CLE 003 Technical Reviews Exam 100%

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Which of the following is true of the idea screening phase of the new product development process? New product ideas are not eliminated merely because they are outside the fields of a firm's interest... in this stage. Lack of technology and resources is often not a useful reason to discount new product ideas in this stage. A firm needs to consider three categories of risk and its associated risk tolerance in this stage prior to reaching a decision. Unlike the idea generation stage, this stage is not involved in expanding viable ideas into full product concepts. Axon Automobiles Ltd., an American automobile manufacturing company, manufactures cars in left-hand drive configuration, in which the driving seat and controls are positioned on the left- hand side of the vehicle. On exporting its products to select automobile dealers in India, the company witnessed a significant dip in its sales as Indians require vehicles in right-hand drive configuration. This failure can be best attributed to: the lack of personal selling on the part of the sales force. entering a domestic market without extensive product planning. the lack of adequate pricing strategies in foreign markets. problems encountered in effectively using census data. Which of the following denotes a growth direction through the increase in market share of present products in present markets? Market penetration Diversification Market development Benchmarking Which of the following is true of mass merchandisers? They handle deep assortments in a limited number of product categories. They compete on the basis of providing variety in different product categories and low-priced products in their large assortments. They are retailers whose primary advantages to consumers are suitable location, close-in parking, and easy entry and exit. They are large, low-priced limited-line retail chains that attempt to capitalize and establish themselves in a single product category. The management of Delicaci, a multi-cuisine restaurant, is very conservative and insists that its chefs follow traditional recipes and frowns upon any experimentation. The management also insists on playing regular music in the restaurant to conform to the brand image it has established. Moreover, despite receiving negative customer feedback, the management is reluctant to change its mode of operations. This particularly implies that the management of the restaurant: has a limited view of marketing. lacks creativity. lacks strong competition. lacks obsolescence. Which of the following is a type of psychological pricing strategy? Cost-plus pricing Rate-of-return pricing Markup pricing Bundle pricing Gable Brothers Inc. is trying to find a viable market for its new fountain pen. After conducting a psychographic segmentation, it found that the segment of potential consumers is so small that the volume in sales would not be profitable for the company. Therefore, top management has decided to not release the product into the market. In the context of the stages of the market segmentation process, the company is currently: deciding the market segmentation strategy. delineating the firm's current situation. dividing markets on relevant dimensions. determining consumer needs and wants. retailing is the fastest-growing method of retailing. Direct Limited-line System Online Which of the following is responsible for making the comprehension of service marketing difficult? Lack of demand for services Excessive marketing expertise Factors of intangibility and inseparability Obsolescence of services Which of the following is true of local advertising agencies? Companies using local advertising agencies are able to take advantage of economies of scale. Local advertising agencies in emerging markets take a more entrepreneurial and fresher [Show More]

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