Question 1

Identify the major sources of external new-product ideas and explain why these sources offer advantages over internal sources.

Accepted Answer

The major sources of new-product ideas f

Question 2

The innovation management system approach yields two favourable outcomes: it helps create an innovation-oriented company culture and it ________.

Accepted Answer

A) clearly assigns responsibility for the process 
B) yields a larger number of new-product ideas 
C) guarantees successful products 
D) frees up senior management time 
E) requires less budget support 
A) clearly assigns responsibility for the process 
B) yields a larger number of new-product ideas 
C) guarantees successful products 
D) frees up senior management time 
E) requires less budget support

Question 3

A new company designing and selling several lines of mobile phones has closely modelled its products after successful competitive products that are already in the marketplace.As it prepares to enter the market with its new products and services,which of the following should concern it the most?

Accepted Answer

A) product configurations 
B) timing 
C) sequential product development 
D) product life cycle issues 
E) sales 
A) product configurations 
B) timing 
C) sequential product development 
D) product life cycle issues 
E) sales

Question 4

________ test marketing uses a range of research and computer modelling approaches to evaluate consumer reactions and speed up the process.

Accepted Answer

The answer of ________ test marketing uses a range of...

Question 5

A new-product development approach in which various company departments work closely together,overlapping the steps in the product development process to save time and increase effectiveness is known as ________ new-product development.

Accepted Answer

The answer of A new-product development approach in which various...

Question 6

Superior Luggage Company has undertaken the task of identifying its products in the decline stage of the PLC.Which of the following should NOT be done in the identification process?

Accepted Answer

A) regularly reviewing sales 
B) regularly reviewing market shares 
C) regularly reviewing costs and profit trends 
D) regularly reviewing management's pet projects 
E) None of the above. 
A) regularly reviewing sales 
B) regularly reviewing market shares 
C) regularly reviewing costs and profit trends 
D) regularly reviewing management's pet projects 
E) None of the above.

Question 7

Using the PLC concept for forecasting product performance or for developing marketing strategies presents some practical problems.Which of the following is NOT one of these practical problems?

Accepted Answer

A) accurate estimates of sales at each PLC stage 
B) length of time spent in each PLC stage 
C) the shape of the PLC curve 
D) the PLC being used for fads or fashions 
E) A and B only 
A) accurate estimates of sales at each PLC stage 
B) length of time spent in each PLC stage 
C) the shape of the PLC curve 
D) the PLC being used for fads or fashions 
E) A and B only

Question 8

The third part of the marketing strategy statement includes all of the following EXCEPT ________.

Accepted Answer

A) long-run sales 
B) profit goals 
C) marketing mix strategies 
D) short-run sales 
E) A and C 
A) long-run sales 
B) profit goals 
C) marketing mix strategies 
D) short-run sales 
E) A and C

Question 9

Service marketers do NOT face special challenges when going global.

Accepted Answer

A) True 
 B)False

Question 10

A product ________ is the way consumers perceive an actual or potential product.

Accepted Answer

The answer of A product ________ is the way consumers...

Question 11

Sony Music is conducting a business analysis to determine which of the many new songs available to management should be released.Estimates of sales must be prepared before costs can be estimated.Which of the following did your text recommend for forecasting sales?

Accepted Answer

A) considering the history of market opinions 
B) conducting surveys of competitors 
C) considering the sales history of similar products and conducting surveys of market opinions 
D) applying the PLC concept 
E) None of the above. 
A) considering the history of market opinions 
B) conducting surveys of competitors 
C) considering the sales history of similar products and conducting surveys of market opinions 
D) applying the PLC concept 
E) None of the above.

Question 12

A major 'hidden' cost associated with keeping a weak product is that it may delay the search for,and introduction of,products the firm may need to assure future profitability.

Accepted Answer

A) True 
 B)False

Question 13

Although test marketing costs can be high,they are often small when compared with ________.

Accepted Answer

A) the final results 
B) the costs of a major mistake 
C) management's approval and acceptance 
D) stockholders' confidence 
E) research and development costs 
A) the final results 
B) the costs of a major mistake 
C) management's approval and acceptance 
D) stockholders' confidence 
E) research and development costs

Question 14

During the growth stage of the PLC,the strategic focus should be on defending market share.

Accepted Answer

A) True 
 B)False

Question 15

An attractive idea must be developed into a ________.

Accepted Answer

A) product idea 
B) product concept 
C) product image 
D) test market 
E) product strategy 
A) product idea 
B) product concept 
C) product image 
D) test market 
E) product strategy

Question 16

Most products in the marketplace are in the ________ stage of the product life-cycle.

Accepted Answer

A) development 
B) introduction 
C) growth 
D) maturity 
E) decline 
A) development 
B) introduction 
C) growth 
D) maturity 
E) decline

Question 17

The second part of the marketing strategy statement outlines the product's planned price,distribution and ________ for the first year.

Accepted Answer

A) advertising 
B) promotion 
C) marketing budget 
D) positioning 
E) target market 
A) advertising 
B) promotion 
C) marketing budget 
D) positioning 
E) target market

Question 18

Idea ________ is used to spot good ideas and drop poor ones as soon as possible.

Accepted Answer

The answer of Idea ________ is used to spot good...

Question 19

Crowdsourcing can produce a flood of innovative ideas.Which of the following is correct?

