Exam 8: Developing New Products and Managing the Product Life Cycle

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

Explain concept testing.

What are the two ways in which a company can obtain new products?

Describe crowdsourcing.

At Fantastic Flavors,a large regional chain of candy stores,employees from marketing,design,production,and finance work in a cross-functional group to save time and money in the new-product development process.Fantastic Flavors uses a(n)________ approach.

Which of the following is likely to have the longest duration in the market characterized by several periods of renewed interest?

Through ________,broad communities of people (customers,employees,independent scientists and researchers,and even the public at large)are invited into the new-product innovation process.

Big Moose Toys is a market pioneer introducing a modern version of Bullwinkle,the Moose,a character from an animated television series originally broadcast in the 50s and 60s.The company's version of Rocky-the Flying Squirrel-another character from the show,targeted at baby boomers,was a strong success.They need to make the new launch strategy for Bullwinkle consistent with the intended ________.

Craft crayons were released in the market over a hundred years ago.Since the release,the company has had remarkable sales despite new entrants in the market,diversified into many other stationery products,and become a household staple in more than 80 countries around the world.The company has added product variations and extensions over the years.Craft crayons are in the ________ stage of the PLC.

Evans and Hills has developed a new line of specialty teas positioned directly against its competitor,Milton Brews.Evans and Hills has pitched its plan to recapture its lost market share on this line of specialty teas and is seeking regular inputs from the test marketing process.To facilitate this process,it is using BuyerScan,a software that generates store-by-store,week-by-week reports on the actual sales of tested products and the impact of in-store and in-home marketing efforts.This scenario illustrates the ________.

Briefly describe the maturity stage of the PLC.

Tavera is a large automobile company that saw performance decline once new competitors entered the market.Tavera is unable to simultaneously finance new product development and provide for improvements to older models.Tommy Hill,the marketing manager at Tavera decided to focus on cost-cutting with the older and more established brands,leaving them without much investment or modification.Tavera had decided to ________ the older products.

CellTones,a new company selling several lines of cellular phones,has closely modeled its products on successful products that are already in the marketplace.As it prepares to enter the market with new products that meet high quality and safety standards,which of the following should concern CellTones the most?

Timmons,an electronic gadgets company,has declined in performance since new competitors entered the electronics market.Thomas Baker,the marketing manager at Timmons decided to sell off a number of declining brands,such as WebWay,its oldest general service cellphone model,and AmpOne,its first electronic music player.In these examples,management decided to ________ the products.

The PLC concept can be applied by marketers as a useful framework for ________.

Successful intrapreneurial programs encourage external sources of new-product ideas.

Under what circumstances might it be wise for a company to do little or no test marketing?

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

New product development begins with a systematic screening of new product ideas through idea screening.

Introducing a new product into the market is called ________.