Exam 8: Product I: Innovation and New Product Development

A ________ is a modification to an existing product.

Simulated test marketing can help a company determine where in a store a product should be placed to maximize sales.

A(n) ________ is defined as a tangible good, service, idea, or some combination of these that satisfies consumer or business customer needs through the exchange process.

________ include convenience products, shopping products, specialty products, and unsought products.

Unlike innovators, early adopters of new products ________.

At a retail store, the display racks on which clothes are hung, the shelving, and the cash registers are all examples of ________.

________ are consumer products for which a consumer either has little awareness or interest until a need arises. These products require a lot of advertising, personal selling, and other marketing efforts.

For a veterinarian's office, the paper used to print payment receipts is an example of a(n) ________.

The Federal Trade Commission says that a product may be called new for only ________.

Marketers are primarily striving to generate customer ________ when they use a teaser advertisement created to give prospective customers just enough information about a new product to make them curious.

Business analysis for a new product begins with assessing how the new product will fit the firm's total product mix.

How do marketers define innovation?

Innovators tend to be better off financially than consumers in other adopter groups.

Which of the following is the best example of a convenience product?

________ are manufactured goods or subassemblies of finished items that organizations need to complete their own products.

Nondurable goods are more likely than durable goods to be purchased under conditions of high involvement.

The last stage in the product adoption process is ________.

For the business market, a multipurpose absorbent used to clean up any type of spills would be an example of a(n) ________.

Once a new product or service passes the business analysis phase, it moves into the ________ phase.

Consumers would perceive a ceiling fan as having greater trialability than a new kind of snack food.