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

________ is a new-product development approach in which one company department works to complete its stage of the process before passing the new product along to the next department and stage.

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

Felix Solutions is a market leader in designing ergonomic interiors and furnishings for office spaces of all sizes and needs.Some of the largest corporate offices are clients of Felix Solutions and the company is witnessing a steady rise in its market share.The success enjoyed by the company is difficult for competitors to imitate because Felix Solutions always has the products that the market needs.Which of the following,if true,would most likely explain the ability of Felix Solutions to stay in touch with the market needs?

Managers at the GreenTree Lawn and Garden Products are engaged in marketing strategy development.Thus,commercialization would be the next step for its high-end products that enhance the aesthetics of gardens.

Which of the following statements is true of the PLC?

Hollingsworth is a retail company that is planning to release a new line of luxury personal care products.Timothy Banes,the marketing manager,recently presented the marketing strategy for this new line of products titled "Comfort." The managers are now reviewing the sales,costs,and profit projections for the new products to find out whether they satisfy the company's objectives.The managers are conducting a ________ at this stage.

New-product development starts with the step of ________.

In the ________ stage of new-product development,products undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.

Define commercialization.Explain the two important issues on which the company must decide during this stage.

A product idea is an idea for a possible product a company can offer the market,while a product concept is a detailed version of the idea stated in meaningful consumer terms.

In which stage of the PLC will promotional expenditures be especially high in an attempt to create consumer awareness of the product and its features?

Which of the following statements is true of marketing strategy statement?

Woolies is a large consumer goods company that has been experiencing a decline in sales over the last three quarters.At the next monthly operations cycle,the management will take some major steps to restrict the drop in sales and regain some of its lost market share.The marketing manager believes that the low sales from some of its products has been neutralizing the effects of its quick-selling goods and that these low-selling products must be deleted from its product mix.What are the options available to the management of Woolies with regard to its products that are faring badly in the market?

Woolies is a large consumer goods company that has been experiencing a decline in sales over the last three quarters.At the next monthly operations cycle,the marketing manager has been asked to brief the marketing team about potential strategies they can use to rectify their current situation.Describe any three public policy issues or regulations that the marketing manager should encourage his team to consider as they make decisions about adding or dropping products.

Which of the following is a definition of style?

In the concept testing stage of new-product development,a product concept in ________ form is presented to groups of target consumers.

Jenny's Jellies is engaged in a review of the sales,costs,and profit projections for some new products to find out whether they satisfy the company's objectives.This activity is called business analysis.

Describe test marketing.

Profits rise during the growth stage of the PLC because promotion costs are spread over a large volume and unit manufacturing costs fall.

Briefly describe the steps in the new-product development process.