Accepted Answer

A) All are good. 
B) All are bad. 
C) All are feasible. 
D) All are local. 
E) The firm may be overwhelmed. 
A) All are good. 
B) All are bad. 
C) All are feasible. 
D) All are local. 
E) The firm may be overwhelmed.

Question 20

Which of the following CANNOT be described using the PLC concept?

Accepted Answer

A) product class 
B) product form 
C) product image 
D) brand 
E) styles 
A) product class 
B) product form 
C) product image 
D) brand 
E) styles

Identify the major sources of external new-product ideas and explain why these sources offer advantages over internal sources.

The innovation management system approach yields two favourable outcomes: it helps create an innovation-oriented company culture and it ________.

A new company designing and selling several lines of mobile phones has closely modelled its products after successful competitive products that are already in the marketplace.As it prepares to enter the market with its new products and services,which of the following should concern it the most?

________ test marketing uses a range of research and computer modelling approaches to evaluate consumer reactions and speed up the process.

A new-product development approach in which various company departments work closely together,overlapping the steps in the product development process to save time and increase effectiveness is known as ________ new-product development.

Superior Luggage Company has undertaken the task of identifying its products in the decline stage of the PLC.Which of the following should NOT be done in the identification process?

Using the PLC concept for forecasting product performance or for developing marketing strategies presents some practical problems.Which of the following is NOT one of these practical problems?

The third part of the marketing strategy statement includes all of the following EXCEPT ________.

Service marketers do NOT face special challenges when going global.

A product ________ is the way consumers perceive an actual or potential product.

Sony Music is conducting a business analysis to determine which of the many new songs available to management should be released.Estimates of sales must be prepared before costs can be estimated.Which of the following did your text recommend for forecasting sales?

A major 'hidden' cost associated with keeping a weak product is that it may delay the search for,and introduction of,products the firm may need to assure future profitability.

Although test marketing costs can be high,they are often small when compared with ________.

During the growth stage of the PLC,the strategic focus should be on defending market share.

An attractive idea must be developed into a ________.

Most products in the marketplace are in the ________ stage of the product life-cycle.

The second part of the marketing strategy statement outlines the product's planned price,distribution and ________ for the first year.

Idea ________ is used to spot good ideas and drop poor ones as soon as possible.

Crowdsourcing can produce a flood of innovative ideas.Which of the following is correct?

Which of the following CANNOT be described using the PLC concept?

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Engagement, value and Relationships

The Marketplace and Customers: Analysing the Environment

Marketing Analytics: Gaining Customer Insights

Buyer Behaviour: Understanding Consumer and Business Buyers

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, services and Brands: Offering Customer Value

Pricing: Capturing Customer Value

Placement: Customer Value Fulfilment

Communicating Customer Value: Advertising and Public Relations

Personal Selling and Sales Promotion: Creating Value in Relationships

Direct and Digital Marketing: Interactivity and Fulfilment

Sustainable Marketing: Social Responsibility, ethics and Legal Compliance

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Exam 8: New Products: Developing and Managing Innovation

Identify the major sources of external new-product ideas and explain why these sources offer advantages over internal sources.

The innovation management system approach yields two favourable outcomes: it helps create an innovation-oriented company culture and it ________.

A new company designing and selling several lines of mobile phones has closely modelled its products after successful competitive products that are already in the marketplace.As it prepares to enter the market with its new products and services,which of the following should concern it the most?

________ test marketing uses a range of research and computer modelling approaches to evaluate consumer reactions and speed up the process.

A new-product development approach in which various company departments work closely together,overlapping the steps in the product development process to save time and increase effectiveness is known as ________ new-product development.

Superior Luggage Company has undertaken the task of identifying its products in the decline stage of the PLC.Which of the following should NOT be done in the identification process?

Using the PLC concept for forecasting product performance or for developing marketing strategies presents some practical problems.Which of the following is NOT one of these practical problems?

The third part of the marketing strategy statement includes all of the following EXCEPT ________.

Service marketers do NOT face special challenges when going global.

A product ________ is the way consumers perceive an actual or potential product.

Sony Music is conducting a business analysis to determine which of the many new songs available to management should be released.Estimates of sales must be prepared before costs can be estimated.Which of the following did your text recommend for forecasting sales?

A major 'hidden' cost associated with keeping a weak product is that it may delay the search for,and introduction of,products the firm may need to assure future profitability.

Although test marketing costs can be high,they are often small when compared with ________.

During the growth stage of the PLC,the strategic focus should be on defending market share.

An attractive idea must be developed into a ________.

Most products in the marketplace are in the ________ stage of the product life-cycle.

The second part of the marketing strategy statement outlines the product's planned price,distribution and ________ for the first year.

Idea ________ is used to spot good ideas and drop poor ones as soon as possible.

Crowdsourcing can produce a flood of innovative ideas.Which of the following is correct?

Which of the following CANNOT be described using the PLC concept?

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Engagement, value and Relationships

The Marketplace and Customers: Analysing the Environment

Marketing Analytics: Gaining Customer Insights

Buyer Behaviour: Understanding Consumer and Business Buyers

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, services and Brands: Offering Customer Value

Pricing: Capturing Customer Value

Placement: Customer Value Fulfilment

Communicating Customer Value: Advertising and Public Relations

Personal Selling and Sales Promotion: Creating Value in Relationships

Direct and Digital Marketing: Interactivity and Fulfilment

Sustainable Marketing: Social Responsibility, ethics and Legal Compliance

Filters