Question 1

Discuss public policy issues,government regulations,and laws that affect new product development.

Accepted Answer

Marketers should carefully consider publ

Question 2

The federal government has the legal authority to prevent a company from adding products through acquisitions if the acquisition threatens to lessen competition.

Accepted Answer

A) True 
 B)False

Question 3

Define commercialization.Explain the two important issues that a company must decide during this stage.

Accepted Answer

Introducing a new product into a market

Question 4

________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.

Accepted Answer

A)  Market strategy development 
B)  Concept testing 
C)  Test marketing 
D)  Concept development 
E)  Business analysis 
A)  Market strategy development 
B)  Concept testing 
C)  Test marketing 
D)  Concept development 
E)  Business analysis

Question 5

What are the advantages of an innovation management system for developing new products?

Accepted Answer

The new product development process shou

Question 6

Which of the following statements is most likely true about the product life cycle?

Accepted Answer

A)  Throughout the product introduction stage, sales are zero. 
B)  The growth stage is the longest stage of the product life cycle. 
C)  Profits are nonexistent in the growth stage. 
D)  Growth is a period of rapid market acceptance and increasing profits. 
E)  Maturity is the period when sales fall off but profits continue to rise. 
A)  Throughout the product introduction stage, sales are zero. 
B)  The growth stage is the longest stage of the product life cycle. 
C)  Profits are nonexistent in the growth stage. 
D)  Growth is a period of rapid market acceptance and increasing profits. 
E)  Maturity is the period when sales fall off but profits continue to rise.

Question 7

________ involves a review of the sales,costs,and profit projections for a new product to find out whether they satisfy a company's objectives.

Accepted Answer

A)  Vendor analysis 
B)  Portfolio analysis 
C)  Business analysis 
D)  SWOT analysis 
E)  Concept analysis 
A)  Vendor analysis 
B)  Portfolio analysis 
C)  Business analysis 
D)  SWOT analysis 
E)  Concept analysis

Question 8

Introducing a new product into the market is called ________.

Accepted Answer

A)  test marketing 
B)  segmentation 
C)  product development 
D)  commercialization 
E)  market penetration 
A)  test marketing 
B)  segmentation 
C)  product development 
D)  commercialization 
E)  market penetration

Question 9

What is crowdsourcing? How is crowdsourcing useful in new product development?

Accepted Answer

Crowdsourcing refers to throwing the inn

Question 10

Internal sources of new product ideas for a company include its ________.

Accepted Answer

A)  customers 
B)  distributors 
C)  suppliers 
D)  employees 
E)  competitors 
A)  customers 
B)  distributors 
C)  suppliers 
D)  employees 
E)  competitors

Question 11

Fads are characterized by their ________.

Accepted Answer

A)  enduring nature that spans several generations 
B)  low rates of adoption by consumers 
C)  unusually high sales and rapid decline 
D)  basic and distinctive modes of expression that seldom become unpopular 
E)  non-attainment of the last two stages of the product life cycle 
A)  enduring nature that spans several generations 
B)  low rates of adoption by consumers 
C)  unusually high sales and rapid decline 
D)  basic and distinctive modes of expression that seldom become unpopular 
E)  non-attainment of the last two stages of the product life cycle

Question 12

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

Accepted Answer

A)  marketing mix strategy 
B)  profit goals 
C)  planned price 
D)  target market 
E)  planned value proposition 
A)  marketing mix strategy 
B)  profit goals 
C)  planned price 
D)  target market 
E)  planned value proposition

Question 13

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?

Accepted Answer

A)  change distributors 
B)  offer coupons for the toy 
C)  change the packaging of the toy 
D)  launch an online advertising campaign 
E)  cut prices of the toy to attract new customers 
A)  change distributors 
B)  offer coupons for the toy 
C)  change the packaging of the toy 
D)  launch an online advertising campaign 
E)  cut prices of the toy to attract new customers

Question 14

The new product development process usually starts with ________.

