Exam 7: New Product Planning and Development

Which of the following refers to developing new products and cultivating new markets?

A major obstacle to effectively predicting new product demand is

What is a product feature?

A firm may discount a new product idea because

What does out-rotation involve?

A goal of these types of strategies is to either increase frequency of consumption or increase the number of customers using the firm's product(s).

Jan Karon has sold more than 10 million copies of her novels about Mitford, a fictitious town in North Carolina. Karon's series of books focus on small-town life as seen through the eyes of an honest Episcopal priest who believes strongly in God and the promotion of godly virtues. Hallmark has designed a product line based on the Mitford books. These Mitford-based collectibles were made available to the public on May 1. This is an example of which stage of the new product development process?

These refer not only to alternative uses of funds spent on product failures but also to the time spent in unprofitable product development.

Which of the following is an example of a product development strategy?

The first ever reality television show in the U.S. proved that it could draw and sustain a large audience over a certain period of time. Other networks created similar shows. The viewers found that many of the new shows were largely copycats and did not think it was worth the effort to watch them. This illustrates the _____ risk that was not considered during the idea screening phase.

The Wearhouse engages in the design, manufacture, and sale of high end apparel for women. It sells its merchandise directly to consumers via the internet. However, it was unable to retain customers as it could not generate the emotional appeal associated with the tangibility of clothes, and the ambience of a high end apparel store that customers demanded. The company's sales dipped and it had to be shut down. Identify the major reason for failure.

New product ideas may be eliminated because of all of the following reasons, except

The producer's statement of what it will do to compensate the buyer if the product is defective or does not work properly is known as a(n)

Aerospace Technologies, Australia, had an idea for a new airplane rudder. When it could not gain access to the resources it needed to develop the new product, it entered into a long-term partnership with Boeing. Today Boeing uses this rudder on its 777 commercial passenger jet. The relationship between Aerospace and Boeing is an example of a(n)

To facilitate top-management support, it is essential that new product development be focused on

What is a guarantee?

Which of the following observations is incorrect?

Policy-making criteria on new products should specify which of the following?

What type of new product strategy is Pizza Hut using if it allows Marriott to offer its new specialty pizzas in the hotel chain's room service menu?

Creswell Farms produces and sells clover honey. Its owners, Jack Creswell and Bonnie Creswell, felt they needed to expand the company's product line. After a brainstorming session, they came up with about 40 different product concepts including honey-based salad dressing, honey-flavored sandwich spreads, honey-coated peanuts, a fruit dip, a honey-flavored yogurt, and a ham glaze. Creswells are engaged in which stage of the new product development process?