UF MAR3023 EXAM 2 QUESTIONS AND CORRECT ANSWERS
What ccis cca ccproduct? cc- ccCORRECT ccANS✔✔A ccgood, ccservice, ccor ccidea ccconsisting ccof cca ccbundle ccof cctangible ccand
ccintangible ccattributes ccthat ccsatisfies ccconsumers ccand ccis ccreceived ccin ccexchange ccfor ccmoney ccor ccsome ccother ccunit ccof
ccvalue.
What ccdoes cca cccompany's ccsuccess ccdepend ccupon? cc- ccCORRECT ccANS✔✔It's ccability ccto ccdevelop ccand ccmarket ccnew
ccproducts.
What ccis cca ccgood? cc- ccCORRECT ccANS✔✔Products ccwith cctangible ccattributes ccthat ccthe ccfive ccsenses ccmay ccperceive. ccMay
ccalso cchave ccintangible ccattributes ccwhen ccit cccomes ccto ccdelivery ccor ccwarranty.
What ccis cca ccnondurable ccgood? cc- ccCORRECT ccANS✔✔Items ccthat ccconsumers ccuse cconce ccor ccfor cca ccfew ccuses cc(e.g.,
ccfood ccproducts ccand ccfuel).
What ccis cca ccdurable ccgood? cc- ccCORRECT ccANS✔✔Items ccthat ccsustain ccmany ccuses cc(e.g., ccappliances, ccautomobiles, ccand
ccstern ccequipment).
What ccis cca ccservice? cc- ccCORRECT ccANS✔✔Intangible ccbenefits ccor ccactivities ccthat ccare ccoffered ccfor ccsale cc(e.g.,
ccmarketing ccresearch, cchealth cccare, ccand cceducation).
What ccare ccideas? cc- ccCORRECT ccANS✔✔Thoughts ccthat cclead ccto ccactions.
What ccare ccconsumer ccproducts? cc- ccCORRECT ccANS✔✔Products ccpurchased ccby ccthe ccultimate ccconsumer.
What ccare ccbusiness ccproducts? cc- ccCORRECT ccANS✔✔Products ccthat ccassist ccdirectly ccor ccindirectly ccin ccproviding ccproducts
ccfor ccresale.
What ccare ccbusiness ccproducts ccalso cccalled? cc- ccCORRECT ccANS✔✔Industrial ccProducts ccor ccB2B ccproducts
What ccare ccconvenience ccproducts? cc- ccCORRECT ccANS✔✔Items ccconsumers ccpurchase ccfrequently, ccconveniently, ccand
ccwith cca ccminimum cceffort.
What ccare ccshopping ccproducts? cc- ccCORRECT ccANS✔✔Items ccfor ccwhich ccconsumers cccompare ccseveral ccalternatives ccon
cccriteria ccsuch ccas ccprice, ccquality, ccor ccstyle.
What ccare ccspecialty ccproducts? cc- ccCORRECT ccANS✔✔Items ccconsumers ccmake cca ccspecial cceffort ccto ccseek ccand ccbuy.
What ccare ccunsought ccproducts? cc- ccCORRECT ccANS✔✔Items ccconsumers cceither ccdo ccnot ccknow ccabout ccor ccknow ccabout
ccbut ccdo ccnot ccinitially ccwant.
What ccis ccderived ccdemand? cc- ccCORRECT ccANS✔✔Sales ccdepend ccon ccconsumers' ccdemand ccfor ccconsumer ccproducts.
What ccare cccomponents? cc- ccCORRECT ccANS✔✔Items ccused ccin ccthe ccmanufacturing ccprocess ccthat ccbecome ccpart ccof ccthe
ccfinal ccproduct cc(e.g., ccraw ccmaterials, cccomponent ccparts).
What ccare ccsupport ccproducts? cc- ccCORRECT ccANS✔✔Items ccused ccto ccassist ccin ccproducing ccother ccgoods ccand ccservices.
