MKTG 350 Chapter 12 Exam Questions
with Correct Answers
The early. _________________ represents the earlier half of the two largest categories
of consumers on the diffusion of innovation curve. - Answer- majority
A newly formed coffee company should not have much trouble finding coffee drinkers in
America to purchase a new type of coffee maker. However, a company selling gear for
the game of cricket might have a difficult time being successful in the United States.
They would probably be more successful in India or Australia. The degree to which
one's product is consistent with the needs and habits of target consumers is known as
______. - Answer- compatibility
________________ are consumers who like to avoid changes and rely on traditional
products until they are no longer available. - Answer- Laggards
Although there are numerous stages in the product development process, every firm
starts to develop new products through ______ and then finishes with an evaluation of
______. - Answer- idea generation; results
In distinguishing between firm strategies for developing new products, a pioneer firm will
be more likely to rely on its ______, whereas a follower firm will be more likely to
______ for ideas. - Answer- R&D department; scan the market
A firm that joins with other firms as well as government and educational institutions to
research a costly new technology is participating in which of the following? - Answer-
Research consortium
Products that generate enough revenue to cover the losses from other unsuccessful
introductions are known as ______. - Answer- blockbusters
Licensing is a trade-off in that it can save a firm from the high costs of in-house R&D,
but instead the firm is counting on a solution (product) that already exists but has not
been ______. - Answer- marketed
testing is a written description of a product and its technology and is presented to
potential buyers or users to obtain their reactions. - Answer- concept
Which type of firm is most likely to engage in a licensing approach to R&D? - Answer- A
firm with a low budget and a need to get a product to market quickly
with Correct Answers
The early. _________________ represents the earlier half of the two largest categories
of consumers on the diffusion of innovation curve. - Answer- majority
A newly formed coffee company should not have much trouble finding coffee drinkers in
America to purchase a new type of coffee maker. However, a company selling gear for
the game of cricket might have a difficult time being successful in the United States.
They would probably be more successful in India or Australia. The degree to which
one's product is consistent with the needs and habits of target consumers is known as
______. - Answer- compatibility
________________ are consumers who like to avoid changes and rely on traditional
products until they are no longer available. - Answer- Laggards
Although there are numerous stages in the product development process, every firm
starts to develop new products through ______ and then finishes with an evaluation of
______. - Answer- idea generation; results
In distinguishing between firm strategies for developing new products, a pioneer firm will
be more likely to rely on its ______, whereas a follower firm will be more likely to
______ for ideas. - Answer- R&D department; scan the market
A firm that joins with other firms as well as government and educational institutions to
research a costly new technology is participating in which of the following? - Answer-
Research consortium
Products that generate enough revenue to cover the losses from other unsuccessful
introductions are known as ______. - Answer- blockbusters
Licensing is a trade-off in that it can save a firm from the high costs of in-house R&D,
but instead the firm is counting on a solution (product) that already exists but has not
been ______. - Answer- marketed
testing is a written description of a product and its technology and is presented to
potential buyers or users to obtain their reactions. - Answer- concept
Which type of firm is most likely to engage in a licensing approach to R&D? - Answer- A
firm with a low budget and a need to get a product to market quickly
