MKT 300 Final Exam QUESTIONS
WELL ANSWERED GRADED A+
2025/2026
1. 6 Stages of the new product development process - ANS ✔✔Idea Generation
Concept Testing
Product Development
Market Testing
Product Launch
Evaluation of Results
Idea Generation - ANS ✔✔development of viable new product ideas
Concept Testing - ANS ✔✔testing the new product idea among a set of potential customers
Product Development - ANS ✔✔development of prototypes and/r the product
Market Testing - ANS ✔✔testing the actual products in a few test markets
Product Launch - ANS ✔✔full-scale commercialization of the product
Evaluation of Results - ANS ✔✔analysis of the performance for the new product and making
appropriate modifications
, 4. Service - ANS ✔✔any intangible offering that involves a deed, performance of effort that
cannot be physically possessed
5. Service Characteristics differentiating services from goods - ANS ✔✔Intangibility
Variability
Inseparable
Variability - ANS ✔✔because we are human, we are prone to lose control of our
emotions...causing error
Knowledge Gap - ANS ✔✔the difference between customers' expectations and the firm's
perception of those customer expectations
Delivery Gap - ANS ✔✔the difference between the firms service standards and the actual
service it provides to customers
Communication Gap - ANS ✔✔the difference between the actual services provided to
customers and the service that the firm's promotion program promises.
7. What is price - ANS ✔✔the overall sacrifice a consumer is willing to make to acquire a specific
product or service.
8. 4 Types of pricing objectives - ANS ✔✔Profit Orientation
Sales Orientation
Competitor Orientation
Customer Orientation
WELL ANSWERED GRADED A+
2025/2026
1. 6 Stages of the new product development process - ANS ✔✔Idea Generation
Concept Testing
Product Development
Market Testing
Product Launch
Evaluation of Results
Idea Generation - ANS ✔✔development of viable new product ideas
Concept Testing - ANS ✔✔testing the new product idea among a set of potential customers
Product Development - ANS ✔✔development of prototypes and/r the product
Market Testing - ANS ✔✔testing the actual products in a few test markets
Product Launch - ANS ✔✔full-scale commercialization of the product
Evaluation of Results - ANS ✔✔analysis of the performance for the new product and making
appropriate modifications
, 4. Service - ANS ✔✔any intangible offering that involves a deed, performance of effort that
cannot be physically possessed
5. Service Characteristics differentiating services from goods - ANS ✔✔Intangibility
Variability
Inseparable
Variability - ANS ✔✔because we are human, we are prone to lose control of our
emotions...causing error
Knowledge Gap - ANS ✔✔the difference between customers' expectations and the firm's
perception of those customer expectations
Delivery Gap - ANS ✔✔the difference between the firms service standards and the actual
service it provides to customers
Communication Gap - ANS ✔✔the difference between the actual services provided to
customers and the service that the firm's promotion program promises.
7. What is price - ANS ✔✔the overall sacrifice a consumer is willing to make to acquire a specific
product or service.
8. 4 Types of pricing objectives - ANS ✔✔Profit Orientation
Sales Orientation
Competitor Orientation
Customer Orientation
