MKT 353 Week 3 Quiz | University of Phoenix
1. How can a brand avoid the decline and death phases of the product life cycle?
· Establish partnerships with companies that are financially stable.
· Continually push for innovation and improvement on the brand’s products.
· Maintain the current product and brand image so that consumers always have a stable brand to rely on.
· Copy ideas from companies that are achieving great success in the same industry.
2. Which of the following is a key principle when applying brand management to new ventures?
· Innovations must thrive on their connection to what consumers already know about the brand or company.
· Innovations must be similar to what consumers already know and provide clear directions for how to use the new product.
· Push the consumer benefits and not the product functions.
· You don’t need a great product name if you already have a well-known brand name.
3. Which of the following is a key to success in brainstorming?
· Bring lots of different stimulus items to provoke new ideas and connections.
· Encourage all members of the team to wear appropriate business attire.
· Provide a focused environment with no distractions.
· Invite only a few trusted members of your team to participate.
4. What is an indication that an idea from a brainstorming session will lead to a successful innovation?
· It is a minor modification of an existing product.
· It will cost little time and effort to test and put into action.
· It will require specialized skills to carry out.
· It is dramatically different from what already exists.
5. Which of the following is key for drafting a good concept for an innovation?
· Focus on solving small, frequent problems for consumers as opposed to solving large, infrequent problems.
· Ensure that the product’s pricing and packaging aligns with the benefits it provides to consumers.
· Use the brand positioning as a guide to develop the concept.
· Write the concept before getting too heavily into the details of brand positioning.
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· A compelling reason why
· A tagline
· A solution to a real problem
· A target audience
7. Which of the following is true of concept testing?
· Companies typically go through just one or two rounds of concept testing before landing on a successful product idea.
· The two most vital questions to ask are whether consumers will purchase the product and whether the product is new and different.
· The best approach to developing a product idea is to invest money up front and avoid failure at all costs through rigorous testing.
· In-person surveys are preferred because online customer surveys rarely provide the information needed to determine whether a product will be successful.
8. What is the goal of product prototyping and testing?
· To test how well the product design aligns with the brand positioning
· To determine the target audience for a new product
· To test a product concept without spending the money and resources to actually make the product
· To determine whether a successful product concept is a good idea once made into an actual product
9. How can an entrepreneur overcome the hurdle of getting someone to sell a new product?
· Aim first to get your product into big retailers like Walmart and Target.
· Propose your product only to stores that do not require you to pay a slotting fee.
· Make sure your product can be found on Amazon or elsewhere on the internet.
· Focus mainly on local retailers and grocery stores when pitching your product.
10. How can an entrepreneur overcome the hurdle of getting customers to buy a new product?
· Sell your product in physical locations first so customers have the chance to see and test the product for themselves.
· Use marketing materials as an opportunity to show why the competition’s products are lacking.
· Provide a list of product features on the front of the packaging so customers know all the details to make an informed decision.
· Offer something significantly different, better, and special than current offerings to disrupt market equilibrium.
11. How can an entrepreneur overcome the hurdle of introductory marketing costs?
· Set a low marketing budget to reduce risk in case the product fails.
· Focus on quality of marketing materials over quantity to attract the right kinds of customers.
· Refrain from hiring marketing employees and do it all yourself instead.
· Set aside a sizable marketing budget for product launch to ensure that potential customers know about it.
12. How can an entrepreneur overcome the hurdle of flaws in the innovation process?
· Ensure that qualified engineers are in charge of product development.
· Invest a significant amount of money and time up front to avoid problems down the road.
· Ensure that marketing covers up any flaws in the product design or concept.
· Learn from past mistakes by not repeating failed ideas.
13. What is a benefit of using a line extension?
· They make up for problems with the core brand by offering something new and improved.
· Line extensions have a high rate of success compared to brand extensions.
· Line extensions provide freedom to appeal to an entirely new audience compared to the original brand.
· They are much cheaper to introduce than an entirely new product and ride on the popularity of an existing brand.
14. What is a big mistake when doing a brand extension?
· Marketing in a channel where you already have expertise rather than extending to a lesser-known territory
· Leveraging the brand name into an area where the brand has no meaning rather than an area where the brand is a better fit
· Trying to compete in a new product category instead of sticking to existing categories
· Delivering similar meaning and value instead of coming up with something new
15. How can you significantly improve your chances of success in the innovation process?
· Spend the least amount of time, effort, and money you can until you know through concept testing and the improvement cycle that you have a great idea.
· Prepare to invest all the time and money you have into making your product idea a success—anything less won’t cut it.
· Since greater risks are required for greater rewards, you are more likely to be successful if you take bigger risks in developing your product.
· Tell others about your product only on a need-to-know basis until you have a working prototype to prevent people from copying your idea.