Types of Product
Product Life Cycle
New Products
Diffusion of Innovation
Fun Trivia
100

What is the elasticity of demand of consumer goods? Elastic or inelastic?

Elastic

100

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)

100

About how many % new products fail when launched into the market?

80%

100

How many categories of consumers are there in the curve?

4

100

According to Professor Dewan, Costco or Walmart?

Costco

200

Is Apple pencil a durable or non-durable good?

Durable. (The pencil tip is non-durable.)

200

In which stage of the product life cycle, the product gains the most profit?

At Maturity

200

When using the conjoint analysis, what can products be broken into?

Attributes

200

High complexity improves the chance of adoption by consumers. True or false?

False. Low complexity improves while high complexity detracts.

200

What is the answer to a marketing question?

Consumer needs

300

What type of goods is milk?

Convenience good

300

What is one way to extend the life cycle of Coca Cola?

Launch a new variation, an update, or re-package

300

What is the main failing factor of the banana peeler?

Poor concept (does not satisfy any consumers’ need)

300

Who is Everett Rogers?

American Sociologist, Professor at University of Mexico

300

What is a theory of motivation that can be on the final exam?

Maslow’s Hierarchy

400

Under what type of goods comes a derived demand?

Industrial goods

400

What is the main difference between a fad and a trend?

Different length of lifespan, a trend is longer than a fad

400

If we are trying to produce a new product into an existing market, what is the option we are aiming for?

Product development

400

Which category of consumers is sometimes referred to as Laggards?

Late adopters

400

What is it called when everything is approaching pure competition but pure competition does not exist?

A limit

500

List all 4 types of goods under consumer goods.

Convenience goods, shopping goods, specialty goods, and unsought goods

500

At which stage of the product life cycle, the slope of the curve is negative?

At Decline

500

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!!

500

List all five stages of the consumer adoption process.

Awareness, knowledge, evaluation, trial, adoption

500

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)