MKT 475 Week 6 Quiz – New

MKT 475 Week 6 Quiz – Strayer

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Chapter 08

Innovation and New-Product Strategy

True/False Questions

1. New products that provide improved performance or greater perceived value are known as substantial innovations.

219

2. Conformity between consumer value expectations and product use experience indicates greater new-product opportunities.

221

3. Analyzing customer value expectations to finding new-product opportunities are very useful in evaluating potential transformational innovations.

222

4. Radical innovations have the potential of creating negative impacts on the leading firms that pursue new-product strategies using existing technologies.

222

5. When products become commodities, profit margins increase and differentiated advantages are easily achieved.

222
6. The elite circle is a form of innovation through collaborative relationship in which a company chooses participants, defines the problem, and chooses the solution.

225

7. A new-product screening involves testing if the product is commercially viable.

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8. A product prototype is the first completed model of the product that is ready for commercial production and marketing.

241

9. Product specifications describe what the product will do rather than how it should be designed.

241

10. The traditional method of market testing helps eliminate the risk present in simulated tests of competitor exposure.

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Multiple Choice Questions

11. Which of the following enables producing a product by building it up a layer at a time?
A. Additive manufacturing
B. Productive layering
C. Merchandise fabrication
D. Object enabling

218

12. _____ innovation occurs when products are radically new and the values created are substantial.
A. Substantial
B. Transformational
C. Incremental
D. Nondescript

219

13. Products that are significantly new and create important value for customers are called _____ innovations. 
A. transformational
B. incremental
C. substantial
D. nondescript

219
14. New products that provide improved performance or greater perceived value (or lower cost) are called _____ innovations. 
A. transformational
B. substantial
C. nondescript
D. incremental

219
15. Customer _____ indicates how well the product use experience compares to the value expected by the buyer. 
A. value
B. satisfaction
C. need
D. segmentation

221
16. _____ is the combination of benefits provided by a product minus all of the costs incurred by the buyer.
A. Product use experience
B. Customer satisfaction
C. Customer value
D. Leveraging cost

221
17. The objective of _____ is to identify needs for new products and improvements in existing products, processes, and supporting services. 
A. test marketing
B. incremental innovation
C. analytical positioning techniques
D. customer value analysis

221

18. The _____ is a form of innovation through collaborative relationship in which a company chooses participants, defines the problem, and chooses the solution.
A. elite circle
B. innovation mall
C. innovation community
D. consortium

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19. The _____ is a form of innovation through collaborative relationships where a company posts a problem and anyone can propose a solution.
A. elite circle
B. innovation mall
C. innovation community
D. consortium

225

20. The _____ is a form of innovation through collaborative relationships where anybody can propose problems, offer solutions, and decide which solutions to use.
A. elite circle
B. innovation mall
C. innovation community
D. consortium

226

21. The _____ is a form of innovation through collaborative relationships which operates like a private club with participants jointly selecting problems, deciding how to work on them, and choosing solutions.
A. elite circle
B. innovation mall
C. innovation community
D. consortium

226

22. Product _____ refers to when a new product attracts sales from an existing product.
A. cannibalization
B. knockdown
C. scaffolding
D. benchmarking

226

23. _____ consists of the pursuit of a deliberate, ongoing strategy of developing and introducing new products that attract the buyers of a company’s existing products. 
A. Sustained innovation
B. Proactive cannibalization
C. Cross production
D. Planned obsolescence

226

24. The company’s _____ spells out management’s choice of the company’s most promising opportunities for new products. 
A. mission statement
B. vision consortium
C. innovation strategy
D. articles of incorporation

227

25. Which of the following is the first step in the new-product-planning process?
A. Idea generation
B. Marketing strategy development
C. Product development
D. Customer needs analysis

229
26. Which of the following is true of scanner-based tests?
A. It uses cable television and a computerized database to track new product.
B. It is the cheapest and quickest market test available.
C. Its findings are more accurate than actual market tests.
D. It is conducted in a fabricated shopping environment inside a research facility.

245

27. Which of the following marketing tests is conducted in an actual market environment?
A. Regression tests
B. Simulated tests
C. Traditional tests
D. Web-enabled tests

246

28. Which of the following is a description of the Generic (market-pull) products process type?
A. The team begins with a market opportunity and selects appropriate technologies to meet customer needs.
B. The team begins with a new technology, and then finds an appropriate market.
C. The team assumes that the new product will be built around an established technological subsystem.
D. Characteristics of the product are highly constrained by the production process.

249

29. Which of the following are examples of quick-build products?
A. Sporting goods, furniture, tools
B. Software, cellular phones
C. Pharmaceuticals, space systems
D. Airplanes, jet engines, automobiles

249

30. Which of the following describes the process for platform products?
A. Characteristics of the product are highly constrained by the production process.
B. New products are slight variations of existing configurations.
C. System must be decomposed into several subsystems and many components.
D. The team assumes that the new product will be built around an established technological subsystem.

249

Essay Questions

31. How can innovations be classified? What are the different types of innovations?

32. Describe the various forms of innovation through collaborations?

33. What is proactive cannibalization and what is the strategic logic of this concept?

34. Describe how focus groups help generate new-product ideas.

35. Explain the importance of concept evaluation in new-product planning.

Chapter 09

Strategic Brand Management

True/False Questions

1. Product life cycles are becoming longer for many products due to new technology, rapidly changing preferences of buyers and intense competition.

