21) For some ________, a simple description consisting of a word or picture might be sufficient. A) concept tests B) product concepts C) marketing strategies D) product developments E) business analyses 22) After concept testing, a firm would engage in which stage in developing and marketing a new product? A) idea screening B) marketing strategy development C) business analysis D) product development E) test marketing 23) The first part of the marketing strategy statement describes the target market; the planned product positioning; and goals for sales, profits, and ________. A) market share B) competition C) secondary market D) competition’s anticipated reaction E) life-cycle duration 24) The second part of the marketing strategy statement outlines the product’s planned price, distribution, and ________ for the first year. A) advertising B) promotion C) marketing budget D) positioning E) target market 25) The third part of the marketing strategy statement includes all of the following EXCEPT ________. A) long-run sales B) profit goals C) marketing mix strategies D) short-run sales E) A and C 26) A review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company’s objectives is called a ________. A) business feasibility plan B) marketing strategy development C) business analysis D) product acceptance E) proposal 27) During which stage of new-product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product? A) concept testing B) marketing strategy development C) business analysis D) product development E) test marketing 28) Once managers of The Grecian Urn have decided on their product concept and marketing strategy, they can evaluate the business attractiveness of the proposal in the ________ stage of the new-product development process. A) business feasibility B) feasibility study C) business analysis D) product acceptance E) concept testing 29) New World Releases is conducting a business analysis to determine which of the many new songs available to management should be released. Sales must be estimated before costs can be estimated. Which of the following did your text recommend for forecasting sales? A) conducting surveys of competitors B) considering the history of market opinions C) considering the sales history of similar products and conducting surveys of market opinions D) applying the PLC concept E) none of the above 2 30) Once the product or service passes the business analysis test, it moves into what stage? A) concept development B) product development C) market testing D) strategy development E) product proposal
21)
For some ________, a simple description consisting of a word or picture might
be sufficient.
A)
concept tests
B)
product concepts
C)
marketing strategies
D)
product developments
E)
business analyses
22)
After concept testing, a firm would engage in which stage in developing and
marketing a new product?
A)
idea screening
B)
marketing strategy development
C)
business analysis
D)
product development
E)
test marketing
23)
The first part of the marketing strategy statement describes the target market;
the planned product positioning; and goals for sales, profits, and ________.
A)
market share
B)
competition
C)
secondary market
D)
competition’s anticipated reaction
E)
life-cycle duration
24)
The second part of the marketing strategy statement outlines the product’s
planned price, distribution, and ________ for the first year.
A)
advertising
B)
promotion
C)
marketing budget
D)
positioning
E)
target market
25)
The third part of the marketing strategy statement includes all of the
following EXCEPT ________.
A)
long-run sales
B)
profit goals
C)
marketing mix strategies
D)
short-run sales
E)
A and C
26)
A review of the sales, costs, and profit projections for a new product to find
out whether they satisfy the company’s objectives is called a ________.
A)
business feasibility plan
B)
marketing strategy development
C)
business analysis
D)
product acceptance
E)
proposal
27)
During which stage of new-product development will management most likely
estimate minimum and maximum sales to assess the range of risk in launching a
new product?
A)
concept testing
B)
marketing strategy development
C)
business analysis
D)
product development
E)
test marketing
28)
Once managers of The Grecian Urn have decided on their product concept and
marketing strategy, they can evaluate the business attractiveness of the
proposal in the ________ stage of the new-product development process.
A)
business feasibility
B)
feasibility study
C)
business analysis
D)
product acceptance
E)
concept testing
29)
New World Releases is conducting a business analysis to determine which of the
many new songs available to management should be released. Sales must be
estimated before costs can be estimated. Which of the following did your text
recommend for forecasting sales?
A)
conducting surveys of competitors
B)
considering the history of market opinions
C)
considering the sales history of similar products and conducting surveys of
market opinions
D)
applying the PLC concept
E)
none of the above
2
30)
Once the product or service passes the business analysis test, it moves into
what stage?
A)
concept development
B)
product development
C)
market testing
D)
strategy development
E)
product proposal
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