Exam 8: Product I: Innovation and New Product Development

Marketers use the generic term ________ to denote the broadest possible range of sources of value for a product.

The ________ for a guest paying for a night's stay at a hotel is the use of a bed, bathroom, towels, dresser, light, and closet.

Unlike innovators, early adopters of new products ________.

________ are the last in the population to adopt a new product.

Innovators tend to be better off financially than consumers in other adopter groups.

Once a new product or service passes the business analysis phase, it moves into the ________ phase.

________ is how visible a new product and its benefits are to others who might adopt it.

Which of the following costs is most likely associated with the commercialization stage of new product development?

Microsoft launched a massive $500 million marketing campaign when it introduced the Xbox, promoting the new product through in-store merchandising, retailer incentives, events, and sponsorships, in addition to traditional advertising. What stage of the consumers' adoption of a new product was Microsoft most trying to influence? Support your answer.

In terms of B2B products, computers and printers are examples of ________.

Start-up entrepreneurs may use ________ through sites such as Kickstarter.com to raise the necessary capital to get a new product to market.

Explain the following statement: "A product is a bundle of attributes."

Procter & Gamble introduced its Duncan Hines ready-to-spread frosting in a small geographic area. When General Foods became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. General Foods was able to enter the ________ stage of the new-product development process before Procter & Gamble could.

Consumers are more likely to purchase ________ under conditions of high involvement and ________ under conditions of low involvement.

Test marketing is an inexpensive way to predict whether a new product will be a success.

A(n) ________ is a pronounced modification to an existing product that requires a modest amount of learning or change in behavior to use it.

Heavy equipment, which includes items such as buildings and robotics, is also referred to as ________.

A fast-food chain wanted to add a new product to its breakfast menu. The company considered a pancake shaped like a muffin. The problem was determining how a customer would add syrup to the pancake while eating and driving. Fortunately, one of the company's suppliers developed a crystallized syrup that seeps through the pancake once it is heated. Which phase of new-product development occurred during this process with the chain and its supplier?

A fast-moving consumer good, also known as a(n) ________, is a low-cost good that people consume quickly and replace frequently.

What are the phases involved in the development of a new product?