What ccare ccthe ccfour cctypes ccof ccsupport ccgoods? cc- ccCORRECT ccANS✔✔1. ccInstallations cc(buildings ccand ccfixed ccequipment)
2. ccAccessory ccequipment cc(tools ccand ccoffice ccequipment)
3. ccSupplies cc(products ccsuch ccas ccstationary, ccpaper ccclips, ccand ccbrooms)
4. ccIndustrial ccservices cc(intangibles ccthat cchelp ccthe ccindustrial ccbuyer)
, Product ccItem: cc- ccCORRECT ccANS✔✔is cca ccspecific ccproduct ccidentified ccby ccan ccordering cccode, ccits ccStock ccKeeping ccUnit
cc(SKU).
-Example: cca ccspecific ccflavor ccof ccCampbell's ccChunky ccSoup ccis cca ccproduct ccitem
Product ccLine: cc- ccCORRECT ccANS✔✔is cca ccgroup ccof ccproducts ccthat ccare ccclosely ccrelated ccbecause ccthey ccsatisfy cca
ccclass ccof ccneeds, ccare ccused cctogether, ccare ccsold ccto ccthe ccsame cccustomer ccgroup, ccare ccdistributed ccthrough ccthe ccsame
cctype ccof ccoutlets, ccor ccfall ccwithin cca ccgiven ccprice ccrange.
Product ccMix: cc- ccCORRECT ccANS✔✔is ccthe ccnumber ccof ccproduct cclines ccoffered ccby cca cccompany.
New ccProduct: cc- ccCORRECT ccANS✔✔only ccif ccthey cccreate cca ccnew ccindustry ccand ccfunctionally ccdifferent ccwill cca ccproduct
ccbe ccconsidered ccnew
What ccis cc'newness ccin cclegal ccterms'? cc- ccCORRECT ccANS✔✔The ccFederal ccTrade ccCommission ccsays ccthat cca ccproduct ccis
ccnew ccuntil ccsix ccmonths ccafter ccit ccenters ccregular ccdistribution.
What ccare ccthe ccthree cclevels ccof cc"newness" ccfrom cca cccompany ccperspective? cc- ccCORRECT ccANS✔✔1. ccProduct ccLine
ccExtension
2. ccSignificant ccTechnological ccJump
3. ccTrue ccinnovation
Continuous ccInnovation: cc- ccCORRECT ccANS✔✔involves ccno ccnew ccchanges ccin ccbehavior
Discontinuous ccInnovation: cc- ccCORRECT ccANS✔✔involves cclearning ccentirely ccnew ccpatterns ccof ccconsumption
Dynamically ccContinuous ccInnovation: cc- ccCORRECT ccANS✔✔involves cconly cca ccfew ccminor ccchanges ccin ccbehavior
Reasons ccwhy ccnew ccproduct(s) ccfail: cc- ccCORRECT ccANS✔✔1. ccinsignificant ccpoint ccof ccdifference
2.incomplete ccmarket ccand ccproduct ccdefinition ccbefore ccproduct ccdevelopment ccstarts
3. ccfailure ccto ccsatisfy cccustomer ccneeds
4. ccbad cctiming
5. ccno cceconomical ccaccess ccto ccbuyers
6. ccpoor ccproduct ccquality ccor ccsensitivity ccto cccustomers ccneeds ccon cccritical ccfactors
7. ccpoor ccexecution ccof ccmarketing ccmix
8. cctoo cclittle ccmarket ccattractiveness
Groupthink: cc- ccCORRECT ccANS✔✔is ccthe cctendency ccof cca ccgroup ccmember ccto ccsuppress ccobjections ccand ccagree ccwith
ccthe ccothers ccto ccgain ccacceptance ccby ccthe ccgroup
NIH ccProblem: cc- ccCORRECT ccANS✔✔not ccinvented cchere!! ccLarge ccorganizations ccwith cca ccgood ccdeal ccof ccbureaucracy,
ccideas ccare ccfrequently ccrejected ccsimply ccbecause ccthey cccame ccfrom ccoutside ccthe ccorganization
The ccNew ccProduct ccProcess: cc- ccCORRECT ccANS✔✔describes ccthe ccseven ccstages cca ccfirm ccgoes ccthrough ccto ccidentify
ccbusiness ccopportunities ccand ccconvert ccthem ccto cca ccsalable ccgood ccor ccservice.
