UTA 3321 MARKETING EXAM #3
QUESTIONS AND ANSWERS
improvements or revisions of existing products - ANSWER-the "new and improved"
product may be significantly or only slightly changed
New Product Development Process - ANSWER-new product strategy, idea
generation, idea screening, business analysis, development, test marketing,
commercialization, new product
new-product strategy - ANSWER-links the new-product development process with
the objectives of the marketing department, the business unit, and the corporation
new product ideas - ANSWER-come from many sources within an organization and
from outside an organization
Screening - ANSWER-the first filter in the product development process, which
eliminates ideas that are inconsistent with the organization's new-product strategy or
are obviously inappropriate for some other reason
concept tests - ANSWER-are often used at the screening stage. These tests
evaluate a new-product idea, usually before any prototype has been created
business analysis - ANSWER-the preliminary figures for demand, cost, sales, and
profitability are calculated.
development - ANSWER-Creation of prototype
Sketch marketing strategy
Packaging, branding, labeling
Promotion, price, and distribution strategy
Manufacturing feasibility
simultaneous product development - ANSWER-a team-oriented approach to new-
product development where all relevant functional areas and outside suppliers
participate in the development process
test marketing - ANSWER-the limited introduction of a product and a marketing
program to determine the reactions of potential customers in a market situation
individual brand - ANSWER-using different brand names for different products
family brand - ANSWER-marketing several different products under the same brand
name
types of co branding - ANSWER-ingredient branding, cooperative branding,
complementary branding.
, ingredient branding - ANSWER-a type of branding in which branded materials
become "component parts" of other branded products
cooperative branding - ANSWER-placing two or more brand names on a product or
its package
complementary branding - ANSWER-a form of co-branding in which the marketing of
two brands together encourages co-consumption or co-purchases
Functions of Packaging - ANSWER-contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
persuasive labeling - ANSWER-focuses on a promotional theme or logo, and
consumer information is secondary
scanner-based research - ANSWER-a system for gathering information from a single
group of respondents by continuously monitoring the advertising, promotion, and
pricing they are exposed to and the things they buy
informational labeling - ANSWER-designed to help consumers make proper product
selections and lower their cognitive dissonance after the purchase
Universal product codes (UPC) - ANSWER-a series of thick and thin vertical lines
(bar codes) readable by computerized optical scanners that represent numbers used
to track products
warranty - ANSWER-a confirmation of the quality or performance of a good or
service
express warranty - ANSWER-a written guarantee
implied warranty - ANSWER-an unwritten guarantee that the good or service is fit for
the purpose for which it was sold (UCC)
70%-85% - ANSWER-Failure rate of products in the consumer packaged goods
industry is
of all resources allocated to new products by U.S firms is spent on failed products. -
ANSWER-46%
Reasons for product failure include: - ANSWER-No discernible benefits
Poor match between features and customer desires
Overestimation of market size
Incorrect positioning
Price too high or too low
Inadequate distribution
Poor promotion
QUESTIONS AND ANSWERS
improvements or revisions of existing products - ANSWER-the "new and improved"
product may be significantly or only slightly changed
New Product Development Process - ANSWER-new product strategy, idea
generation, idea screening, business analysis, development, test marketing,
commercialization, new product
new-product strategy - ANSWER-links the new-product development process with
the objectives of the marketing department, the business unit, and the corporation
new product ideas - ANSWER-come from many sources within an organization and
from outside an organization
Screening - ANSWER-the first filter in the product development process, which
eliminates ideas that are inconsistent with the organization's new-product strategy or
are obviously inappropriate for some other reason
concept tests - ANSWER-are often used at the screening stage. These tests
evaluate a new-product idea, usually before any prototype has been created
business analysis - ANSWER-the preliminary figures for demand, cost, sales, and
profitability are calculated.
development - ANSWER-Creation of prototype
Sketch marketing strategy
Packaging, branding, labeling
Promotion, price, and distribution strategy
Manufacturing feasibility
simultaneous product development - ANSWER-a team-oriented approach to new-
product development where all relevant functional areas and outside suppliers
participate in the development process
test marketing - ANSWER-the limited introduction of a product and a marketing
program to determine the reactions of potential customers in a market situation
individual brand - ANSWER-using different brand names for different products
family brand - ANSWER-marketing several different products under the same brand
name
types of co branding - ANSWER-ingredient branding, cooperative branding,
complementary branding.
, ingredient branding - ANSWER-a type of branding in which branded materials
become "component parts" of other branded products
cooperative branding - ANSWER-placing two or more brand names on a product or
its package
complementary branding - ANSWER-a form of co-branding in which the marketing of
two brands together encourages co-consumption or co-purchases
Functions of Packaging - ANSWER-contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
persuasive labeling - ANSWER-focuses on a promotional theme or logo, and
consumer information is secondary
scanner-based research - ANSWER-a system for gathering information from a single
group of respondents by continuously monitoring the advertising, promotion, and
pricing they are exposed to and the things they buy
informational labeling - ANSWER-designed to help consumers make proper product
selections and lower their cognitive dissonance after the purchase
Universal product codes (UPC) - ANSWER-a series of thick and thin vertical lines
(bar codes) readable by computerized optical scanners that represent numbers used
to track products
warranty - ANSWER-a confirmation of the quality or performance of a good or
service
express warranty - ANSWER-a written guarantee
implied warranty - ANSWER-an unwritten guarantee that the good or service is fit for
the purpose for which it was sold (UCC)
70%-85% - ANSWER-Failure rate of products in the consumer packaged goods
industry is
of all resources allocated to new products by U.S firms is spent on failed products. -
ANSWER-46%
Reasons for product failure include: - ANSWER-No discernible benefits
Poor match between features and customer desires
Overestimation of market size
Incorrect positioning
Price too high or too low
Inadequate distribution
Poor promotion
