Exam 8: New Product Development

Which of the following is an example of line extensions?

Companies discovering that customers are the best source of new-product ideas is called the "democratizing" of innovation.

When the ideal selling price is first determined and the feasibility of meeting that price is assessed and costs are controlled in order to produce the product that can be sold at the target price,this is called:

The ________ approach is usually implemented by asking customers to develop short phrases in their own words about the benefits and needs of a particular feature of a product,for example,car door.

Which of the following approaches to new product development consists of a funnel like process where the number of concepts diminishes after each step because some will fail the test at each stage?

The bottom rows of a house of quality indicate the interrelationships between the characteristics.

________ is the key to success of new product introductions and deals with the speed of reducing the time it takes from concept generation to launch.

The target costing approach increases the likelihood that low-margin products will be introduced.

________ refers to knowing the target market,specifying the benefits to be delivered to the target customers,having a basic idea of how the product will be positioned,and finalizing the features and attributes.

Which of the following most likely helps to ensure that the product or service ultimately introduced has a unique value proposition?

Parfitt-Collins model is used to:

In a classic linear approach to new-product development,various development phases may overlap.

When the rugby approach is used for new product development,the project teams usually consist of members with different functional specializations and personalities.

________ are also called new-to-the-world products because the firm has created a new product category.

Explain the approaches that can be used to forecast demand.

Conjoint analysis is a marketing research method that enables you to determine how customers value different levels of product attributes from theoretical profiles or concepts.

Presenting customers with a verbal or written statement of the product idea and then recording their reactions is the most common approach to:

________ consist of producing the product and getting potential customers to try it in order to forecast demand.

________ are effectively used in concept testing because of their diagnostic power and they can be used to get detailed discussion of various aspects of the concept.

Which of the following best describes the approach to new product development that results from the constant interaction of a multidisciplinary team whose members work together from the beginning of the project to the product's introduction?