Exam 12: Developing and Managing Products

Apex Corp. has been manufacturing furniture for past several years. Now in order to grow its business, the company has decided to manufacture curtains and bed sheets. The strategy being used by the company to target new markets is referred to as a _____.

Promotional campaigns conducted by a firm during the introductory stage of a product lifecycle generally focus on:

Internal analysis involves gathering information about the benchmark partner to find out why the partner is perceived as the industry's best.

You have been assigned the overwhelming task of managing all your firm's products in the decline stage. Which of the following steps are you least likely to take?

Define benchmarking. Describe the benchmarking process.

Procter & Gamble has nearly 100 brands of consumer package goods. These are organized into many different groups, including Baby, Family & Feminine Care, Beauty, and Fabric & Home Care. Each of these groups has several products. All of the Procter & Gamble brands together are Procter & Gamble's:

Dali Stationery and Office Supplies is a market leader in China. The company wants to expand its business and is setting up retail chains in other Asian countries. Which of the following new-product development strategies is being used by the company in the above scenario?

Compared to first adopters, later adopters rely more heavily on impersonal information sources while purchasing new products.

Mackenzie just completed her master's degree and is willing to take risks on new technologies. In fact, Mackenzie is one of the very first consumers to buy new technology and is not worried about what others think. Mackenzie is in the _________ category of the diffusion process.

New-product development is the life blood of firms. However, it is a difficult process and not always successful. In fact, approximately ____ of new products fail.

The depth of product mix refers to the variations in each product the firm markets in its mix.

A market development strategy concentrates on developing new products for existing markets.

When a product experiences declining sales for an extended period, it is likely entering the decline stage of the product life cycle. Which of the following IS a reasonable strategy at this stage?

Procter & Gamble has nearly 100 brands of consumer package goods. However, these products are not just randomly organized, but put into categories to help manage them. For example, paper towels and napkins include Bounty Basic Paper Towels, Bounty Paper Towels, and Bounty Napkins. Paper towels and napkins represent one of Procter & Gamble's:

Internal analysis in the benchmarking process establishes a baseline for comparison.

Most comparative advertisements are targeted toward current users of a product or its close competitor(s). For example, McDonald's and Burger King advertisements compare the methods of cooking their burgers, each inferring their approach is better. While most consumers dine at both of these restaurants, the goal of these advertisements is to increase sales by "flipping" a customer from one to the other. These advertisements are an approach at:

Apple is constantly striving to introduce new products into the marketplace. At the initial stage, Apple design teams are separated from the rest of the organization and housed in a separate facility to enhance the ability to develop new concepts. This approach has proven to enhance the ability to come up with new concepts in the _____ stage of the new-product development process.

Which of the following variables of service quality best represents the readiness to serve one's customers?

Virtually all firms would claim that quality is of primary importance. However, not all firms can offer evidence of their quality. Therefore, provide assurance of quality standards, an international quality certification process has been established. Companies that meet this standard can show they have met:

A major manufacturer of men's shaving products has developed a prototype of an electric shaver featuring a vacuum attachment to capture virtually all hair. It's targeted to men who have facial hair - beards, mustaches, or goatees who like a trimmed appearance but dislike all the hairs that fall into the sink or bathroom counter top. The engineers create several prototypes and have members of their marketing research team gauge consumer response to the new product by conducting personal interviews with men who have facial hair. The company hopes that if the product is favorably received, the new product will be more successful in the marketplace. This is an example of: