What is the elasticity of demand of consumer goods? Elastic or inelastic?
Elastic
How many stages are in the product life cycle?
4 (Note: could be more stages if go into detail, but there are 4 main stages)
About how many % new products fail when launched into the market?
80%
How many categories of consumers are there in the curve?
4
According to Professor Dewan, Costco or Walmart?
Costco
Is Apple pencil a durable or non-durable good?
Durable. (The pencil tip is non-durable.)
In which stage of the product life cycle, the product gains the most profit?
At Maturity
When using the conjoint analysis, what can products be broken into?
Attributes
High complexity improves the chance of adoption by consumers. True or false?
False. Low complexity improves while high complexity detracts.
What is the answer to a marketing question?
Consumer needs
What type of goods is milk?
Convenience good
What is one way to extend the life cycle of Coca Cola?
Launch a new variation, an update, or re-package
What is the main failing factor of the banana peeler?
Poor concept (does not satisfy any consumers’ need)
Who is Everett Rogers?
American Sociologist, Professor at University of Mexico
What is a theory of motivation that can be on the final exam?
Maslow’s Hierarchy
Under what type of goods comes a derived demand?
Industrial goods
What is the main difference between a fad and a trend?
Different length of lifespan, a trend is longer than a fad
If we are trying to produce a new product into an existing market, what is the option we are aiming for?
Product development
Which category of consumers is sometimes referred to as Laggards?
Late adopters
What is it called when everything is approaching pure competition but pure competition does not exist?
A limit
List all 4 types of goods under consumer goods.
Convenience goods, shopping goods, specialty goods, and unsought goods
At which stage of the product life cycle, the slope of the curve is negative?
At Decline
What are the 3 beginning steps to be successful to launch a new product
Keep 4P’s in mind, sufficient research using STP, satisfy consumers’ needs!!
List all five stages of the consumer adoption process.
Awareness, knowledge, evaluation, trial, adoption
Would you like to be born rich, smart, or good looking? Which perspective theory does it belong to? (Double points for correctly answering all three theories)
Rich (resourced-based), Smart (Configurational), Good looking (Positioning)