MKT 300 Exam questions with
answers well graded A+
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
Profit Orientation - ANS✅✅focus on target profit pricing, maximize profit or target return pricing
Sales Orientation - ANS✅✅to set prices believe that increasing sales will help the firm more than
will increasing profits.
Competitor Orientation - ANS✅✅setting prices similar to those of your competition
Customer Orientation - ANS✅✅invokes the concept of value
9. Demand curves and pricing - ANS✅✅shows how many units of a product or service consumers
will demand during a specific period of time at different prices
10. Price elasticity - ANS✅✅measures how changes in a price affect the quantity of the product
demanded
answers well graded A+
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
Profit Orientation - ANS✅✅focus on target profit pricing, maximize profit or target return pricing
Sales Orientation - ANS✅✅to set prices believe that increasing sales will help the firm more than
will increasing profits.
Competitor Orientation - ANS✅✅setting prices similar to those of your competition
Customer Orientation - ANS✅✅invokes the concept of value
9. Demand curves and pricing - ANS✅✅shows how many units of a product or service consumers
will demand during a specific period of time at different prices
10. Price elasticity - ANS✅✅measures how changes in a price affect the quantity of the product
demanded
