Exam 8: Developing and Managing Products and Services

During which stage of new-product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product? concept testing marketing strategy development business analysis product development test marketing

Lack of product differentiation is a common reason that new products fail.

________ refers to a detailed version of the new-product idea stated in meaningful consumer terms. Product generation The product concept Product testing Product commercialization Product crowdsourcing

Which of the following internal professional membership organizations monitor product quality? Society of Public Company Society of Quality Management Society of Consumer Assurance Society of Quality Assurance Society of Firm Management

What is the advantage of using a concrete and physical presentation of the product concept in the concept testing stage of new-product development?

Services are characterized by four key characteristics.Name and describe these four characteristics.

Concept testing works best with people who are familiar with the new idea and the new product's purpose.This generally includes top management, the sales force, and research and development.

According to the authors, the marketing strategy for a new product typically includes all of the following except ___________. identification of the target market positioning of the new product relative to competing products promotions and advertising expenditures information on dealing with defective products sales goals

According to the authors, when does a company typically invest in test marketing? before the full product introduction at idea generation time before the product concept after meeting with a stockholder after a logistics discussion with suppliers

To differentiate themselves, many companies go beyond offering products and services; they are also developing and delivering customer ________. feedback experiences brands product lines events

Which of the following is the MOST important for product designers to consider as they develop a product? which product features can be added to create higher-level models how the product appears what the product's technical specifications are how customers will use and benefit from the product how the product is packaged to attract spontaneous purchases

Explain why companies are realizing the power of good packaging.

The stage of new-product development where the product and marketing program are tested in realistic market settings is called_______. idea generation concept testing product concept commercialization test marketing

Your firm asks you to consult internal sources for new product ideas.All of the following are common external sources. customers suppliers competitors trade shows and magazines the firm's managers

The PLC concept can be applied by marketers as a useful framework for describing how ________. to forecast product performance to develop marketing strategies products and markets work concept testing is conducted product ideas are developed

A review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives is called a ________. business feasibility plan market strategy development business analysis product acceptance proposal

A product idea is an idea for a possible product a company can offer the market, while a product concept is a detailed version of the idea stated in meaningful consumer terms.

Give three examples of shopping products.

Developing a product involves defining the benefits that it will offer.These benefits are communicated and delivered by ________ such as quality, features, and style and design. private brands product attributes consumer products product mixes marketing tools

Compare product mix width, length, consistency, and depth.