Exam 8: New Product Development and Product Life Cycle Strategies

According to the author,when tough economic times hit,or when a company faces financial difficulties,management should stop spending on new product development.

Tavera,an automobile company,experienced a significant decline in sales over the last 10 months of its flagship car,Tetra.In response,Tavera reduced its R&D,advertising,and sales expenditures for Tetra in an attempt to improve short-run profits.Which term best describes Tavera's actions with regards to Tetra?

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

Some products that have entered the decline stage can be cycled back to the growth stage through ________.

A product concept is ________.

A product is in the maturity stage of the product life cycle,and the company decides to modify the marketing mix.Which of the following steps is the company most likely to take?

CisTech is test marketing its new computers by measuring consumer responses to the new computers and its marketing tactics in laboratory stores.CisTech is using controlled test marketing in this scenario.

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

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

The team-based new product development approach saves times because departments work closely together in ________.

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

Craft Inc.'s Krayons is a multi-color chalk material that was released in the market over a century ago.Since the release,the company has had remarkable sales and Krayons has remained unchanged.However,over the last few years,sales of Krayons have been stagnant.Competitors have begun marking prices down,and increasing their advertising and sales promotions.Craft's Krayons is most likely in the ________ stage of the PLC.

Which of the following is true of the growth stage of the product life cycle?

In a sequential new product development process,concept testing is most likely to be followed by ________.

The stage at which new product and marketing programs are introduced into realistic market settings is called concept testing.

Explain what happens during the concept testing stage of new product development.

Which of the following is true of the product life cycle (PLC)?

Briefly explain each step in a typical product life cycle.

Some companies are now appointing ________,whose job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

A company launching a new product must first decide ________.