MKT 353 Week 3 Quiz

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.

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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.

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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.

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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.

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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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6.    What is missing from the following product concept?

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·                      A compelling reason why

·                      A tagline

·                      A solution to a real problem

·                      A target audience

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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

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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.

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