Question 1

An innovation management system would most likely be used by ________.

Accepted Answer

A)  managers to update details about customer information 
B)  brand managers to collect, review, and evaluate new product ideas 
C)  suppliers to access inventory information 
D)  product managers to track logistics of a new product 
E)  human resource managers to update information on employee incentives 
A)  managers to update details about customer information 
B)  brand managers to collect, review, and evaluate new product ideas 
C)  suppliers to access inventory information 
D)  product managers to track logistics of a new product 
E)  human resource managers to update information on employee incentives B

Question 2

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

Accepted Answer

A)  building or renting a manufacturing facility 
B)  paying groups of consumers for participating in crowdsourcing activities 
C)  determining a product's planned price, distribution, and marketing budget 
D)  developing a prototype of a product 
E)  using simulated tests to measure market capacity 
A)  building or renting a manufacturing facility 
B)  paying groups of consumers for participating in crowdsourcing activities 
C)  determining a product's planned price, distribution, and marketing budget 
D)  developing a prototype of a product 
E)  using simulated tests to measure market capacity A

Question 3

In the context of new product development,new products include original products that a firm develops through its R&D efforts.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following is an internal source of new product ideas for a company?

Accepted Answer

A)  trade magazines 
B)  marketing research firms 
C)  government agencies 
D)  competitor's ads 
E)  intrapreneurial programs 
A)  trade magazines 
B)  marketing research firms 
C)  government agencies 
D)  competitor's ads 
E)  intrapreneurial programs

Question 5

________ is used to study the course of a product's sales and profits for the duration that it is produced and sold in the market.

Accepted Answer

A)  A sequential product development process 
B)  A product life cycle 
C)  Business analysis 
D)  Vendor analysis 
E)  Portfolio analysis 
A)  A sequential product development process 
B)  A product life cycle 
C)  Business analysis 
D)  Vendor analysis 
E)  Portfolio analysis

Question 6

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

Accepted Answer

A)  profit goals 
B)  distribution 
C)  marketing budget 
D)  planned value proposition 
E)  target market 
A)  profit goals 
B)  distribution 
C)  marketing budget 
D)  planned value proposition 
E)  target market

Question 7

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(n)________.

Accepted Answer

A)  form 
B)  fashion 
C)  fad 
D)  style 
E)  drift 
A)  form 
B)  fashion 
C)  fad 
D)  style 
E)  drift

Question 8

At Fantastic Flavors,a large regional chain of candy stores,employees from marketing,design,production,and finance departments work in cross-functional groups to save time and money in the new product development process.From this description,it can be inferred that Fantastic Flavors uses a(n)________ approach.

Accepted Answer

A)  intradepartmental new product development 
B)  sequential new product development 
C)  team-based new product development 
D)  simulated test market 
E)  controlled test market 
A)  intradepartmental new product development 
B)  sequential new product development 
C)  team-based new product development 
D)  simulated test market 
E)  controlled test market

Question 9

Under a ________ new product development approach,company departments work closely together in cross-functional groups,overlapping the steps in the product development process to save time and increase effectiveness.

Accepted Answer

A)  cross-sectional 
B)  simultaneous 
C)  sequential 
D)  team-based 
E)  systematic 
A)  cross-sectional 
B)  simultaneous 
C)  sequential 
D)  team-based 
E)  systematic

Question 10

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

Accepted Answer

A)  Product development is usually followed by a business analysis of the product. 
B)  Product development involves introducing a product into realistic market settings. 
C)  Product development avoids testing products on actual customers due to liability concerns. 
D)  Product development is usually followed by test marketing. 
E)  Product development helps top management review profit projections. 
A)  Product development is usually followed by a business analysis of the product. 
B)  Product development involves introducing a product into realistic market settings. 
C)  Product development avoids testing products on actual customers due to liability concerns. 
D)  Product development is usually followed by test marketing. 
E)  Product development helps top management review profit projections.

Question 11

With the crowdsourcing approach,a company can estimate the sales volume that a new product will generate.

Accepted Answer

A) True 
 B)False

Question 12

An innovation management system collects,reviews,evaluates,and manages new product ideas.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

The maturity stage of the PLC is characterized by a slowdown in sales growth.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is true about the introduction stage of a new product?

