Question 1

What is a product?&#10;A) An offering of the firm which satisfies the needs of customers.&#10;B) A tangible item which a manufacture has produced.&#10;C) A set of needs which have been met by a set of benefits.

Accepted Answer

A product is an offering by a firm designed to satisfy the needs and wants of customers, which can be tangible or intangible.

Question 2

Delivery, installation, warranty and after-sales service are all:&#10;A) Product attributes.&#10;B) Core product benefits.&#10;C) Support services

Accepted Answer

These are considered support services because they are additional services that support the core product, enhancing customer satisfaction and experience.

Question 3

What is the final stage of the product lifecycle called?&#10;A) Maturity.&#10;B) Decline.&#10;C) Demise.

Accepted Answer

The final stage of the product lifecycle is called Decline, where sales decrease and the product may be phased out.

Question 4

Companies which aim to be the first to use new technology are called:&#10;A) Early adopters.&#10;B) Innovators.&#10;C) Early majority.

Accepted Answer

Innovators are companies or individuals that aim to be the first to use or develop new technologies, leading the way in technological advancements and often taking higher risks to implement new ideas. Early adopters, on the other hand, are the first to use these innovations once they have been developed, and the early majority follows after seeing the benefits from the innovators and early adopters.

Question 5

Which of the following is NOT one of the attributes of a rapidly-adopted innovation?&#10;A) Relative advantage.&#10;B) Compatibility.&#10;C) Usability.

Accepted Answer

Usability, while important for the adoption of technology and innovations, is not traditionally listed among the specific attributes identified by Everett Rogers in his theory on the diffusion of innovations. The attributes Rogers identified that contribute to the rapid adoption of an innovation include relative advantage, compatibility, complexity (or simplicity), trialability, and observability. Usability could be considered as part of complexity or simplicity, but it is not explicitly named as one of the core attributes.

Question 6

A product which has been introduced by a firm into a market in which the firm has never done business before is called:&#10;A) A new-to-the-world product.&#10;B) A new category entry.&#10;C) An addition to the product line.

Accepted Answer

A new category entry refers to a product introduced by a firm into a market or category where it has not previously operated, marking the firm's entry into a new area of business.

Question 7

Which of the following is NOT a stage in the new product process?&#10;A) Concept generation.&#10;B) Concept evaluation.&#10;C) Concept relationships.

Accepted Answer

Concept relationships is not a recognized stage in the new product process. The process typically includes stages like concept generation and concept evaluation, among others, but not concept relationships.

Question 8

What does NPD stand for?&#10;A) New product development.&#10;B) New product diffusion.&#10;C) New product divergence.

Accepted Answer

NPD stands for New Product Development, which is the process of bringing a new product or service to the market.

Question 9

A strategy which offers a product virtually unchanged from its home market version is called:&#10;A) An extension strategy.&#10;B) An adaptation strategy.&#10;C) A product invention strategy.

Accepted Answer

An extension strategy involves offering a product virtually unchanged from its home market version, focusing on the similarities in consumer needs and preferences across markets rather than the differences.

Question 10

A decision whether to give a brand an individual name or not is:&#10;A) A brand strategy decision.&#10;B) A brand name decision.&#10;C) A brand sponsor decision.

Accepted Answer

The answer of A decision whether to give a brand...

Deck 8: Product Strategy and Product Development