Exam 9: Developing and Managing Products

New-to-the-world products,where the product category itself is new,are also called which of the following?

One of the following typically entails showing members of the product's target market advertising and other promotional materials for several products,including the test product.These people are then taken to a mock or real store where their purchases are recorded.Which of the following is being described?

In terms of categories of adopters,those who take on the role of opinion leaders in their community are typically found within which group?

What is a product that is perceived as new by a potential adopter,whether the product is "new to the world" or simply new to the individual?

Finland-based Rapala VMC Corp.is the world's largest fishing lure manufacturer.It developed its first fishing lure-a cigar-shaped minnow-in 1962.The annual market for fishing lures in terms of retail sales is approximately $600 million.Rapala VMC garnered one-third of that amount in 2003.New lures must be introduced each year in order to stay competitive in this industry.Like other lure manufacturers,Rapala focuses on two questions in developing and making new lures: Does it work,and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides.At the annual fishing industry trade show in 2003,Rapala unveiled the "dream lure for the 21st century." -Refer to Rapala.Fishing lures are most likely in which stage of their product life cycle?

Old Oscar's favourite expression is,"Old ways is best ways." Oscar was recently told by a couple of his friends that he was becoming out of fashion with regard to his video viewing habits.Reluctantly,he just purchased a DVD player and has considered converting his massive VHS cassette collection to DVD.In terms of adopter categories,where would Oscar fall?

Finland-based Rapala VMC Corp.is the world's largest fishing lure manufacturer.It developed its first fishing lure-a cigar-shaped minnow-in 1962.The annual market for fishing lures in terms of retail sales is approximately $600 million.Rapala VMC garnered one-third of that amount in 2003.New lures must be introduced each year in order to stay competitive in this industry.Like other lure manufacturers,Rapala focuses on two questions in developing and making new lures: Does it work,and does it look good? Developing a new lure takes two or three years and involves extensive field testing by tournament professionals and fishing guides.At the annual fishing industry trade show in 2003,Rapala unveiled the "dream lure for the 21st century." -Refer to Rapala.The degree to which the newest lures are perceived as superior to earlier models refers to a characteristic used to predict the rate of adoption.What is it?

Briefly describe a typical marketing strategy followed for the four Ps in each stage of the product life cycle.Name the stages of the product life cycle at the top of the chart. Stage I Stage II Stage III Stage IV PRODUCT: DISTRIBUTION: PROMOTION: PRICE:

The city a firm chooses as its test market should reflect the demographic and other characteristics of the whole nation only if that is an accurate representation of the producer's intended market for the product.

Increasing globalization of markets and of competition provides a reason for multinational firms to consider new-product development from a worldwide perspective.

When friends of Brian Richardson went to the carnival,they always wanted to take him with them because Richardson had an uncanny ability to win almost every arcade game he played.Usually by the end of the evening his friends were also winning because Richardson did not mind sharing his secrets.His friends urged him to write a book.After several attempts,Richardson created The Secrets of Amusement Park Games-Revealed.In the 85-page book,Richardson reduces the art of playing arcade games to a science.According to him,the trick is to realize each game is not a game of chance.Richardson's mini-book is available at Amazon.ca for $5.95. -Refer to Amusement Park Games.In terms of the new-product development process,the book's availability on Amazon.ca is which stage?

Test marketing may result in a serious problem if a firm's competitors find out about the new product before it has been fully introduced.

Many products may experience short-term fluctuations in sales,but a long-term drop in sales probably signifies that a product is in the decline stage of the product life cycle.

After the research team at DairyMade had generated more than two dozen new product ideas for a substitute for coconut that tastes the same but has zero fat,the company formed a committee to analyze whether the product ideas were consistent with the organization's new-product strategy.What is this called?

When the manufacturer of Pine-Sol cleaning liquid introduced an orange-scented cleaner,which of the following occurred?

In the early 1900s,a new product was developed-the phonograph record,and it allowed people to listen to and appreciate recorded music in the privacy of their homes.At first,consumers were reluctant because the idea was so novel and difficult to comprehend.During the 1930s,the pioneers in the record industry were experiencing strong sales and profits.As a result,other firms began to enter the market and competition intensified.At this point,there were hundreds of record producers and manufacturers.During the 1940s and 1950s,sales continued to increase,but at a much slower rate.The market stayed at approximately the same level until the late 1960s when a new technology arrived in the form of the eight-track tape.The record market began a slow decrease in sales.By the 1970s,another new technology,cassette tapes,replaced the eight-track tape.During the 1970s and 1980s,record production continued to decrease.In the late 1980s,sales dropped rapidly as yet another new technology arrived,the compact disc.Today,most stores no longer carry records,which have become a niche product,and digital audiotapes are a new alternative. -Refer to Music Industry.Digital audio tapes are similar to regular cassette tapes,but with superior sound quality.These characteristics may increase adoption rates.This suggests that which of the following may explain the rate of diffusion?

A European dairy,which is famous for its rich ice creams,has introduced basil-,tomato-,fennel-,and oregano-flavoured ice creams. -Refer to European Dairy.In the process of developing these new flavours,the dairy surveyed world-famous chefs to determine which nontraditional flavours had the greatest level of marketability.This survey would have happened during which stage of the product development process?

Many product failures such as cucumber antiperspirant spray,Toaster Eggs,and Health-Sea sea-sausages did not succeed because they did not conform to which product characteristic?

According to the text,which of the following statements about simultaneous product development is true?

Draw the sales line and the profit line of the product life cycle in the following diagram,and label each line.Then indicate the names of the four stages of the product life cycle in the blanks provided.