What ccare ccthe ccseven ccstages ccof ccthe ccNew ccProduct ccProcess? cc- ccCORRECT ccANS✔✔1. ccnew ccproduct ccstrategy
ccdevelopment
2. ccidea ccgeneration
3. ccscreening ccand ccevaluation
4. ccbusiness ccanalysis
5. ccdevelopment
6. ccmarket cctesting
7. cccommercialization
The ccnew-product ccstrategy ccdevelopment ccstage: cc- ccCORRECT ccANS✔✔is ccthe ccstage ccof ccthe ccnew-product ccprocess ccthat
ccdefines ccthe ccrole ccfor cca ccnew ccproduct ccin ccterms ccof ccthe ccfirm's ccoverall cccorporate ccobjectives.
What ccis ccidea ccgeneration? cc- ccCORRECT ccANS✔✔The ccstage ccof ccthe ccnew-product ccprocess ccthat ccinvolves ccdeveloping cca
ccpool ccof ccconcepts ccas cccandidates ccfor ccnew ccproducts.
IDEO: cc- ccCORRECT ccANS✔✔an ccinnovation cclab ccthat cchas cccome ccup ccwith cca ccnumber ccof ccinnovative ccideas, ccfrom ccthe
ccApple ccmouse ccto ccan cceasy-squeeze ccdispenser.
Screening ccand ccevaluation: cc- ccCORRECT ccANS✔✔involves ccinternal ccand ccexternal ccevaluations ccof ccthe ccnew-product
ccideas ccto cceliminate ccthose ccthat ccwarrant ccno ccfurther cceffort
Customer ccExperience ccManagement cc(CEM): cc- ccCORRECT ccANS✔✔the ccprocess ccof ccmanaging ccthe ccentire cccustomer
ccexperience ccwithin ccthe cccompany
Business ccanalysis: cc- ccCORRECT ccANS✔✔involves ccspecifying ccproduct ccfeatures ccand ccthe ccmarketing ccstrategy, ccand
ccmaking ccthe ccfinancial ccprojections ccneeded ccto cccommercialize cca ccproduct.
Development: cc- ccCORRECT ccANS✔✔involves ccturning ccan ccidea ccinto cca ccprototype, ccor cca ccfull-cali ccoperating ccmodel.
What ccis cca ccproduct? cc- ccCORRECT ccANS✔✔A ccgood, ccservice, ccor ccidea ccconsisting ccof cca ccbundle ccof cctangible ccand
ccintangible ccattributes ccthat ccsatisfies ccconsumers ccand ccis ccreceived ccin ccexchange ccfor ccmoney ccor ccsome ccother ccunit ccof
ccvalue.
What ccdoes cca cccompany's ccsuccess ccdepend ccupon? cc- ccCORRECT ccANS✔✔It's ccability ccto ccdevelop ccand ccmarket ccnew
ccproducts.
What ccis cca ccgood? cc- ccCORRECT ccANS✔✔Products ccwith cctangible ccattributes ccthat ccthe ccfive ccsenses ccmay ccperceive. ccMay
ccalso cchave ccintangible ccattributes ccwhen ccit cccomes ccto ccdelivery ccor ccwarranty.
What ccis cca ccnondurable ccgood? cc- ccCORRECT ccANS✔✔Items ccthat ccconsumers ccuse cconce ccor ccfor cca ccfew ccuses cc(e.g.,
ccfood ccproducts ccand ccfuel).
What ccis cca ccdurable ccgood? cc- ccCORRECT ccANS✔✔Items ccthat ccsustain ccmany ccuses cc(e.g., ccappliances, ccautomobiles, ccand
ccstern ccequipment).
What ccis cca ccservice? cc- ccCORRECT ccANS✔✔Intangible ccbenefits ccor ccactivities ccthat ccare ccoffered ccfor ccsale cc(e.g.,
ccmarketing ccresearch, cchealth cccare, ccand cceducation).
What ccare ccideas? cc- ccCORRECT ccANS✔✔Thoughts ccthat cclead ccto ccactions.
What ccare ccconsumer ccproducts? cc- ccCORRECT ccANS✔✔Products ccpurchased ccby ccthe ccultimate ccconsumer.
What ccare ccbusiness ccproducts? cc- ccCORRECT ccANS✔✔Products ccthat ccassist ccdirectly ccor ccindirectly ccin ccproviding ccproducts
ccfor ccresale.
