Exam 7: Developing and Managing Offerings

A(n)_____ is the test launch of a product's complete marketing plan to ensure that it reaches buyers,gets positive reactions,and generates sales of the product.

To understand if a product offering is financially feasible to justify investing in it,companies often consider the customer's _____.

The risk that there is a better idea that gets ignored because the firm has invested in the idea at hand is known as opportunity risk.

_____ involves decreasing the amount of product found in a package.

A product's cost is relatively _____ in the growth stage.

A penetration strategy is utilized because a low price helps _____.

A(n)_____ is utilized to get back the money invested in creating a new product offering.

Modifying the product,such as changing its packaging,size,flavors,colors,or quality can also extend the product's _____ stage.

Heavy costs are associated with the _____ stage of the product life cycle.

The stage in the product life cycle when promotions focus on the specific benefits the product offers and its value relative to competitive offerings is known as the _____ stage.

New product ideas typically move down the supply chain.

The stage in the product life cycle when the market is saturated with competitors is known as the _____ stage.

The purpose of concept testing is to get early consumer feedback before investing too much money in an offering that won't work.

Over 20,000 new offerings enter the marketplace each year.

Focus groups are conducted after the testing stage of the new offerings development process.

The purpose of idea screening is to try to avoid mistakes early in the development process.

In the growth stage,emphasizing the advantages of the product's _____ can help a company maintain its sales in the face of competition.

Quality function deployment is the process whereby a company starts with the innovation and then designs an offering.

Financial feasibility is the degree to which the company can actually make and service the product.

A line extension occurs when a company comes out with another model based on the same _____ and _____ as one of its other products.