Exam (elaborations)
BUS 201 Week 2 Notes Questions With Complete Solutions
- Course
- BUS 201
- Institution
- Simon Fraser University (SFU )
BUS 201 Week 2 Notes Questions With Complete Solutions
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BUS 201 Week 2 Notes Questions WithComplete Solutions
How do organizations create new products? correct answer:
New products pump life into company sales, enabling the firm
not only to survive but also to grow
What is classified as a new product? correct answer: When a
firm introduces a product that has a new brand name and is in a
product category new to the organization
What is a line extension? correct answer: A new flavour, size,
or model using an existing brand name in an existing category
How are new products developed? correct answer: Developing
new products is both costly and risky, especially for companies
that sell products that are goods. New-product failure rates for
household and grocery products can approach 80 percent
What is the role of the product manager? correct answer: When
a new product enters the marketplace in large organizations, it is
often placed under the control of a product or brand manager
What does a product manager do? correct answer: Product
managers create marketing mixes for their products as they
move through the life cycle
What is the product life cycle? correct answer: The product life
cycle is a pattern of sales and profits over time for a product
, (Ivory dishwashing liquid) or a product category (liquid
detergents)
How does the product life cycle go about? correct answer: The
beginning introduces the product to the market and the end
simply tries to maximize revenue at a minimal cost until it is no
longer demanded. As the product moves through the stages of
the life cycle, the firm must keep revising the marketing mix to
stay competitive and meet the needs of target customers
Stage 1: Introduction correct answer: Product will face many
obstacles and focus is on developing a market for the product if
a new market or gaining market share if entering existing market
Step 2: Growth correct answer: If a product survives the first
stage sales will begin to growrate, profits are healthy, and many
competitors enter the market.
Large companies may start to acquire small pioneering firms
that have reached this stage
Step 3: Maturity correct answer: After the growth stage, sales
continue to mount—but at a decreasing rate. Most products that
have been on the market for a long time are in this stage
Step 4: Decline correct answer: The rate of decline is governed
by two factors: the rate of change in consumer tastes and the rate
at which new products enter the market
What is marketing? correct answer: Marketing is the process of
getting the right goods or services or ideas to the right people at
the right place, time, and price, using the right promotion
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