Question 1

"The product life cycle presents two major challenges. First, a firm must be good at developing new products to replace aging ones. Second, a firm must be good at:"

		"adapting its marketing strategies in the face of changing tastes, technologies, and competition as products pass through life-cycle stages."
		image building to ensure that products sell well.
		primary demand forecasting so product winners can be chosen rather than making poor investments with product losers.
		acquisition of other companies since this is the only real way to ensure new product success--go with what has worked in the past.

Question 2

"If Toyota describes one of its cars of the future as being a moderately priced subcompact designed as a second family car to be used around town; the car is ideal for running errands and visiting friends, then the company has just started a potential new product in terms of a:"

		product idea
		product image
		poroduct concept
		product feature

Which of the following is NOT a challenge presented by the product life cycle that a firm must face?

		All products eventually decline.
		A firm must be good at developing new products to replace aging ones.
		A firm must be good at adapting its marketing strategies.
		It is difficult to plot the stages as a product goes through them.

Question 4

"With respect to the product life cycle, the _______________ is a period of rapid market acceptance and increasing profits."

		decline
		introduction
		growth
		maturity

Question 6

"In a typical organization, buying activity consists of two major parts: the buying ________ and the buying ________."

		committee; time
		Economic order quantity; reorder point
		time; reorder point
		center; decision process

Question 7

Which of the following would be a key success factor in developing new products?

		a well-defined product concept
		a product priced well below market or industry standards
		a product that appeals to the late majority
		a product that can be sold over the Internet with a minimum of explanation

Question 8

Which of the following groups of expenses uses up the most household income?

		"food, housing, retirement planning"
		"housing, insurance, taxes"
		"food, housing, transportation"
		"housing, taxes, transportation"

Question 9

A ___________________ is a detailed version of the idea stated in meaningful consumer terms.

		product idea
		product image
		poroduct concept
		product feature

Question 10

This is about maximizing the offering's availability in the market for the customer:

		Availability.
		Distribution.
		Coverage.
		Control. Subject: Marketing planning