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Exam 9: Small Business Marketing: Product and Pricing Strategies

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Question 21

True/False

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Marketing and new product experts believe that most of the small business failures could have been avoided by following the new product development (NPD)process.

A) True
B) False

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Question 22

Multiple Choice

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The research and development team of Leonide Inc.has generated five different product ideas.All five ideas are being rated against each other on their characteristics such as product uniqueness,idea profitability,protectable intellectual property,and product team quality.Based on their ranking in this stage,only three ideas will make it to the immediate next step which will be the stage of _____.

A) idea generation
B) commercialization
C) feasibility study
D) market introduction

E) None of the above
F) All of the above

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Question 23

Multiple Choice

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Raven has been researching for product ideas by interacting with children,young mothers,and by carefully studying the competitors' toys.This has helped her generate several ideas.Which of the following is most likely to be the next step for Raven?

A customer role that describes the person who eventually makes actual use of a product or service in their personal or work life is the ________.

Marcie works at a public library and she is responsible for purchasing all audiobooks for the library.Marcie reads reviews of the titles from the available monthly circulars,choosing the titles she would like to add to the collection.Marcie then sends the order to the technical services department where Linda places the order.In this case Linda is playing the customer role of _________.

Competitors of a company are not a source of business ideas.

While conducting research for a new product,the Kitchen Widget,Cheryl and her employees observed current customers and competitors,interviewed and surveyed potential customers.Cheryl and her employees were conducting:

An approach to researching based on the use of existing information,often from government,commercial or academic databases and research efforts is:

The sequence of steps an individual or organization goes through in making a decision to buy a product or service is called the ____________.

Which of the following is not a characteristic of outstanding customer service?

Which of the following statements is not true of the product life cycle?

A customer who buys your product or service and likes it is good,but one who spreads his message of happiness to the rest of the world,through word of mouth or social media,can lead to increased sales from customers you might not have known to target.When deciding which customers to target,these customers are known to have:

From an entrepreneur's perspective,marketing is all about connecting your customer to your product or service.The first step in this process is:

When conducting primary research and comparing various survey methods,the least expensive method is the:

According to the Panel Study of Entrepreneurial Dynamics (PSED) ,when an entrepreneur comes up with the idea themselves,the single greatest idea source is from:

Mike worked as an employee in an automotive repair shop.Many of his repairs were fixing botched stereo installations.Mike learned he was very good at correctly installing car stereo systems.He also learned that the chain stores that sold the car stereo systems,and offered 'free' installation,were not good at installing their own stereos.Mike began to think about opening his own stereo installation specialty shop.He listened to his customer's complaints and decided there was a need in his area for just this type of service.This is an example of:

According to the Panel Study of Entrepreneurial Dynamics (PSED) ,when an entrepreneur comes up with the idea from others,the single greatest idea source is from:

Which of the following statements is true of secondary research?

Which of the following statements is true of the total product approach?

Outline the importance of marketing and tell why a marketing plan is important for both start-up firms and established organizations.