Exam 12: Developing New Products

One of the potential benefits to a firm of introducing new-to-the-world products or services is

Rolling River Golf Equipment Corp. has been trying to develop a lightweight putter for years but hasn't come up with the best technology. After learning that Griggson Group had what Rolling River needed, Rolling River bought the right to use the technology in its putters. What process is helping the company develop its new putters?

During the ________ stage of the product life cycle, firms either position themselves for a niche segment of diehard consumers or they completely exit the market.

A company has a new concept for a lightweight electric scooter that can be easily folded and taken with you inside a building or on public transportation. The company is currently engaged in concept testing. The most important question during this phase of product development pertains to

Computer game companies constantly monitor computer game-related blogs keeping track of the latest hot products, because they know that their customers crave the "latest and greatest" games. They use this information to create new products that primarily provide the benefit of

Kelsey has been asked to report on how the company's high-rise jeans collection had spread through the marketplace. The management team wants to know which categories of adopters it originally applied to and which ones it applies to today. What process does Kelsey need to review?

Explain the concept of outsourcing product development and give an example of when this would be a good idea.

Around 2006, hybrid cars moved from the early adopter to the early majority stage. What did this mean for marketers of hybrid cars?

Define and describe the product life cycle stage in which laggards begin to purchase products.

General Electric is developing a new magnetic resonance imaging (MRI)device to be marketed to family practice physicians. These new machines will be much smaller and less expensive than the existing MRI machines now in most hospitals. What factors will probably affect the diffusion of these new machines?

Which adopter category refers to the last large group of buyers to enter a new product market?

When consumers see their friends using an innovation, it often persuades them to try it too. This demonstrates the concept of trialability.

Many car manufacturers have developed prototypes of alternative energy vehicles like hydrogen-fueled cars. When developing their marketing strategies, how can these firms use the diffusion of innovation curve in the early stages of product development?

The maturity phase of the product life cycle is characterized by greatly-reduced competition.

Many marketers think personal computers in the United States are in the maturity stage of the product life cycle. What does this mean for manufacturers of personal computers? What can they do about it?

Pioneer or breakthrough products are those that

What is a "new-to-the-world" product, and how does this type of product impact markets and consumer preferences? Use an example to explain this concept.

Describe the sources of new ideas companies can use when developing products.

What is the difference between alpha testing and beta testing?

Kyle and Stan live in the United States. Kyle recently asked for Stan's cell phone number, but Stan said he didn't own a cell phone. Stan would probably be considered a(n)________ in the diffusion of innovation process.