Exam 12: Developing New Products

Geoff listens to music on his iPhone, but he still buys vinyl records at his local music store on occasion, although they are getting harder to find. Vinyl records are in the ________ stage of the product life cycle.

Marketing is a dynamic practice. While you are watching your competitors, they are watching you. Assume that you have just redesigned a product that is in the maturity phase of the product life cycle and have identified some new market segments. How do you think your competitors will respond?

The ________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

Talia has used Olay beauty products for years, even though there are many competitors on the market. She plans to purchase a recently introduced micro-sculpting cream from Olay's Regenerist line. Olay is in the ________ stage of the product life cycle.

________ involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents.

Sasha is using a test model of her firm's new glow-in-the-dark nail polish to see if it works according to the design specifications. Sasha is involved in

YouEye is developing eye tracking technology that works with an individual's webcam. Instead of spending thousands of dollars on eye-tracking equipment and having customers come into labs, firms will be able to utilize everyday webcams to track not only what a person attends to on a computer screen but also his or her emotional reactions to these products. Firms such as YouEye are automating the

What are characteristics of innovators? Why are innovators important to marketers?

During the ________ stage of the product life cycle, sales are low and profits are small or negative.

What is one of the three interrelated factors that firms use to measure the success of a new product?

Which group is especially essential for bringing the other buying groups into the market?

All products tend to follow the same life cycle curve.

Which step in the new product development process is the most critical to the survival of a firm, and why?

Ellen recently switched from cable to YouTube TV. A few of her friends switched before she did, but many other friends were interested in Ellen's opinion of the television service. Ellen is a(n)________ in this product category.

During the introduction stage of a product's life cycle, typical consumers are

New product development adds value to a firm's products and services through innovation.

At which stage of the product life cycle will you find a growing number of product adopters, rapid growth in industry sales, and increases in the number of competitors and the number of available product versions?

Companies that develop customized business software often work closely with their users when installing their products. This close contact often creates new product ideas through

The diffusion of innovation curve follows this sequence: innovators, early majority, late majority, early adopters, and laggards.

The Apple iPod changed the way people listen to music but it also created an entirely new industry devoted to accessories such as cases, ear buds, docking stations, and speakers. The Apple iPod is considered a