Accepted Answer

A)  Profits are typically high. 
B)  Promotion spending is relatively low. 
C)  Less money is needed to attract distributors. 
D)  Companies tend to avoid basic versions of the product. 
E)  Sales growth tends to be slow. 
A)  Profits are typically high. 
B)  Promotion spending is relatively low. 
C)  Less money is needed to attract distributors. 
D)  Companies tend to avoid basic versions of the product. 
E)  Sales growth tends to be slow.

Question 16

Customers of a brand are internal sources of new product ideas for the brand.

Accepted Answer

A) True 
 B)False

Question 17

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?

Accepted Answer

A)  find new market segments for the brand 
B)  improve the overall quality of the product 
C)  reduce mass media advertising expenses 
D)  offer improved services to new buyers 
E)  conduct controlled test marketing activities 
A)  find new market segments for the brand 
B)  improve the overall quality of the product 
C)  reduce mass media advertising expenses 
D)  offer improved services to new buyers 
E)  conduct controlled test marketing activities

Question 18

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.

Accepted Answer

A) True 
 B)False

Question 19

Quest Inc.recently conducted a brainstorming session that generated a large number of ideas for adding new products and services.Quest managers will most likely use ________ next to arrive at a realistic number of ideas to adopt.

Accepted Answer

A)  crowdsourcing 
B)  idea screening 
C)  concept testing 
D)  concept development 
E)  business analysis 
A)  crowdsourcing 
B)  idea screening 
C)  concept testing 
D)  concept development 
E)  business analysis

Question 20

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

Accepted Answer

A)  stabilization 
B)  rebranding 
C)  decline 
D)  progression 
E)  segmentation 
A)  stabilization 
B)  rebranding 
C)  decline 
D)  progression 
E)  segmentation

An innovation management system would most likely be used by ________.

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

In the context of new product development,new products include original products that a firm develops through its R&D efforts.

Which of the following is an internal source of new product ideas for a company?

________ is used to study the course of a product's sales and profits for the duration that it is produced and sold in the market.

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

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(n)________.

Under a ________ new product development approach,company departments work closely together in cross-functional groups,overlapping the steps in the product development process to save time and increase effectiveness.

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

With the crowdsourcing approach,a company can estimate the sales volume that a new product will generate.

An innovation management system collects,reviews,evaluates,and manages new product ideas.

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

The maturity stage of the PLC is characterized by a slowdown in sales growth.

Which of the following is true about the introduction stage of a new product?

Customers of a brand are internal sources of new product ideas for the brand.

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?

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.

Quest Inc.recently conducted a brainstorming session that generated a large number of ideas for adding new products and services.Quest managers will most likely use ________ next to arrive at a realistic number of ideas to adopt.

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

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Understanding Consumer and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products,Services,and Brands: Building Customer Value

Pricing: Understanding and Capturing Customer Value

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

The Global Marketplace

Social Responsibility and Ethics

Filters

Exam 8: New Product Development and Product Life Cycle Strategies

An innovation management system would most likely be used by ________.

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

In the context of new product development,new products include original products that a firm develops through its R&D efforts.

Which of the following is an internal source of new product ideas for a company?

________ is used to study the course of a product's sales and profits for the duration that it is produced and sold in the market.

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

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(n)________.

Under a ________ new product development approach,company departments work closely together in cross-functional groups,overlapping the steps in the product development process to save time and increase effectiveness.

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

With the crowdsourcing approach,a company can estimate the sales volume that a new product will generate.

An innovation management system collects,reviews,evaluates,and manages new product ideas.

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

The maturity stage of the PLC is characterized by a slowdown in sales growth.

Which of the following is true about the introduction stage of a new product?

Customers of a brand are internal sources of new product ideas for the brand.

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?

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.

Quest Inc.recently conducted a brainstorming session that generated a large number of ideas for adding new products and services.Quest managers will most likely use ________ next to arrive at a realistic number of ideas to adopt.

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

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Understanding Consumer and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products,Services,and Brands: Building Customer Value

Pricing: Understanding and Capturing Customer Value

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers and Communicating Customer Value: Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

The Global Marketplace

Social Responsibility and Ethics

Filters