Exam 11: Product Management and New-Product Development

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?

Regarding product life cycles,good marketing managers know that ______.

When new product ideas are chosen based on ratings and comments from customers,this process is called ______.

Regarding new-product development,market tests ______.

Many companies look to the developing world for breakthrough new products that meet global consumer needs at low cost.

Lisa wants to book a hotel suite at Luxury International and looks up the company website for information about the range of services offered,the prices,the hours of operation,the phone number,and the address.She makes a phone call to the hotel,which is promptly answered by the front office.Later the bellman opens the door and takes her luggage and the concierge helps her make a dinner reservation.Each of these contacts with Luxury International is called a ______.

In the market growth stage of the product life cycle,firms usually earn smaller profits than they did in the market introduction stage because new competitors enter the market.

Which of the following observations concerning the product life cycle is FALSE?

"Continuous improvement" means a commitment to constantly make things better-one step at a time.

Regarding product life cycles,which of the following is FALSE?

The sales and profits of an individual brand may or may not follow the life cycle pattern of the product idea.

It is toward the end of the _____ stage of the product life cycle when industry profits begin to decline.

Marketing managers should recognize that ______.

"Product life cycles" are concerned with sales and profits ______.

Which statement is TRUE about products in the sales decline stage of the product life cycle?

Product life cycles ______.

_____ is a type of innovative product that requires customers adopting the innovation to significantly change their behavior.

Fashion is the currently accepted or popular ______.

Wujin Chu,marketing manager for Innovative Electronics Products,reviews a S.W.O.T.analysis to help him evaluate four new product ideas his company is currently considering.Chu is operating in the ______ step of the new-product development process.

A continuous innovation requires significant change in customer behavior.