264
2. Preference mapping offers useful guidelines for strategic targeting and product positioning.

265
3. The brand as a person (brand personality) perspective recognizes that strong brands may have an identity beyond the product or the company, which has positive impacts on the customer relationship and perception of value.

266
4. Combination branding places a brand name on one or more lines of related products representing different product categories.

268

5. In private branding, retailers with established brand names contract with producers to manufacture and place the retailer’s brand name on products sold by the retailer.

268

6. A disadvantage of fighter brands is that they may cannibalize the company’s premium offering.

2

7. Stretching the brand vertically consists of launching a new product line in another product class.

2

8. Moving the brand down is relatively easy to pursue since it benefits from the image of the higher-level brand.

2

9. Brand extension consists of two well-known brands working together in promoting their products.

2
10. Co-branding is the sale of a firm’s brand name to another company for use on a noncompeting product.

2

Multiple Choice Questions

11. A _____ is intended to meet the needs of buyers, and it may consist of objects, services, organizations, places, people, and ideas. 
A. product
B. brand
C. resource
D. trademark

255
12. A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers is known as a(n) _____.
A. product
B. merchandise
C. brand
D. advertisement

255
13. According to the American Marketing Association, the legal term for brand is _____.
A. merchandise
B. asset
C. patent
D. trademark

255
14. If a brand is used for the firm as a whole, then it is referred to as a _____.
A. trade name
B. corporation
C. trademark
D. patent

255
15. Which of the following is a function of brands for buyers?
A. Facilitate the introduction of new products
B. Reduce customer search costs
C. Raise the buyers’ perceived risk
D. Curtail premium pricing

256

16. For buyers, brands play the function of:
A. aiding repeat purchases.
B. reducing premium pricing.
C. minimizing buyers’ perceived risks.
D. facilitating brand loyalty.

256

17. Which of the following is a function of brands for sellers?
A. Reduce sellers’ perceived risks
B. Facilitate low production costs
C. Diminish market segmentation, offering products to a larger target
D. Facilitate the introduction of new products

256

18. Which of the following about brands is true?
A. Brands facilitate promotional effectiveness for sellers.
B. Brands help reduce prices for buyers.
C. Brands minimize market segmentation to cater to a larger target.
D. Brands enhance buyers’ perceived risks.

256

19. Which of the following leads to a negative impact on brand management?
A. Reduced customer search costs
B. Fragmentation of markets and media
C. Increased brand loyalty
D. Reduction in buyer’s perceived risk

257

20. Marketing plans for specific brands are usually developed at _____ level.
A. market-driven management
B. product group/marketing management
C. product portfolio management
D. product/brand management

258

21. A business that has several product categories and/or brands may assign responsibility for coordinating the initiatives of product or brand managers to _____.
A. the chief executive of the SBU
B. a product director
C. a product portfolio manager
D. a brand analyst

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22. _____ management is normally assigned to the chief executive of the strategic business unit, the corporate level of an organization, or a team of top executives.
A. Product/brand
B. Product group/marketing
C. Product portfolio
D. Market-driven

260
23. Which of the following activities of strategic brand management primarily provides essential information for decision making for other brand management activities?
A. Leveraging the brand 
B. Brand equity management
C. Brand identity strategy
D. Strategic brand analysis

261
24. The intent of _____ is to determine “a unique set of brand associations that the brand strategist aspires to create or maintain.”
A. brand identity strategy
B. brand equity management
C. strategic brand analysis 
D. brand equity measurement

261

25. _____ consists of coordinating the organization’s system of brands with the objective of achieving optimal system performance. It focuses on brand interrelations rather than an individual brand.
A. Strategic brand analysis
B. Managing the brand portfolio
C. Leveraging the brand
D. Brand equity management

262

26. _____ involves extending the core brand identity to a new addition to the product line, or to a new product category.
A. Strategic brand analysis
B. Managing the brand portfolio
C. Leveraging the brand
D. Brand equity management

262

27. Which of the following is the first step in tracking brand performance?
A. Identifying problem products
B. Selecting method(s) for evaluation
C. Deciding how to resolve the problem
D. Establishing the performance objectives

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28. Using the same brand name to market one or more lines of related goods which represent different categories, such as Crest toothpaste, brushes, and floss, is referred to as _____.
A. corporate branding
B. product-line branding
C. combination branding
D. private branding

267

29. Which of the following strategies for brand strength involves launching a brand aimed to combat low-price competitors while protecting the company’s premium priced offerings?
A. Brand revitalization
B. Licensing
C. Fighter brands
D. Co-branding

2

30. Which of the following brand leveraging strategies involves the sale of a firm’s brand name to another company for use on a noncompeting product?
A. Line extension
B. Brand extension
C. Co-branding
D. Licensing

2

Essay Questions

31. What functions do brands serve for sellers?

32. Explain three internal and external forces that create hurdles for brand managers in their efforts to build strong brands. What is one key to reducing these negative impacts on brand-building strategies?

33. List the measures that Aaker proposes to capture all relevant aspects of brand equity.

34. Brands that have been successful over a long time period offer useful insights about brand strategy management. Discuss some of these insights.

35. Discuss the state of counterfeit brands, the ethical issues, the involvement of law enforcement, and the role of the internet in counterfeiting.