Exam 10: Product Management and New-Product Development

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After a problem has been identified, a fishbone diagram helps managers solve the problem by:

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

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The last step in the new-product development process is:

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Pressure from consumer groups is encouraging some producers to develop more ______________ products.

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The stage of the product life cycle in which competitors are most likely to introduce product improvements is the market growth stage.

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

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

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

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As a product moves into the market maturity stage of the product life cycle:

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Product life cycles describe industry sales and profits within a particular product-market, and not the sales and profits of individual brands.

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Low long-run consumer welfare but high immediate satisfaction is provided by:

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According to your text, which of the following is an example of a "new product"?

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The _____ step in the new-product development process could involve R&D and engineering to design and build the physical part of the product.

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A Pareto chart:

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The market maturity stage of the product life cycle has very low promotion expenditures, little price competition, and rising industry profits.

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Use this information for questions 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 in lawn and garden - 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? Refer To: Wire Products Inc

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When a market test for a new product is successful, the firm typically introduces the product in different regions of the U.S. in sequential stages. This process is called a:

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According to the text, a "new product" is one that is:

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During the MARKET INTRODUCTION stage of the product life cycle:

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Which of the following is NOT a separate stage of the new-product development process?

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