Exam 9: Product Management and New-Product Development

As a product moves into the market maturity stage of its life cycle, the marketing manager should:

An online retailer that examines what customers enter into the search bar at its site, is examining the customers' _____ for new product ideas.

Successful companies should:

The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafely designed products is called:

Total quality management:

The stage of the new-product development process in which marketers evaluate the firm's strengths, weaknesses, and objectives is:

New products that are minor variations on existing products, and which require no change to consumer behavior, are called _____.

Which of the following scenarios illustrates how really new product ideas disrupt the old ways of doing things?

Brand managers commonly perform the following marketing functions except:

Sales and profits usually move together over time during the product life cycle.

The shape, length, and current stage of a product life cycle may vary depending:

When thinking about the product life cycle, a good manager knows that:

Regarding product life cycles, good marketing managers know that:

Acme Corporation is currently experiencing rising sales for a new product idea it pioneered several months ago. Profits are also increasing, so other competitors are now entering the market with similar products. The competitive situation is changing from monopoly to monopolistic competition. In which stage of the product life cycle is Acme Corporation operating?

Variations on an existing product idea can make a product new.

Which of the following is a useful plan during the market maturity stage of the product life cycle?

Which of the following statements about pioneers and followers is false?

Analyzing customer comments and other companies to find new product concepts is carried out during which step of the new-product development process?

Because of _____, a court rules that a fast-food restaurant has a legal obligation to pay damages to a family whose child was injured when it swallowed an unsafe toy that came in a kids' meal box.

Use this information for question that refer to the Wire Products Inc. (WPI) case. Rob Rose sat back to review the portfolio of products his company, Wire Products Inc. (WPI), has in its product line. The company specializes in making various products for consumer and industrial uses from hard laminated wire-coated with special paints. 1) WPI's "Wire Closet" products have been on the market for 10 years. Consumers install the wire shelves and closet rods themselves. The market leader, Closetmaid, has been selling similar products for more than 20 years, but so far the sales volume and profits for the market continue to grow. Recently, several new competitors have come into the market. 2) Three months ago, WPI entered the lawn and garden market with folding fences made with laminated wire and branded as "Wire Fold-Fence." Previously, WPI had never made fences or been a player in the lawn and garden market-although other companies have been making products in this market for years. However, Rob Rose has discovered that recent sales of wire garden fencing have leveled off and profits are declining overall. Still, WPI thinks it has some cost advantages and can grow its own sales and profits in this market. 3) WPI has just developed "Oil Wire," a new concept for the environmental cleanup market. Oil Wire is coated with a special material that cleans up oil spills. There has never been a product like this and WPI wants to quickly get the word out about its benefits. The product is now being rolled out in selective markets. 4) Another business product is "Wire Locker" used for secure storage by gymnasiums or companies. This style of locker has now gone out of fashion and most customers are finding better materials to use for lockers. Aggressive selling has helped Wire Locker's sales stay flat, but the total market for wire style lockers is only half of what it was 10 years ago. 5) WPI's "Wire Window" product is used as a security product to protect glass windows. It sells to homeowners and retailers looking for additional safety. WPI's sales of this product have dropped in recent years because competitors have introduced maintenance-free products. However, the overall market for this type of product continues to show good growth. 6) WPI is running concept tests of a new wire car-top carrier called "Wire Car Top." There are other car-top carrier products on the market, but WPI plans to include options in its carrier that will make it easier to load bikes, skis, and suitcases. "Wire Car Top" is also very easy to put on and take off of the car because of its light weight and ease-of-use features. The concept tests are helping WPI analysts develop rough estimates of costs, sales, and profits. 7) Another new product idea, tentatively called "Wire Tent," is being considered. It would use laminated wires to create a portable tent frame. This product is currently being evaluated to determine its fit with the company's objectives and external market trends. Rob is thinking about the product life cycle, where each product fits, and what he should be doing as part of his marketing plan for each of these products. In which stage of the product life cycle is "Oil Wire"?