Exam 11: Product Management and New-Product Development

Industry profits decline during the market maturity stage due to______.

According to the FTC,for a producer to call a product "new," the product must ______.

The last step in the new-product development process is ______.

Which of the following is true with regard to how a new product is defined?

In the _____ step of the new-product development process,a marketing manager evaluates how well the idea fits with the company's objectives.

Sales and profits generally decrease continually throughout the product life cycle.

Concerning product life cycles ______.

Which of the following products is most likely in the market introduction stage of the product life cycle?

If a producer does not have a new-product development process,it ultimately means that the firm ______.

When looking for new product ideas,which of the following would be good sources?

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 have continued 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. Is it a good idea for a company like WPI to have several product managers?

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 have continued 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. For which product is it most critical for WPI to build brand familiarity?

It is possible for a firm with a mature product in the U.S.to experience new growth with the same product in international markets.

Two keys to improving service quality are ______.

The two keys to improving how people implement quality service are: (1)training and (2)more inspectors.

At what stage of the product life cycle do industry profits start to decline?

Sales growth is faster when a new product is easy to use and its advantages are easy to communicate.

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

Fad products are characterized by popular styles and they appeal to the mass market.

A new-product development process helps make sure that new ideas for products are carefully studied and good ideas are marketed profitably.