What ccare ccbusiness ccproducts ccalso cccalled? cc- ccCORRECT ccANS✔✔Industrial ccProducts ccor ccB2B ccproducts
What ccare ccconvenience ccproducts? cc- ccCORRECT ccANS✔✔Items ccconsumers ccpurchase ccfrequently, ccconveniently, ccand
ccwith cca ccminimum cceffort.
What ccare ccshopping ccproducts? cc- ccCORRECT ccANS✔✔Items ccfor ccwhich ccconsumers cccompare ccseveral ccalternatives ccon
cccriteria ccsuch ccas ccprice, ccquality, ccor ccstyle.
What ccare ccspecialty ccproducts? cc- ccCORRECT ccANS✔✔Items ccconsumers ccmake cca ccspecial cceffort ccto ccseek ccand ccbuy.
What ccare ccunsought ccproducts? cc- ccCORRECT ccANS✔✔Items ccconsumers cceither ccdo ccnot ccknow ccabout ccor ccknow ccabout
ccbut ccdo ccnot ccinitially ccwant.
What ccis ccderived ccdemand? cc- ccCORRECT ccANS✔✔Sales ccdepend ccon ccconsumers' ccdemand ccfor ccconsumer ccproducts.
What ccare cccomponents? cc- ccCORRECT ccANS✔✔Items ccused ccin ccthe ccmanufacturing ccprocess ccthat ccbecome ccpart ccof ccthe
ccfinal ccproduct cc(e.g., ccraw ccmaterials, cccomponent ccparts).
What ccare ccsupport ccproducts? cc- ccCORRECT ccANS✔✔Items ccused ccto ccassist ccin ccproducing ccother ccgoods ccand ccservices.
What ccare ccthe ccfour cctypes ccof ccsupport ccgoods? cc- ccCORRECT ccANS✔✔1. ccInstallations cc(buildings ccand ccfixed ccequipment)
2. ccAccessory ccequipment cc(tools ccand ccoffice ccequipment)
3. ccSupplies cc(products ccsuch ccas ccstationary, ccpaper ccclips, ccand ccbrooms)
4. ccIndustrial ccservices cc(intangibles ccthat cchelp ccthe ccindustrial ccbuyer)
, Product ccItem: cc- ccCORRECT ccANS✔✔is cca ccspecific ccproduct ccidentified ccby ccan ccordering cccode, ccits ccStock ccKeeping ccUnit
cc(SKU).
-Example: cca ccspecific ccflavor ccof ccCampbell's ccChunky ccSoup ccis cca ccproduct ccitem
Product ccLine: cc- ccCORRECT ccANS✔✔is cca ccgroup ccof ccproducts ccthat ccare ccclosely ccrelated ccbecause ccthey ccsatisfy cca
ccclass ccof ccneeds, ccare ccused cctogether, ccare ccsold ccto ccthe ccsame cccustomer ccgroup, ccare ccdistributed ccthrough ccthe ccsame
cctype ccof ccoutlets, ccor ccfall ccwithin cca ccgiven ccprice ccrange.
Product ccMix: cc- ccCORRECT ccANS✔✔is ccthe ccnumber ccof ccproduct cclines ccoffered ccby cca cccompany.
New ccProduct: cc- ccCORRECT ccANS✔✔only ccif ccthey cccreate cca ccnew ccindustry ccand ccfunctionally ccdifferent ccwill cca ccproduct
ccbe ccconsidered ccnew
What ccis cc'newness ccin cclegal ccterms'? cc- ccCORRECT ccANS✔✔The ccFederal ccTrade ccCommission ccsays ccthat cca ccproduct ccis
ccnew ccuntil ccsix ccmonths ccafter ccit ccenters ccregular ccdistribution.
