Exam 11: Developing and Managing Products

Microwave ovens,staplers,frozen yogurt,and purses are examples of:

A test market is one example of a focus group test where consumers are encouraged to try a new product and provide feedback to the manufacturer.

The degree to which a product can be used on a limited basis represents which product characteristic influencing the rate of adoption?

Apple recently introduced a newly designed iPod nano with Multi-Touch capability,a built-in FM radio,and mix-making Genius.Since it was not trying to reach a new target market,Apple was using which new product strategy?

Which is the last adopter category to adopt an innovation?

Jeni's Splendid Ice Creams has decided to put its new Beet Cake with Black Walnut ice cream on the market.This product has entered the _____ stage of new-product development.

Going to the Dogs Demand for pet services is greatly increasing across the United States.In fact,Americans will spend nearly $44 billion dollars on their pets this year.Many American dog owners are seeking out "doggy day cares" that are more like a resort or spa than an ordinary kennel for their canine companion.Day care services for dogs now include toy rooms,outside play areas,doggie massages,treadmills,swimming pools,and cushy beds for nap time.Pet owners can watch their pets via a webcam,and some doggy day cares have a phone where owners can talk to their dogs when they feel their pets need to hear their voices.Rates vary from $20 to $45 a day per pet,depending on the amenities that the pet owner chooses. -Refer to Going to the Dogs.Before opening the It's a Dog's Life doggy resort,the potential company owners projected the costs involved in providing the services the target market (dog owners)appears to desire.Unfortunately,a decision was made to not proceed with the doggy resort,as the owners felt the cost to provide the services was too high considering the rates the target market would be willing to pay.This would be an example of:

The product characteristic affecting the rate of adoption characterized by the degree to which a product is perceived as superior to existing substitutes is:

You are a product manager for a manufacturer of trampolines.You have determined that the trampoline is in the maturity stage of the product life cycle.To keep your product from entering the decline stage,you should:

List the four stages of the product life cycle and discuss the typical characteristics of each stage.

Among the late majority group,adoption of a product primarily results from:

Rapala VMC Corporation Finland-based Rapala VMC Corporation is the world's largest fishing lure manufacturer.It developed its first fishing lure--a cigar-shaped minnow--in 1962.The annual market for fishing lures in terms of retail sales is approximately $600 million.Rapala VMC garnered one-third of that amount in 2008.New lures must be introduced each year in order to stay competitive in this industry.Like other lure manufacturers,Rapala focuses on two questions in developing and making new lures: Does it work,and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides.At the annual fishing industry trade show in 2008,Rapala unveiled the "dream lure for the 21st century." -Refer to Rapala.Fishing lures are most likely in the _____ stage of their product life cycle.

A team-oriented approach to new-product development is referred to as:

Which of the following has been found to be an efficient substitute for traditional methods of conducting test markets?

The process of converting applications for new technologies into marketable products is called:

Mosaic Labs has developed a chemical compound that prevents mildew in even the most humid climates.The week after the compound was invented,a group of the firm's employees got together and listed ways the product might be used.This is an example of:

Putting a guitar-shaped controller in the player's hands solved the fun deficit of earlier Harmonix products.

In the adopter categories,the final 16 percent to adopt are similar to innovators in that they do not rely on the norms of the group but are independent because they are bound to tradition.They tend to have the lowest socioeconomic status,are suspicious of new products,and are alienated from a rapidly advancing society.They are called:

A biological metaphor that traces the stages of a product's acceptance,from its introduction (birth)to its decline (death)is called the:

During its introductory stage,Guitar Hero experienced none of the following typical scenarios except __________.