Exam 6: Product Development

Luxury motors introduced a new car to its already popular sedan line. The new car sold very well in its first year, so the company was surprised to find that its overall sales volume remained about the same as did its market share. What is the likely reason for this?

Business analysis refers to the stage of the new-product development process

Sustainability gives marketers a way to figure out who will likely buy their product over a period of time, plan an appropriate marketing mix, and forecast potential sales.

The stage of the product life cycle in which marketing costs rise due to competition as each firm tries to find ways to gain market share is the maturity stage.

Product ________ refers to a reduction in sales volume or market share of a company's existing product due to the introduction of a new product made by the same company.

A concept test is part of which stage of the new-product development process?

Developing a ________ helps to ensure that a product will not be a hazard to users or their families, that it can be produced in the company's or supplier's manufacturing facilities, and that it can be manufactured at a cost low enough to generate profits.

What stage of the product life cycle is characterized by a full line of products, an intensive effort to maintain distribution, and a product price equal or below that of competitors?

If a firm builds a mock shopping experience for participants to observe their response to marketing stimuli, this is referred to as a

A mock-up of a good with the materials the firm expects to use in the final product is called a

From a marketing standpoint, which group of product adopters should marketers spend the least amount of time and effort in convincing them to buy a product?

Inventions that have never been seen before and create a new market are considered

Idea generation is the stage in the new-product development process in which

Firms that want to maintain or improve their competitive position in the marketplace generally must develop new products.

When categorizing risk in new-product development, the highest level of risk occurs when

A technology that displaces an established technology and shakes up the industry, or a groundbreaking product that creates a completely new industry is referred to as

The term time to market refers to

In what stage of the new-product development process would organizations use social media to evaluate potential new products?

A company that uses cloudsourcing to generate product ideas would ask for input from which source?

During which stage of the new-product development process would a firm test the marketing strategy related to the new product?