MLSE 3500 Midterm Exam Questions
with 100% correct answers
What is a product life cycle? What does it look like? - correct answer Product life cycle is the progression
of an item through the four stages of its time on the market. The four life cycle stages are: Introduction,
Growth, Maturity and Decline. Every product has a life cycle and time spent at each stage differs from
product to product.
What are the four parts (in the correct order!) of the Improvement Cycle (Cycles of Learning / Rapid-
Cycle Testing) - correct answer PLAN, DO, STUDY, ACT
1. Find a problem/need2. Brainstorm3. Turn it into a concept4. Test the concept
How much do you reduce risk of failure each time you go through a cycle of learning? - correct answer
You can cut the risk in half, therefore a product that has gone through the cycle 4 times will have an 85%
chance at success
What is a packaging creative brief and its components? - correct answer -The size, shape, and number of
packages that fit on the store shelf-What consumer benefits are competitors communicating on their
package-Your product's performance superiority vs. competition-The primary colors that competitors are
using
What are the elements of effective packaging - correct answer Succint and tantalizing
Concept Testing (comprehensive understanding) - correct answer Purchase IntentandHow "New &
Different" the idea is versus what already exists
All the different pricing strategies - correct answer Price Discrimination, Penetration Pricing, Every-day
low price, Product Bundle pricing, High-Low Pricing, Price insensitive, Price elasticity, Psychological
Pricing, Loss Leader Pricing,
with 100% correct answers
What is a product life cycle? What does it look like? - correct answer Product life cycle is the progression
of an item through the four stages of its time on the market. The four life cycle stages are: Introduction,
Growth, Maturity and Decline. Every product has a life cycle and time spent at each stage differs from
product to product.
What are the four parts (in the correct order!) of the Improvement Cycle (Cycles of Learning / Rapid-
Cycle Testing) - correct answer PLAN, DO, STUDY, ACT
1. Find a problem/need2. Brainstorm3. Turn it into a concept4. Test the concept
How much do you reduce risk of failure each time you go through a cycle of learning? - correct answer
You can cut the risk in half, therefore a product that has gone through the cycle 4 times will have an 85%
chance at success
What is a packaging creative brief and its components? - correct answer -The size, shape, and number of
packages that fit on the store shelf-What consumer benefits are competitors communicating on their
package-Your product's performance superiority vs. competition-The primary colors that competitors are
using
What are the elements of effective packaging - correct answer Succint and tantalizing
Concept Testing (comprehensive understanding) - correct answer Purchase IntentandHow "New &
Different" the idea is versus what already exists
All the different pricing strategies - correct answer Price Discrimination, Penetration Pricing, Every-day
low price, Product Bundle pricing, High-Low Pricing, Price insensitive, Price elasticity, Psychological
Pricing, Loss Leader Pricing,
