The vermont teddy bear company sells handmade teddy bears

MARKETING EXAMPLE FINAL

1 Volvo's YCC opens its doors with a press of a button on the car key, will parallel park the car with a self-steering system, and has customized seat covers that can be removed and washed. Many of these new product features were added because Volvo sought ideas from

Answer

A.seasoned mechanics.

B.women drivers.

C.stunt drivers and professional racing car drivers.

D.loyal Volvo customers who had driven Volvos exclusively.

E.Loyal drivers of luxury automobiles other than Volvo.

2. When a small retail chain hires an accountant to do its income taxes, the retail chain would have purchased a(n) __________.

Answer

A.ancillary equipment

B. convenience product

C.specialty service

D.accessory personnel

E.industrial service

3. Legal counsel for patent information for a firm's research department would most likely be classified as which type of product?

Answer

A. ancillary equipment

B. convenience product

C. specialty services

D. accessory personnel

E. industrial services

4.Fig10-03

Figure 10-7 above represents the seven stages of the new-product development process. Cubicle "2" represents the __________ stage.

Answer

A. idea generation

B. screening and evaluation

C. business analysis

D. new-product strategy development

E. market testing

5. Which of the following is an example of an organizational problem that can cause a new product failure?

Answer

A.Disproportionate creativity and out-of-the box thinking.

B. Too much input from different departments within the firm.

C.Intense brand recognition.

D. Excessive checks and balances prior to a new product release.

E. Not really listening to the voice of the consumer.

6. Which of the following statements regarding goods is most accurate?

Answer

A. In order to be classified as a product, an item must appeal to all five senses.

B. Music is not considered a product because it only involves a single sense-hearing.

C. In addition to appealing to the senses, some products also have intangible attributes.

D. To market a product that contains visual attributes you cannot use an auditory medium.

E. The aroma of chocolate chip cookies is considered a product because it affects one's senses.

7. Which of the following is the best example of a people-base service?

Answer

A.movie theaters

B.airlines

C.advertising agency

D.vending machines

E. taxis

8. Printer paper would be classified as which type of support products?

Answer

a.installations

b.accessory equipment

c.supplies

d.services

e.raw materials

9. For six months, the Marriott Corporation sent a six-person intelligence team to travel and stay at economy hotels around the country. The purpose of this was

Answer

A.to allow the employees to reap the benefits of the new product, Fairfield Inns, that their hard work and new-product process had created.

B.to collect ideas from competitors' strengths and weaknesses that could be used in their own new-product development process.

C.check on the quality of their own product from the perspective of a consumer.

D. to identify future members of the development team who had shown innovation on their own in a traditionally standardized environment.

E. identify individuals who used Marriott services but were only one time users of the services.

10. The Vermont Teddy Bear Company sells handmade Teddy bears designed to be given as gifts for almost every occasion imaginable. The Love Bandit Bear is one bear designed for people to give to each other on Valentine's Day. The Love Bandit Bear is an example of a

Answer

A. product line.

B. product type.

C. product class.

D. product form.

E. product item.

11. Sara Burns is the owner of a company called Spice and was looking for a new product to go with her company's line of food condiments when a friend suggested combining spices with tea. In the __________ stage of the new-product process, the spices and tea mixtures were exposed to prospective consumers under realistic purchase conditions.

Answer

A.idea generation

B.screening and evaluation

C.business analysis

D.market testing

E.commercialization

12. The new-product process an organization goes through to identify business opportunities and convert them to a salable good or service contains

Answer

A. three main steps: research, produce, and distribute.

B. four distinct steps: research, evaluate, produce, and distribute.

C. five key phases ranging from idea generation to creating the first prototype.

D. seven stages from new product strategy development to commercialization.

E. three phases: planning, implementation, and control.

13. Mr. Clean is an antibacterial cleaning liquid for home use. The manufacturer of Mr. Clean believed the addition of Sparkling Apple-Scented Mr. Clean to the Mr. Clean product line, would be

Answer

A.seen as a discontinuous innovation.

B.viewed as new from the company's perspective because it is a product line extension.

C.viewed as a high-risk product line addition because it is new to the market.

D.defined as new by the Federal Trade Commission for the usual one-year period.

E.not seen as a new-product because it does not represent a different stock keeping unit.

14. Why would the manufacturer of a new all-natural-ingredient shampoo and conditioner put free samples of the product in Sunday newspapers?

Answer

A.to simulate laggard usage of the product

B.to encourage product trial and adoption

C.to control innovation diffusion

D.to avoid any possibility of litigation

E.to circumvent the typical adoption cycle

15. FIGURE 11-2 Figure 11-2 above represents the stages of the product life cycle. What does the curve labeled "BLUE" represent in this graphic?Answer

A. total variable costs

B. total fixed costs

C. total industry profit

D.total industry revenue

E.total research and development costs

16. 3M is a master of _________ strategy. According to a 3M manager, "we hit fast, price high, and get the heck out when the me-too-products pour in."

A.penetration pricing

B.cost-plus pricing

C. ROI pricing

D.market-oriented pricing

E.skimming pricing

17. The FedEx brand suggests the possibility that it is government sanctioned and fast. This perception is important because of which unique characteristic of services?

A.Inventory costs.

B. Inseparability.

C. Inconsistency.

D.Intangibility.

E.Invisibility.

18. A strategy for managing a product's life cycle that attempts to increase a product's use among existing customers, create new use situations, or find new customers is referred to as

A.market modification.

B. product modification.

C.product repositioning.

D. customer orientation.

D.diversification.

19. Which of the following is the most important aspect conveyed by the FedEx brand?

Answer

A.its international experience

B.the benefits provided by the service

C.the ownership of the company

D. the nonprofit aspect of the company

E.the patent for its service

20. To help differentiate a company's brand from competitors, an improved version or new features are added to the original design, and product proliferation occurs in the _________ stage of the product life cycle.

Answer

A. introduction

B. growth

C. maturity

D. decline

E. harvest

21. Commuters in New York have often installed devices on their cars that can be read automatically as they approach a tollbooth. This saves time, improves traffic flow, and means drivers don't need to keep suitable change in the car. It also offers New York authorities the opportunity to manage traffic flow by charging different toll amounts for different times of day. Commuters in New York are experiencing

Answer

a. price gouging.

b. competitive pricing.

c. off-peak pricing.

d. internal marketing.

e. external marketing.

22. Four key challenges for package and label designers include (1) cost reduction, (2) environmental concerns, (3) health, safety, and security issues, and (4) _________.

Answer

a. a.governmental regulations

b. social and societal issues

c. competition from global markets

d. a continuing need to connect with customers

e. diminishing color, symbol, and trademark selections

23. Mars, Inc. sells Snickers, Milky Way, Twix, Skittles, Dove, Starburst, M&Ms, and Three Musketeer candy. This variety of names is typical of a __________ strategy.

Answer

a. co-branding

b. multibranding

c. multiproduct

d. mixed brand

e. private branding

24.Which of the following statements is most accurate?

Answer

a. The name Gatorade was chosen because as an energy drink it "got you out the gate-fast." The name Gatorade was coined by a team who lost to the FL Gators, attributing the Gator win to the "aid" it got from the rehydrating beverage. The green color of the original lemon-lime Gatorade conjured up a fast and strong alligator in the water. The first five letters in Gatorade are the initials of the product's inventors, with "ade" at the end representing the product's