themed restaurants or escape rooms.

Using the fame of a person to promote a product or service, like a celebrity endorsement.

Marketing a location to attract tourism or investment, like a city promoting its attractions.

The initial phase of product development where diverse ideas are gathered and explored, with the goal of generating a large pool of potential solutions.

A vital stage in product development where initial ideas are carefully evaluated to identify promising concepts and eliminate those unlikely to succeed.

The process of refining and developing attractive ideas into detailed product concepts, including defining features, benefits, and target markets.

A stage where ideas are allowed to develop and mature, often involving research, testing, and further development.

The stage where the product is brought to life, involving activities such as prototyping, manufacturing, and testing.

The final stage of product development where the product is launched and marketed to the target audience, seeking to generate sales and customer adoption.

The product development process involves multiple stages that progress from idea generation to diffusion, with key steps like idea screening, concept development, implementation, and commercialization.

New product development is driven by several factors, including customer demand for new choices, competitive pressure, technological advancements, and shifting economic conditions.

Testing product concepts with a targeted group of consumers to gather their reactions. This can be done using words or picture descriptions.

A detailed plan outlining how a product will be marketed, including target market analysis (size, structure, behavior), pricing strategy, distribution channels, marketing budget, and sales/profit goals.

A thorough analysis of projected sales, costs, and profits to determine if they meet the company's objectives. This helps predict whether the product is likely to be profitable.

The stage where the product concept is transformed into a tangible physical product. Consumer testing with a panel of potential customers helps gather feedback on the physical version of the product.

A stage involving real-world testing of a product with target consumers to collect sales data and assess consumer and dealer reactions to the actual product. This stage aims to increase the certainty of successful commercialization.

The period from a product's launch until it is eventually withdrawn from the market. It has distinct phases, each with its own characteristics.

The primary reasons behind new product failures, including misjudgment of market demand, poor design, incorrect positioning, timing mismatch, pricing errors, ineffective promotion, management influence, high development costs, and strong competition.

Protecting intellectual property rights such as inventions, designs, artistic works, and other commercially valuable products. This is done through legal mechanisms like patents, copyrights, and trademarks.

An exclusive right granted by the government to an inventor for their invention, which can be a product or process that offers a new way of doing something or a new technical solution to a problem. This exclusive right is given in exchange for the inventor publicly disclosing their invention.

Exclusive property rights granted for inventions that can be bought, sold, inherited, shared with others (licensed), or used as security for loans. They apply to processes (how things are done), machines (physical products), manufactured goods (combinations of materials), and compositions of matter (like medicines).

A distinctive word, name, symbol, or motto that identifies a company's product or service. It's registered with the government to protect the company's brand and prevent others from using it.

Trademarks need to be renewed periodically, typically every 7 years, to remain valid. They can be canceled, abandoned, or become invalid due to registration or renewal issues.

Copyrights give exclusive rights to creators of original works of authorship, such as books, songs, movies, software, and architecture. This protection prevents others from copying, distributing, or modifying the work without permission.

Copyrights are usually valid for the creator's lifetime plus a few decades, often 50 years.

In Ethiopia, the revised copyright law was enacted in July 2004. It provides a framework for protecting and enforcing the rights of creators.

Copyrights protect various forms of creative expression, including music, books, software, scripts, articles, poems, sculptures, models, maps, and blueprints.