WorksheetsEntrepreneurship- Ch 2 Quiz
Total questions: 35
Worksheet time: 18mins
Which of the following is not a stage of the product life cycle?
Introduction
Maturity
Trough
Growth
Which of the following is a characteristic of the growth stage of the product life cycle?
Sales and profits start to level off due to competition
Competitors rush to get their competing products to market
There is a real risk that the product will be rejected
Managers apply the expertise they have gained to launch other new products
Commercialization includes
Doing cost estimates to calculate the products possible profitability
Full-scale production and marketing of the product
Dropping product ideas that don't fit the company's product mix
Companies getting ideas from customers, suppliers, and competitors
How do customers see innovation?
As products being newer or better than existing products
As companies just trying to do a "money-grab" at customers
As an expensive way to get more customers
A way to keep products from getting to the maturity stage of the product life cycle
Which stage of the product life cycle is characteriszed by demand being high?
Introduction
Growth
Maturity
Decline
A preliminary version of a product is called __________
forerunner
copy
duplicate
prototype
The final stage of the new product development
Product analysis
commercialization
product development
test marketing
Which stage of the product life cycle is characterized by managers concentrating on building inventory without loss of quality?
Introduction
Growth
Maturity
Decline
Which is not a reason innovation takes place?
Long development time
discontinuous innovation
product obsolescence
frequent failure of new products
Paper, printer ribbons, and cleaning agents are examples of
Business Services
supplies
accessory equipment
installations
Legal, financial, research, and online products are classified as ____________
Capital Items
Installations
Business Services
Component Parts
Process Materials include:
Industrial glue and food preservatives
Steel, wool, oil, wool, corn
Computer chips, batteries, switches, and tires
Industrial robots, long-haul tank trunks
Which of the following is not a part of the total product offering?
Convenience
Product Labeling
Price
Specialty
Which of the following is the four categories of consumer goods and services?
Shopping, Specialty, Unsought, Creative
Convenience, Shopping, Specialty, Unused
Convenince, Shopping, Specialty, Unsought
Supplies, Capital Items, Component Parts, Supplies
____________ is all the features that potential buyers evaluate in a product.
Total Product offering
Consumer market
Business-to-Business Market
Product Classifications
Steel, wool, oil, and wool are examples of
Supplies
Component Parts
Raw Materials
Capital Items
Installations, Supplies, Business Servies, and Raw Materials are all examples of
Business Product Classifications
Business to Consumer Classifications
Total Product Offering Classifications
Specialty Product Classifications
. The term used to describe all the features that potential buyers evaluate in a product when considering whether to buy it is the
Basic product
product brand
value package
value components
When Thian turned 65, he decided he should purchase long-term care insurance because he didn’t want his kids to have to take care of him. This is a(n) ________ product.
convenience
retail
sthopping
unsought
. The ________ market consists of industrial goods, or business goods products used to produce other products.
wholesale
business-to-business
business-to-consumer
specialty
. ________ are the large, long-lasting pieces of equipment a business purchases, like a commercial oven in a restaurant.
Raw materials
Capital items
Accessory equipment
Component parts
In ________ innovation, the product is totally new, radically changing how people live.
Improvement innovation
discontinuous innovation
innovation maturity
radical innovation
. During the ________ step of the product development process, companies may develop new products internally by listening to employees or through research-and-development departments.
Idea generation
Product screening
Product analysis
New Product development
Broderick decided his company’s new product just didn’t fit the company’s product mix, so he cut it from the product line. This most likely happened during the ________ stage of the product development process.
idea generation
product screening
product analysis
new product development
Horace invented a product that kept runners cool by inserting refrigerated pouches into their clothes. He named it Cool Runs. He wanted to get legal protection for the name, so he applied for a
trademark
copyright
registered label
brand mark
Kellogg’s branded cereal, bars, and drinks fall into which category of branded products?
manufacturer's
private label
family
individual
