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

Craft Inc.'s Krayons is a multi-colour chalk material that was released in the market over a century ago. Since the release, the company has had remarkable sales and Krayons has remained unchanged. However, over the last few years, sales of Krayons have been stagnant. Competitors have begun marking prices down and increasing their advertising and sales promotions. Craft's Krayons is most likely in the stage of the product life cycle.

Foods International is developing a new gluten-free, chili-flavoured pretzel. The marketing strategy for the product has already been developed and presented to top management. Several prototypes were also formulated by the company's R&D team. The final prototype is now being tested rigorously to ensure that it passes FDA standards. Once approved, the next step will most likely be .

The first part of a marketing strategy statement describes the of a new product.

Colonial furniture has been in existence since the 1600s and continues to adorn homes today. According to the product life cycle concept, it would be described as a .

The third part of a marketing strategy statement describes the _ _ of a new product.

The innovation management system approach shows that shareholders support, encourage, and reward innovation.

The style, ease of use, and multi-blade technology of Gillette's Fusion razor system is a _ that has favourably impacted consumer perceptions about other new products sold by the company.

Product development usually costs the least among all the steps of the new product development process.

In a sequential new product development process, which of the following is true of the product development step?

A new product must have the required functional features and also convey the intended psychological characteristics.

Modifying a product is an ineffective strategy in the maturity period of the product life cycle because the product's decline is irreversible at this stage.

A company's external sources of new product ideas include its .

can describe a product class, a product form, or a brand.

Under a team-based new product development approach, company departments work closely together in cross-functional teams. Overlapping the steps in the product development process saves time and increases effectiveness.

What options are available to a firm that has a product in the decline stage of the product life cycle? Briefly discuss each option.

Appliances Galore is continually updating its line of refrigerators to reflect market trends and customer needs. Although the product class is in the maturity stage of the product life cycle, they maintain healthy sales of their Line of refrigerators by continually .

Which of the following statements is most likely true about the new product development process?

Above all else, new product development must be .

Briefly explain each step in a typical product life cycle.

Which of the following statements is most likely true about the product life cycle?