Topic 5

According to the categories of consumers, the individuals who are willing to take risk and be the first to adopt an innovation are known as…

• 
  A.  laggards.

• B.  early majority.

• C.  innovators.

• D.  late majority.

Planned obsolescence is used to…

• 
  A.  prevent radical changes in new products.

• B.  reduce the consumption of resources.

• C.  ensure new models of the product are sold.

• D.  prevent products from becoming iconic.

Apple has created multiple generations of their iPod^®, iPhone^® and iPad^® products.

What is this strategy known as?

• 
  A.  Adaptation

• B.  Product championing

• C.  Chance

• D.  Product versioning

Which of the following describes the maturity phase in the product cycle?

I.   Sales start to reduce

II.  Sales peak but remain steady

III. Maximum profit is achieved

D.  I, II and III

• 
  A.  I and II only

• B.  I and III only

• C.  II and III only

• D.  I, II and III

Which of the following are Rogers’ five characteristics of innovation?

• 
  A.  Compatibility, complexity, observability, relative advantage, trialability

• B.  Compatibility, complexity, ideation, observability, relative advantage

• C.  Compatibility, complexity, ideation, observability, trialability

• D.  Compatibility, ideation, observability, relative advantage, trialability

Nike is a global running shoe brand well recognized by the Nike Swoosh (tick) design.

Which of the following intellectual property (IP) strategies would be used to prevent any other company from copying the Nike Swoosh design?

• A. Copyright ©

• B. Patent

• C. Trademark ®

• D. Service mark (SM)

At which stage of the product life cycle might a company consider releasing a new generation of the product?

• A. Launch

• B. Growth

• C. Maturity

• D. Withdrawal

Which of Rogers’ categories of consumers best describes the group who are the first to adopt new technology, even if it is yet to be proven successful?

• A. Innovators

• B. Laggards

• C. Early majority

• D. Late majority

Which of the following best describes a product champion?

• A. An individual working outside or inside an organization who is committed to the invention of a novel product.

• B. An influential individual, usually working within an organization, who develops an enthusiasm for a particular idea or invention and uses the resources available to help successfully launch the product.

• C. An influential individual who can take an invention to market, often by financing the development, production and diffusion of a product into the marketplace.

• D. A specific person within the target market at which a product or the marketing message of a product is aimed at.

Which of the following are innovation strategies?

I. Market pull and technology push

II. Property recovery and waste mitigation

III. Act of insight and analogy

• A. I and II

• B. I and III

• C. II and III

• D. I, II and III