Exam 8: New Product Development and Product Life-Cycle Strategies

In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features?

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(Multiple Choice)

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Question 1

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Which of the following is true of the product life cycle (PLC)?

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Question 2

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Explain what happens during the business analysis stage of new product development.

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Question 3

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Business analysis involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy a company's objectives. If they do, the product can move to the product development stage. To estimate sales, the company might look at the sales history of similar products and conduct market surveys. It can then estimate minimum and maximum sales to assess the range of risk. After preparing the sales forecast, management can estimate the expected costs and profits for the product, including marketing, R&D, operations, accounting, and finance costs. The company then uses the sales and costs figures to analyze the new product's financial attractiveness.

Colonial furniture has been in existence since the 1600s and continues to adorn homes today. According to the product life cycle concept, it would be described as a ________.

(Multiple Choice)

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Question 4

The team-based new product development approach saves times and increases effectiveness because departments work closely together in ________.

(Multiple Choice)

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Question 5

A sequential product development approach is team-oriented, enabling firms to bring products to market very quickly.

(True/False)

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Question 6

Electronics International has experienced a significant decline in sales for SweetTunes, its MP3 player, during the past two years. In response, the company has reduced its advertising and sales expenditures for SweetTunes in an attempt to improve short-run profits. Which term best describes Electronics International's strategy for SweetTunes?

(Multiple Choice)

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Question 7

Companies that combine a customer-centered approach with team-based new product development gain a big competitive edge by getting the right new products to market faster.

(True/False)

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Question 8

An abstract presentation of a product concept is likely to increase the reliability of the concept test.

(True/False)

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Question 9

A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________.

(Multiple Choice)

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Question 10

Since suppliers are so close to the market, they are valuable sources of information about consumer problems, marketing opportunities, and new product possibilities.

(True/False)

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Question 11

In the ________ stage of new product development, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them.

(Multiple Choice)

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Question 12

The maturity stage of the product life cycle is characterized by a slowdown in sales growth.

(True/False)

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Question 13

Which of the following steps of the new product development process would most likely use an R-W-W framework?

(Multiple Choice)

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Question 14

A company launching a new product must first decide ________.

(Multiple Choice)

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Question 15

Which of the following statements is most likely true about the new product development process?

(Multiple Choice)

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Question 16

As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.

(Multiple Choice)

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Question 17

The style, ease of use, and multi-blade technology of Gillette's Fusion razor system is a ________ that has favorably impacted consumer perceptions about other new products sold by the company.

(Multiple Choice)

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Question 18

The Dairy Bar, a national soft-service ice cream retailer, buys cones from Cones & More. Cones & More is an important resource for marketplace information. They're considered a(n)________ source of new product ideas for the Dairy Bar.

(Multiple Choice)

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Question 19

Sleek Designs Inc. is producing its first eReader. The company is striving to overcome some of the issues communicated by customers about competitive products including screen glare and product bulkiness. Sleek Designs Inc. is using a ________ approach in their new product development process.

(Multiple Choice)

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Question 20

Showing 1 - 20 of 100

In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features?

Which of the following is true of the product life cycle (PLC)?

Explain what happens during the business analysis stage of new product development.

Colonial furniture has been in existence since the 1600s and continues to adorn homes today. According to the product life cycle concept, it would be described as a ________.

The team-based new product development approach saves times and increases effectiveness because departments work closely together in ________.

A sequential product development approach is team-oriented, enabling firms to bring products to market very quickly.

Companies that combine a customer-centered approach with team-based new product development gain a big competitive edge by getting the right new products to market faster.

An abstract presentation of a product concept is likely to increase the reliability of the concept test.

A product life cycle has five distinct stages: product development, introduction, growth, maturity, and ________.

Since suppliers are so close to the market, they are valuable sources of information about consumer problems, marketing opportunities, and new product possibilities.

In the ________ stage of new product development, products undergo rigorous tests to make sure that they perform safely and effectively, or that consumers will find value in them.

The maturity stage of the product life cycle is characterized by a slowdown in sales growth.

Which of the following steps of the new product development process would most likely use an R-W-W framework?

A company launching a new product must first decide ________.

Which of the following statements is most likely true about the new product development process?

As a result of ________, a company cannot make its product illegally similar to a competitor's already established product.

The style, ease of use, and multi-blade technology of Gillette's Fusion razor system is a ________ that has favorably impacted consumer perceptions about other new products sold by the company.

The Dairy Bar, a national soft-service ice cream retailer, buys cones from Cones & More. Cones & More is an important resource for marketplace information. They're considered a(n)________ source of new product ideas for the Dairy Bar.

Sleek Designs Inc. is producing its first eReader. The company is striving to overcome some of the issues communicated by customers about competitive products including screen glare and product bulkiness. Sleek Designs Inc. is using a ________ approach in their new product development process.

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