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

Under a product development approach, one company department works to complete its stage of the product development process before passing the new product along to the next department and stage.

Companies that combine a customer-centred approach with team-based new product development gain a big competitive edge by getting the right new products to market faster.

Explain what happens during the business analysis stage of new product development.

Under the innovative management system approach, one company department works individually to complete its stage of the process before passing the new product along to the next department and stage.

Sales of Liquid Paper and other products to cover errors made while using a typewriter have been in the stage of the product life cycle. In this stage, product sales may plunge to zero, or drop to a low level Where they continue for many years.

As a result of , a company cannot make its product illegally similar to a competitor's already established product.

refers to designing a plan for a new product based on the product concept.

Fad products like 'Heely's' (Shoes with wheels in the heels), Fidget Spinners, Slinkys, and Hoola Hoops are characterized by their _.

Salon Finish is test marketing its new smoothing shampoo by assessing consumer satisfaction in laboratory stores where hair is washed and blown dry. Salon Finish is using controlled test marketing in this scenario.

The second part of the marketing strategy outlines which three parts?

Commercialization focuses on finding new ways to solve customer problems and create more customer satisfying experiences.

Parvon, a cleaning product, is in the maturity stage of the product life cycle, and Parvon managers have decided to modify the market. Which of the following steps should Parvon managers most likely take to achieve this goal?

gives management the information needed to make a final decision about whether to launch the new product.

In the _ stage, a firm most likely faces a trade-off between high market share and high current profit.

Which statement is most likely true about idea generation in the new product development process?

Fashions are temporary periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

Distinguish between a product idea, a product concept, and a product image.

Which of the following steps of the new product development process would most likely use an R-W-W framework?

Which of the following is a disadvantage of a team-based approach to new product development?

Discuss macro-environmental factors that may impact the release of a new product into the market.