Exam 8: Product I: Innovation and New Product Development

In most companies, ________ is a well-defined and systematic approach to innovation.

Explain the following statement: "A product is a bundle of attributes."

Some business customers purchase specialized services that are essential to the operation of an organization but not part of the production of a product.

A fast-moving consumer good, also known as a(n) ________, is a low-cost good that people consume quickly and replace frequently.

Through ________, an organization collaborates with customers and other stakeholders to create worth in the new product development process.

A product has three distinct layers. The most basic level is the ________, which consists of all the benefits the product will provide for consumers or business customers.

In the new product development process, a description of the features a product will have and the benefits those features will provide a customer is called a(n) ________.

Heavy equipment, which includes items such as buildings and robotics, is also referred to as ________.

Burger King developed a new french fry to compete with McDonald's fry-considered the world's best. Burger King's specifications included that the crunch would last for seven or more chews. The product failed because consumers did not like the fry as much as McDonald's fry. It is most likely that Burger King did not ________ the idea for both technical and commercial value.

The ________ is the actual product plus supporting features, such as delivery, installation, financing, and warranty.

Which type of product is a basic or necessary item that is available almost everywhere?

The first step in the adoption process is ________.

In business-to-business products, what is the difference between capital equipment and accessory equipment?

In the ________ phase of new product development, marketers estimate the technical and the commercial success of an idea for a new product.

The largest adopter category is the early adopters.

The addition of sugar-free canned fruits to Del Monte's line of canned fruits and vegetables is an example of a discontinuous innovation.

Prior to the development of the cardiac stent, surgeons used balloons to clear obstructed heart vessels, but there was no way to ensure the vessels would stay open. The stent is a tiny metal scaffold that props open the formerly obstructed blood vessel and keeps it from becoming obstructed again. Surgeons who use the stent had to engage in a great deal of learning to understand its use and its value in patient care. There was nothing like the stent on the market when it first appeared. The cardiac stent is an example of a ________.

Which of the following is an example of a good?

The ________ for a guest paying for a night's stay at a hotel is the use of a bed, bathroom, towels, dresser, light, and closet.

MRO products are goods that businesses use for ________.