1. An offering by an organization that provides tangible or intangible customer satisfaction is the definition of a:
A) product
B) business strategy
C) marketing mix
2. A hiking boot’s profits are declining because new competition has entered the market, but its cost has also declined due to increased volume of production. What stage of the product development life cycle is the hiking boot in?
A) maturity stage
B) decline stage
C) growth stage
3. A company is trying to figure out what products to offer, when to add new products, and when current products should be discontinued. What tool will assist the company in answering all of those questions?
A) marketing mix
B) product portfolio management
C) product life cycle
4. Identify the first stage of the product development process:
A) business case analysis
B) generate and collect new product ideas
C) screen product ideas
5. Which is a true statement about the diffusion-of-innovation theory?
A) The late majority adopts new products before the early majority and approaches innovations eagerly.
B) Laggards are considered opinion leaders and are more socially connected than other groups.
C) Innovators are always the first to adopt innovative and new products and they are viewed as risk takers.
