Exam 8: New Product Development and Product Life Cycle Strategies

In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features?

What are the major external sources of new product ideas? What type of information can be gathered from each of these sources? How do firms benefit from such information?

Under a ________ product development approach,one company department works to complete its stage of the product development process before passing the new product along to the next department and stage.

Wayne Industries,a retail and home improvement store,is developing a new lawnmower.The marketing strategy for the product has already been developed and presented.A prototype has also been developed by the company's R&D team.The prototype is now being tested rigorously to ensure that there are no product liability issues.Once the prototype of the lawnmower passes product tests,the next step is most likely to be ________.

In which of the following cases is crowdsourcing used for new product development?

Which of the following is most likely true of a product in the maturity stage of the product life cycle?

A concrete and physical presentation of a product concept is likely to increase the reliability of the concept test.

Team-based new product development encourages employees of all departments to work within the roles and boundaries of their individual departments before combining the results of their efforts at the commercialization stage.

Which of the following would most likely have the longest duration in a market and be characterized by several periods of renewed interest?

Acquisition is one of the ways through which a company obtains new products.

In a sequential new product development process,once a product or service passes the business test,it moves into ________.

Modifying a product is an ineffective strategy in the maturity period of the product life cycle because the product's decline is irreversible at this stage.

When an end user's problems and experiences define a new product,the approach is called ________.

Explain what happens during the business analysis stage of new product development.

Which statement is most likely true about idea generation in the new product development process?

What is test marketing? What role does it play in new product development? What factors do firms consider when determining whether or not to conduct test marketing?

The stage in which a product concept is presented to groups of target consumers physically or symbolically is referred to as ________.

What options are available to a firm that has a product in the decline stage of the product life cycle? Briefly discuss each option.

The business analysis stage is the final step in the new product development process.

Since suppliers are so close to the market,they are valuable sources of information about consumer problems,marketing opportunities,and new product possibilities.