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

Using , researchers measure consumer responses to new products and marketing tactics in laboratory stores or virtual online shopping environments.

A company launching a new product must first decide _.

Some companies are now appointing , whose job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

Acquisitions do not include .

A product is in the maturity stage of the product life cycle, and the company decides to modify the marketing mix. Which of the following steps is the company most likely to take?

List and explain some of the reasons why new products fail.

Standardization helps a company develop a consistent worldwide image, and lowers the product design, manufacturing, and marketing costs.

Compact Discs (CDs) replaced vinyl records (LPs) and pushed vinyl records into the stage for many years. Recently, however, playing music on vinyl has regained popularity. This has led to repositioning of vinyl records into the product life cycle.

It's important for a market pioneer to choose a launch strategy that is consistent with competitive positioning strategies.

Customer involvement has a positive effect on the new product development process and product success.

Discuss public policy issues, government regulations, and laws that affect new product development.

Crowdsourcing refers to inviting broad communities of people-customers, employees, independent scientists and researchers, and even the public at large-into the new product innovation process.

The business analysis stage is the final step in the new product development process.

The new product development process usually starts with _.

What is crowdsourcing? How is crowdsourcing useful in new product development?

Explain what happens during the concept testing stage of new product development.

Doggie World tested an idea for a new chew toy that would entertain dogs while simultaneously cleaning their teeth. Dog owners were pleased with the results. The next stage in developing the new product concept is .

Briefly describe the steps in the new product development process.

An innovation management system would most likely be used by .

A currently accepted or popular style (for example, 'Business casual') represents an example of a .