Topic the product life cycle 13 p 247 the most

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Topic: The Product Life Cycle 13. (p. 247) The most challenging part of applying the product life cycle concept is that managers do not know exactly how long each stage of the cycle will last. TRUE The product life cycle is a general model of the life of a product; however, there are no set lengths of time for a product to stay in a stage. AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 11-05 Describe the various product life cycles. Topic: The Product Life Cycle 14. (p. 233) The diffusion of innovation curve proposes that purchasers can be divided into five groups. The first group consists of buyers who want to be the first on the block to have the new product; they are known as early adopters. FALSE Early adopters are the second group of adopters of an innovation; innovators come first. AACSB: Analytic Blooms: Remember Difficulty: 2 Medium Learning Objective: 11-02 Describe the different groups of adopters articulated by the diffusion of innovation theory. Topic: Diffusion of Innovation 15. (p. 234) In the diffusion of innovation curve, the late majority is the final group of buyers to adopt an innovation. FALSE Laggards are consumers who like to avoid change and rely on traditional products until they are no longer available; they are the final group to adopt an innovation. AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 11-02 Describe the different groups of adopters articulated by the diffusion of innovation theory. Topic: Diffusion of Innovation 16. The diffusion of innovation curve follows the following sequence: innovators, early majority,
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(p. 233) early adopters, late majority and laggards. FALSE The diffusion of innovation curve spreads through the population over a period of time and generally follows a bell-shaped curve made up of innovators, early adopters, early majority, late majority and laggards. AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 11-02 Describe the different groups of adopters articulated by the diffusion of innovation theory. Topic: Diffusion of Innovation 17. (p. 234- 235) The fact that the Apple iPad is easy to try--demo units are available at Apple stores as well as other retail stores--is helping it to diffuse more quickly. TRUE This refers to "trialability," the ability to easily try a product for yourself. Trialability helps a product to be adopted more quickly (i.e., to diffuse faster). AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 11-03 Identify the factors that determine how fast innovation diffuses. Topic: Diffusion of Innovation 18. (p. 234) When consumers see their friends using an innovation, it often persuades them to try it too. TRUE This refers to "observability." When products are easily observed, their benefits or uses are easily communicated to others, which enhances the diffusion process. AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 11-03 Identify the factors that determine how fast innovation diffuses. Topic: Diffusion of Innovation Multiple Choice Questions 19. (p. 229) New product development adds value to a firm's products and services through: A. early majority substitution. B. innovation. C. removal of laggards.
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D. pioneer pretesting. E. beta concept testing.
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  • Fall '12
  • Chris
  • Marketing, Product life cycle management

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