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

What are the advantages of an innovation management system for developing new products?

The second part of a marketing strategy statement describes the ________ of a new product.

During the ________ stage of the product life cycle, product sales may plunge to zero, or drop to a low level where they continue for many years.

Companies like 3M, Google, and Sony have ________ that encourage employees to develop new ideas.

Which of the following statements is most likely true about the product life cycle?

Under a team-based new product development approach, company departments work closely together in cross-functional teams. Overlapping the steps in the product development process saves time and increases effectiveness.

________ can describe a product class, a product form, or a brand.

Foods International is developing a new gluten-free, chili-flavored pretzel. The marketing strategy for the product has already been developed and presented to top management. Several prototypes were also formulated by the company's R&D team. The final prototype is now being tested rigorously to ensure that it passes FDA standards. Once approved, the next step will most likely be ________.

Under a ________ product development approach, one company department works to complete its stage of the product development process before passing the new product along to the next department and stage.

List and explain some of the reasons why new products fail.

Doggie World concept tested an idea for a new chew toy that would entertain dogs while simultaneously cleaning their teeth. Dog owners were pleased with the results. The next stage in developing the new product concept is ________.

Which of the following costs is most likely associated with commercialization?

Distinguish between a product idea, a product concept, and a product image.

Salon Finish is test marketing its new smoothing shampoo by assessing consumer satisfaction in laboratory stores where hair is washed and blown dry. Salon Pro is using controlled test marketing in this scenario.

Define commercialization. Explain the two important issues that a company must decide during this stage.

The federal government has the legal authority to prevent a company from adding products through acquisitions if the acquisition threatens to lessen competition.

Discuss public policy issues, government regulations, and laws that affect new product development.

In the new product development process, the purpose of idea generation is to create a large number of ideas and the purpose of the next set of stages in the process is to reduce that number.

The first part of a marketing strategy statement describes the ________ of a new product.

Product development usually costs the least among all the steps of the new product development process.