Marketing Product Introduction Quiz

<p>Increase in popularity, sales, and profit</p> Signup and view all the answers

<p>How innovations are adopted by the market over time</p> Signup and view all the answers

<p>Novelty wearing off and competitors becoming more established</p> Signup and view all the answers

<p>Infrequent purchase</p> Signup and view all the answers

<p>Specialty Products</p> Signup and view all the answers

<p>Frequent purchase</p> Signup and view all the answers

<p>Making customers aware</p> Signup and view all the answers

<p>Specialty Products</p> Signup and view all the answers

<p>High engagement in decision-making process</p> Signup and view all the answers

<p>Product differentiation</p> Signup and view all the answers

<p>Innovators</p> Signup and view all the answers

<p>Brand image</p> Signup and view all the answers

<p>Brand mark</p> Signup and view all the answers

<p>Product penetration</p> Signup and view all the answers

<p>Early Majority</p> Signup and view all the answers

<p>Fundamental benefit that responds to the customers problem of an unsatisfied need</p> Signup and view all the answers

<p>Augmented product layer</p> Signup and view all the answers

<p>Potential Product</p> Signup and view all the answers

<p>The totality of value and benefits provided to customers</p> Signup and view all the answers

<p>Expected Product</p> Signup and view all the answers

<p>To view the product as a solution to a customer's problem</p> Signup and view all the answers

<p>Brand Equity Metrics</p> Signup and view all the answers

<p>Individual Branding</p> Signup and view all the answers

<p>Generic Brands</p> Signup and view all the answers

<p>Stock price analysis</p> Signup and view all the answers

<p>Private Label Brands</p> Signup and view all the answers

<p>Co-Branding</p> Signup and view all the answers

<p>The eight phases of New Product Development (NPD) are: 1. Idea generation 2. Screening 3. Concept Evaluation 4. Marketing strategy 5. Business analysis 6. Product Development 7. Test Marketing 8. Commercialisation</p> Signup and view all the answers

<p>The Introduction stage requires a considerable investment to build awareness and self-interest. Sales during this stage typically lag behind the investment made.</p> Signup and view all the answers

<p>The Growth stage is characterized by an increase in popularity, sales, and profits. Competitors may begin to enter the market with similar products.</p> Signup and view all the answers

<p>The five stages of the Product Adoption Process are: Awareness, Interest, Evaluation, Trial, and Adoption. Consumers go through these stages before deciding to purchase and adopt a new product.</p> Signup and view all the answers

<p>Effective management during the Growth stage is crucial for capitalizing on increased popularity and profits. It involves strategic decisions to maintain market leadership amidst growing competition.</p> Signup and view all the answers

<p>Line extensions are derivatives of existing products added to the product line, rather than superseding the initial product. They help in expanding the product line and catering to different customer needs.</p> Signup and view all the answers

<p>Some challenges include maintaining the growth momentum, handling increased competition, and managing distribution channels effectively.</p> Signup and view all the answers

<p>Marketers evaluate factors like sales trends, competition, and consumer interest to determine the current life cycle stage of a product. This is crucial for making strategic decisions related to pricing, promotion, and distribution.</p> Signup and view all the answers

<p>The introduction stage is critical as it involves a considerable investment to build awareness and generate initial consumer interest in the product. Companies focus on establishing a market presence and creating a strong product identity during this stage.</p> Signup and view all the answers

<p>The growth stage signifies increasing sales, market acceptance, and profitability. It is a pivotal phase as companies aim to capitalize on their initial success, expand market share, and solidify their competitive position.</p> Signup and view all the answers

<p>Innovators are the first to adopt new products or ideas, often taking risks and seeking out new experiences.</p> Signup and view all the answers

<p>The Introduction stage is characterized by low sales and high marketing costs, while the Growth stage sees increasing sales and competition.</p> Signup and view all the answers

<p>Idea generation, Idea screening, Concept development and testing, Marketing strategy development, Business analysis, Product development, Test marketing, Commercialization.</p> Signup and view all the answers

<p>In the Maturity phase, the decision stage becomes crucial as companies need to differentiate their products to maintain market share.</p> Signup and view all the answers

<p>The Growth stage signifies increasing sales, market acceptance, and competition as the product gains momentum.</p> Signup and view all the answers

<p>To build awareness and attract customers to the new product</p> Signup and view all the answers

<p>The Growth stage is crucial as sales start to increase rapidly, and the product gains market acceptance.</p> Signup and view all the answers

<p>Idea generation, screening, concept development, marketing strategy, business analysis, product development, test marketing, commercialization</p> Signup and view all the answers

<p>The Adoption stage involves the customer deciding to make regular use of the product.</p> Signup and view all the answers

<p>Product differentiation primarily takes place in the augmented layer of the product.</p> Signup and view all the answers