Exam 9: New Product Development and Product Life-Cycle Strategies

All of the following are stages in the PLC EXCEPT ________.

Companies need to pay attention to their aging products.Management should regularly review sales,market shares,costs,and profit trends,and then decide whether to maintain,harvest,or drop these declining products.

Standardization helps a company to develop a consistent worldwide image.What else does it do?

Which of the following is a product concept?

Test marketing is often undertaken with new products prior to their introduction.The amount of test marketing needed varies with each new product.Provide one or two advantages for each of the three test market methods.

A company,especially the market pioneer,must choose a new launch strategy consistent with the intended ________.

What are the two advantages of an innovation management system for developing new products? Provide four strategies for a company to use to establish a successful system.

What may be learned in a test market?

GreenTree Lawn and Garden Products is engaged in a review of the sales,costs,and profit projections for some new products to find out whether they satisfy the company's objectives.This activity is called business product development.

Which of the following CANNOT be described using the PLC concept?

Briefly describe the steps in the new-product development process.

Far East Flora is engaged in marketing strategy development.Management should first create a statement outlining the product's planned price,distribution,and marketing budget for the first year.

Up to 90 percent of all new consumer products fail or seriously underperform.

In a ________,new products and marketing tactics are tested online in a virtual shopping environment.

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 ________.

Increasing profits will most likely occur at which stage of the PLC?

Over the past 100 years or so,Binney and Smith's Crayola crayons have become a household staple in more than 80 countries around the world.Crayola crayons are in the ________ stage of the PLC.

The purpose of idea generation is to create a ________ number of ideas.The purpose of succeeding stages is to ________ that number.

With what groups do firms conduct concept testing for new products?

Explain how the PLC applies differently to a product class than to a product form.