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BUSML 3250 EXAM 3 Ch11,12,18 QUESTIONS WITH COMPLETE SOLUTIONS
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BUSML 3250 EXAM 3 Ch11,12,18 QUESTIONS WITH COMPLETE SOLUTIONS
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BUSML 3250 EXAM 3 Ch11,12,18QUESTIONS WITH COMPLETE
SOLUTIONS
alpha testing - Answer-An attempt by the firm to determine whether a product will
perform according to its design and whether it satisfies the need for which it was
intended; occurs in the firm's research and development (R&D) department.
beta testing - Answer-Having potential consumers examine a product prototype in a
real-use setting to determine its functionality, performance, potential problems, and
other issues specific to its use.
breakthrough - Answer-See pioneers.
clinical trial - Answer-Medical test of the safety and efficacy of a new drug or treatment
with human subjects.
concept - Answer-Brief written descriptions of a product or service; its technology,
working principles, and forms; and what customer needs it would satisfy.
concept testing - Answer-The process in which a concept statement that describes a
product or a service is presented to potential buyers or users to obtain their reactions.
decline stage - Answer-Stage of the product life cycle when sales decline and the
product eventually exits the market.
diffusion of innovation - Answer-The process by which the use of an innovation, whether
a product or a service, spreads throughout a market group over time and over various
categories of adopters.
early adopter - Answer-The second group of consumers in the diffusion of innovation
model, after innovators, to use a product or service innovation; generally don't like to
take as much risk as innovators but instead wait and purchase the product after careful
review.
early majority - Answer-A group of consumers in the diffusion of innovation model that
represents approximately 34 percent of the population; members don't like to take much
risk and therefore tend to wait until bugs are worked out of a particular product or
service; few new products and services can be profitable until this large group buys
them.
, first movers - Answer-Product pioneers that are the first to create a market or product
category, making them readily recognizable to consumers and thus establishing a
commanding and early market share lead.
growth stage - Answer-Stage of the product life cycle when the product gains
acceptance, demand and sales increase, and competitors emerge in the product
category.
innovation - Answer-The process by which ideas are transformed into new products and
services that will help firms grow.
innovator - Answer-Those buyers who want to be the first to have the new product or
service.
introduction stage - Answer-Stage of the product life cycle when innovators start buying
the product.
introductory price promotion - Answer-Short-term price discounts designed to
encourage trial.
laggards - Answer-Consumers who like to avoid change and rely on traditional products
until they are no longer available.
late majority - Answer-The last group of buyers to enter a new product market; when
they do, the product has achieved its full market potential.
lead user - Answer-Innovative product users who modify existing products according to
their own ideas to suit their specific needs.
manufacturer's suggested retail price (MSRP) - Answer-The price that manufacturers
suggest retailers use to sell their merchandise.
maturity stage - Answer-Stage of the product life cycle when industry sales reach their
peak, so firms try to rejuvenate their products by adding new features or repositioning
them.
pioneer - Answer-New product introductions that establish a completely new market or
radically change both the rules of competition and consumer preferences in a market;
also called breakthroughs.
premarket test - Answer-Conducted before a product or service is brought to market to
determine how many customers will try and then continue to use it.
product design - Answer-See product development.
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