Exam 12: Developing New Products

The process by which the use of a new product or service spreads throughout a market group is referred to as

Miranda is about to launch a new product: herself! She is running for a local political office. First-time candidates quickly learn the importance of marketing. She has consulted with various experts, tested her campaign themes and messages with focus groups, and now is ready to do a full-scale product launch. Why is her product launch the most critical step? What will she need to do?

Many restaurants offer daily specials, appetizers, entrees, and desserts not listed on their standard menu. These daily specials primarily provide the new product benefit of

During the ________ stage of the product life cycle, sales peak and profits begin to decline as competition becomes intense.

Fashion trends tend to experience short product life cycles.

A year after expanding his drone photography business to include outdoor wedding photography, Charlie decided it was time to evaluate results. What three interrelated factors will Charlie consider when evaluating the success of his new product?

The fact that the Apple iPad is easy to try-demo units are available at Apple stores as well as other retail stores-has helped it diffuse more quickly.

One of the key characteristics of brainstorming sessions is

When microwaves were new, they typically cost over $300, were bulky and required extensive counter space, and had limited styles. Michelle and Will waited, wishing for more choices in the market. By the time they purchased a microwave, sales had leveled off and prices had declined significantly. Michelle and Will were part of the ________ diffusion of innovation group.

One of the key characteristics of brainstorming sessions is that bad ideas should be immediately rejected so the group can focus its attention on good ideas.

By the time BMW got into the mini-SUV market, sales of SUVs had leveled off and were even starting to decline. BMW had to target its marketing efforts toward the ________ adopters.

To determine if a new product is commercially viable, a firm can conduct premarket testing.

The Eiger Labs MPMan was the first mass-produced MP3 player sold in the United States. Eiger Labs was a(n)________ in the MP3 player market.

The late majority tends to adopt products during the _______ stage of the product life cycle.

When Ken began helping his Aunt Rita with her finances, he discovered his aunt was still renting a rotary-dial telephone from the phone company. Aunt Rita had paid thousands of dollars in rental fees over the past 40 years. Aunt Rita is a(n)________ in the diffusion of innovation process for telephones.

In the diffusion of innovation process, innovators enjoy taking risks and are regarded as highly knowledgeable. Marketers want to identify innovators because

The diffusion of innovation refers to the life cycle of a product from introduction to maturation.

When a product is successful in the introductory stage of the product life cycle,

When a global firm turns to its subsidiaries in less developed markets for new product ideas, such as when Coca-Cola developed Minute Maid Pulpy out of its Shanghai research center and then moved the product into other markets around the world, the firm is engaged in

When conducting exploratory concept testing for her firm's new Internet antipiracy software, what is the most important question that Cassie should ask?