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

Appliances Galore is continually updating its line of refrigerators to reflect market trends and customer needs. Although the product class is in the maturity stage of the product life cycle, they maintain healthy sales of their line of refrigerators by continually ________.

A detailed version of a product idea stated in meaningful consumer terms is a ________.

Parvon, a cleaning product, is in the maturity stage of the product life cycle, and Parvon managers have decided to modify the market. Which of the following steps should Parvon managers most likely take to achieve this goal?

Differentiate between styles, fashions, and fads. Illustrate your response with examples of each.

A company's external sources of new product ideas include its ________.

It's important for a market pioneer to choose a launch strategy that is consistent with competitive positioning strategies.

Gershwin, a musical toy for toddlers, is in the maturity stage of the product life cycle, and Gershwin managers have decided to modify the product. What will Gershwin managers most likely do to achieve this goal?

Hollingsworth is a retail company that is planning to release a new line of luxury personal care products. Its managers are now reviewing the sales history of similar products and conducting marketing surveys to estimate minimum and maximum sales for the product. In which of the following stages of the new product development process is the product?

Fads are characterized by their ________.

When a product is in the ________ stage, profits level off or decline because of increased marketing outlays to defend the product against competition.

When developing a new product, concept testing should ideally be followed by the business analysis stage.

The moral of the product life cycle is that companies must continually innovate; otherwise, they risk extinction.

What is test marketing? What role does it play in new product development? What factors do firms consider when determining whether or not to conduct test marketing?

When a company decides to go international with a product, it must first figure out what products and services to introduce and in which countries.

Flurrbies, a line of winter accessories by a leading fashion label, quickly fell in and out of favor with customers. Flurrbies represents an example of a ________.

In a sequential new product development process, which of the following is true of the product development step?

In which of the following cases is little or no test marketing most likely recommended for a new product?

In which of the following cases is crowdsourcing used for new product development?

Concept testing typically follows the marketing strategy development phase of the new product development process.

Kallton is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its Web site that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Kallton is using ________ to generate new product ideas.