Question 1

An established firm finds that the tastes and preferences of its customers change more rapidly than in the past.They should constantly look for external ideas from customers,suppliers,the competition and the salesforce.

Accepted Answer

A) True 
 B)False

Question 2

New product development begins with a systematic search for new product ideas in a process known as idea generation.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is necessary for successful new-product development?

Accepted Answer

A) a holistic and sequential product development approach 
B) a customer-centred,team-based,systematic approach 
C) a team-based,innovation-management approach 
D) a market pioneer mindset and a holistic approach 
E) an innovation management system and sequential product development

Question 4

Business ________ involves the review of sales,costs and profit projections to find out whether they satisfy the company's objectives.

Accepted Answer

The answer of Business ________ involves the review of sales,costs...

Question 5

Introducing a new product into the market is called ________.

Accepted Answer

A) test marketing 
B) new product development 
C) experimenting 
D) commercialisation 
E) marketing development

Question 6

Which of the following is NOT an example of sales improvements by modifying the marketing mix?

Accepted Answer

A) discounting prices to attract budget conscious consumers 
B) using more aggressive promotional activity to reach more consumers 
C) finding new distribution channels to reach new segments 
D) reinforcing changes in the product to create a unique offering 
E) acquiring a product through a corporate take-over

Question 7

A company launching a new product into the market should first decide where to launch the product.

Accepted Answer

A) True 
 B)False

Question 8

In which stage of the PLC would a company keep its promotional spending at the same or a slightly higher level to react to increasing competition?

Accepted Answer

A) product development 
B) introduction 
C) growth 
D) maturity 
E) decline

Question 9

Once the product or service passes the business analysis test,it moves into what stage?

Accepted Answer

A) concept development 
B) product development 
C) market testing 
D) strategy development 
E) product proposal

Question 10

To avoid the problems of too few new product ideas and the failure of many good ideas,management should install an innovation management system that collects,reviews,evaluates and manages new-product ideas.

Accepted Answer

A) True 
 B)False

Question 11

The first part of the marketing strategy statement describes the target market,the planned product positioning,and the sales,________ and profit goals for the first few years.

Accepted Answer

A) market share 
B) competition 
C) secondary market 
D) competition's anticipated reaction 
E) life-cycle duration

Question 12

________ occurs when a company introduces a new product into the market.

Accepted Answer

The answer of ________ occurs when a company introduces a...

Question 13

A(n)________ is a fashion that enters quickly and is adopted with great zeal and is characterised by a product life-cycle showing an early peak and quick decline.

Accepted Answer

The answer of A(n)________ is a fashion that enters quickly...

Question 14

Which of the following best represents the options a company has when a product is declining?

Accepted Answer

A) maintain or harvest the product 
B) harvest or drop the product 
C) maintain,harvest or drop the product 
D) maintain or pioneer the product 
E) pioneer,harvest or maintain the product

Question 15

________ marketing is the stage at which the product and marketing program are introduced into more realistic market settings.

Accepted Answer

The answer of ________ marketing is the stage at which...

Question 16

After concept testing,a firm would engage in which stage in developing and marketing a new product?

Accepted Answer

A) idea screening 
B) marketing strategy development 
C) business analysis 
D) product development 
E) test marketing

Question 17

Because names,labels and colours may not easily translate from one country to another,international marketers must carefully assess ________.

Accepted Answer

A) product safety regulations 
B) market rollout 
C) the product life-cycle 
D) packaging issues 
E) styles

Question 18

Telekom Communications is concerned about test marketing its new device.Which of the following is NOT a disadvantage of test marketing that would likely concern them?

Accepted Answer

A) Test marketing costs can be high. 
B) It can take much time to test market. 
C) Test marketing allows time for competitors to gain advantages. 
D) People who are surveyed tend to tell less than the truth. 
E) Test marketing does not guarantee success.

Question 19

BHP Steel lacks the confidence,capital and capacity to launch a new steel product into full national or international distribution.Even though test market results look promising,what will most likely be management's next step?

Accepted Answer

A) Retest the product in additional markets. 
B) Develop a planned market rollout over time. 
C) Secure a loan to provide confidence,capital,and capacity. 
D) Seek the help of a nationally known consultant. 
E) Develop a prototype.

Question 20

During the ________ stage of the product life-cycle,profits are non-existent because of the heavy expenses incurred,past and present.

Accepted Answer

The answer of During the ________ stage of the product...

Exam 8: New Products: Developing and Managing Innovation

An established firm finds that the tastes and preferences of its customers change more rapidly than in the past.They should constantly look for external ideas from customers,suppliers,the competition and the salesforce.

New product development begins with a systematic search for new product ideas in a process known as idea generation.

Which of the following is necessary for successful new-product development?

Business ________ involves the review of sales,costs and profit projections to find out whether they satisfy the company's objectives.

Introducing a new product into the market is called ________.

Which of the following is NOT an example of sales improvements by modifying the marketing mix?

A company launching a new product into the market should first decide where to launch the product.

In which stage of the PLC would a company keep its promotional spending at the same or a slightly higher level to react to increasing competition?

Once the product or service passes the business analysis test,it moves into what stage?

To avoid the problems of too few new product ideas and the failure of many good ideas,management should install an innovation management system that collects,reviews,evaluates and manages new-product ideas.

The first part of the marketing strategy statement describes the target market,the planned product positioning,and the sales,________ and profit goals for the first few years.

________ occurs when a company introduces a new product into the market.

A(n)________ is a fashion that enters quickly and is adopted with great zeal and is characterised by a product life-cycle showing an early peak and quick decline.

Which of the following best represents the options a company has when a product is declining?

________ marketing is the stage at which the product and marketing program are introduced into more realistic market settings.

After concept testing,a firm would engage in which stage in developing and marketing a new product?

Because names,labels and colours may not easily translate from one country to another,international marketers must carefully assess ________.

Telekom Communications is concerned about test marketing its new device.Which of the following is NOT a disadvantage of test marketing that would likely concern them?

BHP Steel lacks the confidence,capital and capacity to launch a new steel product into full national or international distribution.Even though test market results look promising,what will most likely be management's next step?

During the ________ stage of the product life-cycle,profits are non-existent because of the heavy expenses incurred,past and present.