50 Questions
What are the eight phases of New Product Development (NPD)?
Idea generation, Screening, Concept Evaluation, Marketing strategy
In the Product Life Cycle stages, which stage involves a considerable investment to build awareness and self-interest?
Introduction
What does the stage of Adoption in the Product Adoption Process entail?
Consumer decides to purchase and considers repurchasing
What characterizes the Growth stage of the Product Life Cycle?
Increase in popularity, sales, and profit
In the Diffusion of Innovation concept, what does it describe?
How innovations are adopted by the market over time
What is a key factor that influences the Decision stage in the Maturity phase of the Product Life Cycle?
Novelty wearing off and competitors becoming more established
What is the distinguishing characteristic of Shopping Products?
Infrequent purchase
Which type of product classification involves consumers knowing exactly what they want with no close substitutes?
Specialty Products
What is a common characteristic of Convenience Products like groceries?
Frequent purchase
What is the primary challenge associated with Unsought Products?
Making customers aware
Which type of product classification involves products that have limited outlets and are characterized by infrequent purchases with high profit margins?
Specialty Products
What distinguishes Shopping Products from Convenience Products like groceries?
High engagement in decision-making process
What is the term used to describe the creation of products and attributes that distinguish them from others?
Product differentiation
Which group is known for being the first to adopt new products or ideas?
Innovators
What does a brand consist of that creates an image in the customer's mind to differentiate a product?
Brand image
Which component of a brand is NOT made up of words?
Brand mark
What term refers to the speed and manner in which new products and ideas are accepted in a market?
Product penetration
Among the following, which category would typically adopt new products after the Early Adopters but before the Late Majority?
Early Majority
What is the core product according to the text?
Fundamental benefit that responds to the customers problem of an unsatisfied need
Where does product differentiation primarily take place according to the text?
Augmented product layer
Which part of the product emphasizes all possibilities that are part of expected or augmented product?
Potential Product
What does the total product concept view the product as?
The totality of value and benefits provided to customers
Which layer of the product offers attributes that actually deliver the benefit forming the core product?
Expected Product
What is the purpose of understanding the total reduction concept for marketers?
To view the product as a solution to a customer's problem
What is the added financial and non-financial value of a brand known as?
Brand Equity Metrics
Which strategy involves using a different brand on each product to give specific identity?
Individual Branding
What is the term for products that only indicate the product category?
Generic Brands
Which metric is commonly used to measure brand equity?
Stock price analysis
Which type of brand is owned by resellers such as wholesalers and retailers?
Private Label Brands
What is the term for the use of two or more brand names on the same product?
Co-Branding
Explain the eight phases of New Product Development (NPD) highlighted in the text.
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
Describe the key characteristics of the Introduction stage in the Product Life Cycle.
The Introduction stage requires a considerable investment to build awareness and self-interest. Sales during this stage typically lag behind the investment made.
What are the main indicators of the Growth stage in the Product Life Cycle?
The Growth stage is characterized by an increase in popularity, sales, and profits. Competitors may begin to enter the market with similar products.
Explain the five stages of the Product Adoption Process as outlined in the text.
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.
Discuss the significance of effective management during the Growth stage of the Product Life Cycle.
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.
What are line extensions and how do they contribute to new product development?
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.
Describe the primary challenges associated with managing products in the growth stage of the product life cycle.
Some challenges include maintaining the growth momentum, handling increased competition, and managing distribution channels effectively.
How do marketers determine which life cycle stage a product is in and why is it important?
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.
Explain the significance of the introduction stage in the product life cycle.
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.
What role does the growth stage play in the product life cycle, and why is it considered a pivotal phase for product success?
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.
Explain the role of Innovators in the Product Adoption Process.
Innovators are the first to adopt new products or ideas, often taking risks and seeking out new experiences.
How does the Introduction stage of the Product Life Cycle differ from the Growth stage?
The Introduction stage is characterized by low sales and high marketing costs, while the Growth stage sees increasing sales and competition.
What are the eight phases of New Product Development (NPD)?
Idea generation, Idea screening, Concept development and testing, Marketing strategy development, Business analysis, Product development, Test marketing, Commercialization.
How does the decision stage in the Maturity phase of the Product Life Cycle pose a challenge?
In the Maturity phase, the decision stage becomes crucial as companies need to differentiate their products to maintain market share.
Explain the significance of the Growth stage in the Product Life Cycle.
The Growth stage signifies increasing sales, market acceptance, and competition as the product gains momentum.
What is the purpose of the Introduction stage in the Product Life Cycle?
To build awareness and attract customers to the new product
Explain the significance of the Growth stage in the Product Life Cycle.
The Growth stage is crucial as sales start to increase rapidly, and the product gains market acceptance.
What are the key phases involved in New Product Development (NPD)?
Idea generation, screening, concept development, marketing strategy, business analysis, product development, test marketing, commercialization
Describe the stage of Adoption in the Product Adoption Process.
The Adoption stage involves the customer deciding to make regular use of the product.
Where does product differentiation primarily occur according to the text?
Product differentiation primarily takes place in the augmented layer of the product.
Test your knowledge on product introduction in marketing, including the types of products, total product concept, and how products change with new technology. Explore the definitions of goods, services, and ideas offered in the market.
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