Exam 10: New-Product Development and Product Life-Cycle Strategies

Concept testing works best with people who are familiar with the new idea and the new product's purpose.This generally includes top management,the sales force,and research and development.

Apple's iPod has been called "one of the greatest consumer electronics hits of all time." More than 120 million iPods have been sold,and the iPod captures more than 70 percent of the music player market.This success has attracted many large,resourceful competitors.The iPod is in the ________ stage of the product life cycle.

When a product enters the maturity stage,the company should consider ________.

Sales decrease in the decline stage of the PLC because of technological advances,increased competition,and ________.

It's What's Hip,a chain of 18 music and CD stores,has discovered that carrying a weak product during the decline stage of the PLC can be very costly to a firm,and not just in profit terms.Which one of these is one of those additional costs?

Which of the following is described in the third part of the marketing strategy statement?

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

Which of the following statements best explains why idea screening may be the most important step of new product development?

The way consumers perceive an actual or potential product is called the ______________.

________ is a new-product development approach in which one company department works to complete its stage of the process before passing the new product along to the next department and stage.

A firm can obtain new products in two ways: acquisition or new-product development.

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

What are the two advantages of an innovation management system for developing new products? Provide four ideas that a company could use to establish a successful system.

Big Moose Toys is a market pioneer introducing a modern version of Bullwinkle the Moose,a character from an animated television series originally broadcast in the fifties and sixties.Its version of Rocky the Flying Squirrel,another character from the show,targeted to baby boomers,was a strong success.The company needs to make the new launch strategy for Bullwinkle consistent with the intended ________.

Briefly describe the steps in the new-product development process.

A decision for little or no test marketing might be wise ___________.

Manufacturers must comply with specific laws regarding ________.

More broadly,many companies are now developing crowdsourcing or open-innovation new-product idea programs.

Some products that have entered the decline stage have been cycled back to the growth stage through ________.

When Kraft focused on cost-cutting with its older and established brands,leaving them to wither without much investment or modification,Kraft had decided to ________ the older products.