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In the early 1970’s, Gary Dahl sold pet rocks. The product had a short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product popularity, but then sales declined very quickly. The PLC sales pattern for pet rocks is known as |
fad |
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Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a |
systematic |
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At which stage of the new product development process is crowdsourcing used |
Idea Generation |
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After ideas are screened, the next stage of the new product development process is |
concept development and testing |
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Intuit follows a "Design for Delight (D4D)" development philosophy that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit using |
Customer-centered new product development |
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a company can obtain new products by buying a whole company, a patent, or a license to produce someone else’s product |
acquisition |
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Which of the following statements concerning new products is correct |
modified and improved products are considered new |
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At which stage of the new product development process is a physical product first developed |
product development |
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To create successful new products, a company must |
understand its consumers, markets, competitors |
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To be more socially responsible, some companies are appointing |
product stewards |
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Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle |
modify market, product offering, product mix |
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Contributors of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ___ to generate new product ideas |
crowd sourcing |
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Learning Institute managers will most likely use ________ next to arrive at a realistic number of ideas to adopt. |
idea screening |
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Which of the following statements is true regarding product life cycle curves |
Marketers do not know the exact shape and length of their product’s life cycle in advance |
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Which of the following is NOT a product life cycle (PLC) stage |
commercialization |
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A company launching a new product at the commercialization stage of new product development must first decide on |
introduction timing |
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Which of the following is an external source of new product ideas for a company |
trade magazines |
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Which of the following statements is correct concerning service marketers going global |
trend toward growth of global service companies |
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Which of the following statements regarding socially responsible product decisions is correct |
The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition |
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Most products are at which stage of their product lifecycle |
maturity |
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When Dr. Lawncare developed his revolutionary new solar powered lawnmower, he knew that during the introductory stage of the product lifecycle |
sales slow, profits non-existent |
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Which of the following statements is true regarding standardizing products for international markets |
standarization DECREASES product design, manufacturing, and marketing costs |
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Which of the following statements about new product development strategy is correct |
innovation can be very expensive and risky |
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When a product is in the decline stage of the PLC, a company may reduce various costs (plant and equipment, maintenance, R&D, advertising, sales force), hoping that sales hold up. In other words, they are |
harvesting the product |
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Sales are rising rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this describe |
growth |
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When setting channel objectives, companies should state the objectives in terms of |
targeted levels of customer service |
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Companies now use ________ and supply chain management software to help recruit, train, organize, manage, motivate, and evaluate relationships with channel partners |
partner relationship management |
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Sherwin-Williams sells its paint and other branded products exclusively through company-owned retail stores. Sherwin-Williams has established a |
corporate VMS |
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What is the most common type of a contractual VMS |
franchise |
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is made up of the company, suppliers, distributors, and, ultimately, customers who "partner" with each other to improve the performance of the entire system. |
value delivery network |
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One key function performed by channel members is ___________, or shaping offers to meet the buyer’s needs, including activities such as manufacturing, grading, assembling, and packaging |
matching |
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Full-line forcing is a practice whereby a producer agrees to sell a brand to a dealer only if the dealer agrees to sell some or all of the rest of its line. Which of the following statements is true regarding full-line forcing |
may or may not be legal |
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involves reusing, recycling, refurbishing, or disposing of broken, unwanted, or excess products returned by consumers or resellers |
reverse logistics |
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Which of the following is a reason that producers use marketing channels and channel intermediaries |
Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers |
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Under which type of system does the customer share real-time data on sales and current inventory levels with the supplier, and the supplier then takes full responsibility for managing inventories and deliveries? |
Vendor managed Inventory |
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Which of the following is an example of horizontal channel conflict |
Ford dealer complaining that another Ford dealer is advertising in its territory. |
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Which of the following describes a just-in-time logistics system |
Just-in-time logistics systems allow producers and retailers to carry small inventories to last for only a few days of operations |
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The length of a channel is indicated by |
number of Intermediary Levels |
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Which technology could one day make the entire supply chain intelligent and automated |
radio frequency inventory |
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When the company has defined its channel objectives, it should next identify its major channel alternatives in terms of the types of intermediaries, the number of intermediaries, and |
responsibilities of channel members |
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Producers of convenience products typically use |
INTENSIVE distribution |
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Online marketers taking business from traditional brick-and-mortar retailers is an example of |
disintermediation |
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Large retailers like Walmart have enormous channel control due to their size and power. Which type of channel arrangement does this represent |
Administered VMS |
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is made up of one or more independent producers, wholesalers, retailers, and consumers |
conventional distribution channel |
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Channels often involve long-term commitments and companies have many alternatives. What type of criteria should be used if the company wants to keep the channel flexible so that it can respond to environmental changes |
adaptability criteria |
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Which channel partners in a company’s supply chain are upstream from a manufacturer or producer |
suppliers |
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What are the four major functions of logistics |
Warehousing, inventory management, transportation, logistics information management |
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What is the first step in marketing channel design |
analyzing consumer needs |
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is a layer of intermediaries that performs some work in bringing the product and its ownership closer to find the final buyer. |
channel level |
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Companies today see channel members as first-line customers and practice strong |
partner relationship management |
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