Exam 12: Developing and Managing Products

Lily introduced the first drone camera that follows the operator and records video in 2014. While the Lily drone is tough, portable, and waterproof - perfect for videoing your bicycle ride, float down the river, or skiing down a mountain, it was not immediately financially successful. More recently though, sales have increased, the Lily drone camera has become profitable, and other manufacturers have introduced direct competitors. While sales continue to increase, Lily's market share is dropping as the market becomes more competitive. What stage of the product life cycle is the Lily drone camera?

Define Total Quality Management (TQM) and ISO 9001:2008. Give examples of some companies that you know of as certified by ISO.

A company that desired to spread its risk by offering a breadth of products and to a variety of markets is engaged in _____________. This approach would reduce unsystematic risk as when one industry was doing poorly, they still could profit from customers in other industries.

Responding to moviegoers' recently renewed interest in the 3D format, Panasonic introduced the world's first 3D home entertainment system. This strategy used by Panasonic is an example of a _____.

At the _____ stage in the consumer adoption process, buyers consider the likely benefits of the product.

Discuss the steps involved in the new-product development process.

Malik has an iPhone X and an Apple laptop. He is very happy with both of the Apple products he owns. More recently, Malik has considered an Apple Watch. Malik has been aware of the Apple Watch for years, but is just now gathering information about the Apple Watch and its capabilities. Malik is in the ______ stage of the new-product adoption process.

The business analysis stage generates extremely important information for new-product development as:

Some consumers are hesitant to try new products. In general, they are risk averse, so they only buy new technology after it has been well established, and often after facing peer pressure from others. These consumers tend to be older as well. These customers would tend to fall into the ______ category of the diffusion process.

The process by which new goods or services are accepted in the marketplace is known as the _____ process.

A _____ strategy concentrates on finding new markets for existing products.

Marcia's company is at the commercialization stage of new-product development. Before company executives move forward with this stage, what advice can you give them?

Some organizations offer only very closely related products (such as Campbell Soup Company) while others have a wide range of products (such as General Electric). The variance among the product mix is usually reflected in the number of different product lines. A company like GE with many divergent product lines has a:

Marketing activities tend to change over the product life cycle. What stage of the life cycle focuses on stimulating demand by using advertising to communicate product features and persuading channel members for carry the product?

Which of the following statements is true regarding the maturity stage of the product lifecycle?

Lauren was at the grocery store when she noticed a person sampling frozen yogurt in a tube. Lauren has never seen the product before that day. According to the new-product adoption process, Lauren is in the _____ stage.

Which of the following is the first main activity involved in benchmarking?

Researchers at the Massachusetts Institute of Technology (MIT) have built a solar energy device quite different from the traditional solar cell. Known as thermophotovoltaics, these devices are able to capture far more energy from the Sun by turning the sunlight into heat, and then back into light in a more efficient spectrum. Of course, it will take some time before this technology is profitable and widely distributed. These thermophotovoltaics hot cells are in the __________ stage of the product life cycle.

Rangers, a firm that provides a towing service, boasts of a very consistent performance track record and promises a quick and good quality service "anytime, anywhere." According to this information, Rangers is focusing on which of the following variables of service quality?

Nike actually started as Blue Ribbon Sports in 1964. Taking the name Nike in 1971, the company was narrowly focused on running shoes, with the soles of the first shoes made in a waffle iron. Over time, the company expanded their shoe business to include shoes for all sports, and then sports equipment and apparel. It is not unusual to see a person dressed from head to foot in Nike gear and using Nike equipment as well. From this meager start, it seems Nike has engaged in: