QUESTION A big question at this stage in developing a new product is whether to roll out the product gradually in selected geographical areas or roll it out nationwide all at once. A) product screening B) product analysis C) commercialization D) product development E) test marketing ANSWER Answer: C Explanation: C) Commercialization is the […]
QUESTION Which of the following is an example of a component part? A) industrial robots B) cleaning agents C) wool D) batteries E) food preservatives ANSWER Answer: D Explanation: D) Batteries, along with computer chips, switches, and tires, are examples of component parts.
QUESTION Fred’s company wants to come up with new product ideas. So Fred’s manager asked Fred to attend an idea-generating brainstorming meeting. Fred sat quietly throughout the meeting, not contributing anything. Later, Fred said, “My inner voice was blocking my creativity. All kinds of negative thoughts were running through my head.” Which of the following […]
QUESTION Which product is in a different category of innovation from the others? A) Campbell’s soup label change B) e-book readers C) two-flavor chewing gum D) larger-sized bottled water E) pink-colored hockey gear ANSWER Answer: B Explanation: B) All answer choices except e-book readers are in the continuous innovation category. E-book readers are in […]
QUESTION Patrick has a small retail store. Which item would Patrick definitely NOT sell in such a store? A) chewing gum B) work boots C) fur coats D) burn bandages E) food preservatives ANSWER Answer: E Explanation: E) Patrick’s store is a retail store, which means he sells to the consumer market. Food preservatives […]
QUESTION Which of the following is NOT a discontinuous innovation? A) fiber optics B) iPods C) electric cars D) genetically modified plants E) bar codes and scanners ANSWER Answer: C Explanation: C) Electric cars are an example of a dynamically continuous innovation.
QUESTION The Macy’s star is a brand name. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The Macy’s star is a brand mark, a part of a brand that cannot be expressed verbally.
QUESTION Teresa is trying to sell her condo. It has been on the market for six weeks at $379,995 and so now she wants to lower the price. A new price of $375,995 would likely be received better by potential buyers than a price of $373,555. Indicate whether the statement is true or false. […]
QUESTION Which of the following is NOT one of the four general classes of consumer goods and services? A) shopping B) ordinary C) specialty D) convenience E) unsought ANSWER Answer: B Explanation: B) The four general classes of consumer goods and services are convenience, shopping, specialty, and unsought. Ordinary is not one of them.
QUESTION The purpose of break-even analysis is to find the revenue needed to cover the total cost of making a product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The purpose of break-even analysis is to find the break-even point—the point at which sales revenues equal costs; that is, at […]