What ccare ccthe ccthree cclevels ccof cc"newness" ccfrom cca cccompany ccperspective? cc- ccCORRECT ccANS✔✔1. ccProduct ccLine
ccExtension
2. ccSignificant ccTechnological ccJump
3. ccTrue ccinnovation
Continuous ccInnovation: cc- ccCORRECT ccANS✔✔involves ccno ccnew ccchanges ccin ccbehavior
Discontinuous ccInnovation: cc- ccCORRECT ccANS✔✔involves cclearning ccentirely ccnew ccpatterns ccof ccconsumption
Dynamically ccContinuous ccInnovation: cc- ccCORRECT ccANS✔✔involves cconly cca ccfew ccminor ccchanges ccin ccbehavior
Reasons ccwhy ccnew ccproduct(s) ccfail: cc- ccCORRECT ccANS✔✔1. ccinsignificant ccpoint ccof ccdifference
2.incomplete ccmarket ccand ccproduct ccdefinition ccbefore ccproduct ccdevelopment ccstarts
3. ccfailure ccto ccsatisfy cccustomer ccneeds
4. ccbad cctiming
5. ccno cceconomical ccaccess ccto ccbuyers
6. ccpoor ccproduct ccquality ccor ccsensitivity ccto cccustomers ccneeds ccon cccritical ccfactors
7. ccpoor ccexecution ccof ccmarketing ccmix
8. cctoo cclittle ccmarket ccattractiveness
Groupthink: cc- ccCORRECT ccANS✔✔is ccthe cctendency ccof cca ccgroup ccmember ccto ccsuppress ccobjections ccand ccagree ccwith
ccthe ccothers ccto ccgain ccacceptance ccby ccthe ccgroup
NIH ccProblem: cc- ccCORRECT ccANS✔✔not ccinvented cchere!! ccLarge ccorganizations ccwith cca ccgood ccdeal ccof ccbureaucracy,
ccideas ccare ccfrequently ccrejected ccsimply ccbecause ccthey cccame ccfrom ccoutside ccthe ccorganization
The ccNew ccProduct ccProcess: cc- ccCORRECT ccANS✔✔describes ccthe ccseven ccstages cca ccfirm ccgoes ccthrough ccto ccidentify
ccbusiness ccopportunities ccand ccconvert ccthem ccto cca ccsalable ccgood ccor ccservice.
What ccare ccthe ccseven ccstages ccof ccthe ccNew ccProduct ccProcess? cc- ccCORRECT ccANS✔✔1. ccnew ccproduct ccstrategy
ccdevelopment
2. ccidea ccgeneration
3. ccscreening ccand ccevaluation
4. ccbusiness ccanalysis
5. ccdevelopment
6. ccmarket cctesting
7. cccommercialization
The ccnew-product ccstrategy ccdevelopment ccstage: cc- ccCORRECT ccANS✔✔is ccthe ccstage ccof ccthe ccnew-product ccprocess ccthat
ccdefines ccthe ccrole ccfor cca ccnew ccproduct ccin ccterms ccof ccthe ccfirm's ccoverall cccorporate ccobjectives.
What ccis ccidea ccgeneration? cc- ccCORRECT ccANS✔✔The ccstage ccof ccthe ccnew-product ccprocess ccthat ccinvolves ccdeveloping cca
ccpool ccof ccconcepts ccas cccandidates ccfor ccnew ccproducts.
IDEO: cc- ccCORRECT ccANS✔✔an ccinnovation cclab ccthat cchas cccome ccup ccwith cca ccnumber ccof ccinnovative ccideas, ccfrom ccthe
ccApple ccmouse ccto ccan cceasy-squeeze ccdispenser.
Screening ccand ccevaluation: cc- ccCORRECT ccANS✔✔involves ccinternal ccand ccexternal ccevaluations ccof ccthe ccnew-product
ccideas ccto cceliminate ccthose ccthat ccwarrant ccno ccfurther cceffort
Customer ccExperience ccManagement cc(CEM): cc- ccCORRECT ccANS✔✔the ccprocess ccof ccmanaging ccthe ccentire cccustomer
ccexperience ccwithin ccthe cccompany
Business ccanalysis: cc- ccCORRECT ccANS✔✔involves ccspecifying ccproduct ccfeatures ccand ccthe ccmarketing ccstrategy, ccand
ccmaking ccthe ccfinancial ccprojections ccneeded ccto cccommercialize cca ccproduct.
Development: cc- ccCORRECT ccANS✔✔involves ccturning ccan ccidea ccinto cca ccprototype, ccor cca ccfull-cali ccoperating ccmodel.