Accepted Answer

A)  idea screening 
B)  idea generation 
C)  concept development 
D)  concept testing 
E)  market strategy development 
A)  idea screening 
B)  idea generation 
C)  concept development 
D)  concept testing 
E)  market strategy development

Question 15

As a result of ________,a company cannot make its product illegally similar to a competitor's already established product.

Accepted Answer

A)  anti-monopoly laws 
B)  patent laws 
C)  antitrust laws 
D)  product warranties 
E)  product liability 
A)  anti-monopoly laws 
B)  patent laws 
C)  antitrust laws 
D)  product warranties 
E)  product liability

Question 16

When a company decides to maintain a product in the decline stage,it has no alternative but to sell the product to another firm or simply liquidate it at salvage value.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is a disadvantage of a team-based approach to new product development?

Accepted Answer

A)  It lengthens the time required to get the right products to market. 
B)  It involves the use of a rigid, sequential product development approach. 
C)  A bottleneck at one place can seriously hinder the entire project. 
D)  Organizational confusion and tension are likely to affect the process. 
E)  The process is highly ineffective for products with short life cycles. 
A)  It lengthens the time required to get the right products to market. 
B)  It involves the use of a rigid, sequential product development approach. 
C)  A bottleneck at one place can seriously hinder the entire project. 
D)  Organizational confusion and tension are likely to affect the process. 
E)  The process is highly ineffective for products with short life cycles.

Question 18

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

Accepted Answer

A)  production 
B)  decline 
C)  maturity 
D)  test marketing 
E)  conception 
A)  production 
B)  decline 
C)  maturity 
D)  test marketing 
E)  conception

Question 19

Sequential product development,which is a team-oriented approach,enables firms to bring products to market very quickly.

Accepted Answer

A) True 
 B)False

Question 20

During concept testing,a product is evaluated by management without any input from external sources.

Accepted Answer

A) True 
 B)False

Discuss public policy issues,government regulations,and laws that affect new product development.

The federal government has the legal authority to prevent a company from adding products through acquisitions if the acquisition threatens to lessen competition.

Define commercialization.Explain the two important issues that a company must decide during this stage.

________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.

What are the advantages of an innovation management system for developing new products?

Which of the following statements is most likely true about the product life cycle?

________ involves a review of the sales,costs,and profit projections for a new product to find out whether they satisfy a company's objectives.

Introducing a new product into the market is called ________.

What is crowdsourcing? How is crowdsourcing useful in new product development?

Internal sources of new product ideas for a company include its ________.

Fads are characterized by their ________.

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

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?

The new product development process usually starts with ________.

As a result of ________,a company cannot make its product illegally similar to a competitor's already established product.

When a company decides to maintain a product in the decline stage,it has no alternative but to sell the product to another firm or simply liquidate it at salvage value.

Which of the following is a disadvantage of a team-based approach to new product development?

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

Sequential product development,which is a team-oriented approach,enables firms to bring products to market very quickly.

During concept testing,a product is evaluated by management without any input from external sources.

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

Discuss public policy issues,government regulations,and laws that affect new product development.

The federal government has the legal authority to prevent a company from adding products through acquisitions if the acquisition threatens to lessen competition.

Define commercialization.Explain the two important issues that a company must decide during this stage.

________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.

What are the advantages of an innovation management system for developing new products?

Which of the following statements is most likely true about the product life cycle?

________ involves a review of the sales,costs,and profit projections for a new product to find out whether they satisfy a company's objectives.

Introducing a new product into the market is called ________.

What is crowdsourcing? How is crowdsourcing useful in new product development?

Internal sources of new product ideas for a company include its ________.

Fads are characterized by their ________.

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

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?

The new product development process usually starts with ________.

As a result of ________,a company cannot make its product illegally similar to a competitor's already established product.

When a company decides to maintain a product in the decline stage,it has no alternative but to sell the product to another firm or simply liquidate it at salvage value.

Which of the following is a disadvantage of a team-based approach to new product development?

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

Sequential product development,which is a team-oriented approach,enables firms to bring products to market very quickly.

During concept testing,a product is evaluated by management without any input from external sources.

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