Question 1

________ is a currently accepted or popular style in a given field.

Accepted Answer

A) Style 
B) Fashion 
C) Dress code 
D) Fad 
E) Craze

Question 2

During the product ________ stage of the product life-cycle,sales are zero and a company's investment costs add up.

Accepted Answer

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

Question 3

Retailers are among the latest service businesses to go global.

Accepted Answer

A) True 
 B)False

Question 4

Top management can install a(n)________ to direct the flow of new-product ideas to a central point where they can be collected,reviewed and evaluated.

Accepted Answer

A) idea evaluation system 
B) innovation management system 
C) database 
D) market strategy 
E) data processing system

Question 5

In the ________ stage,the firm faces a trade-off between high market share and high profit.

Accepted Answer

A) growth 
B) decline 
C) maturity 
D) introduction 
E) commercialisation

Question 6

All of the following are accurate descriptions of a style,EXCEPT which one?

Accepted Answer

A) Styles appear in home,clothing and art. 
B) Once a style is invented,it may last for generations. 
C) A style has a cycle showing several periods of renewed interest. 
D) Styles last only a short time and tend to attract only a limited following. 
E) Styles are basic and distinctive modes of expression.

Question 7

Which of the following is the most likely reason that employees at your firm regularly attend trade shows and seminars?

Accepted Answer

A) to analyse the product life-cycle 
B) to test new-product concepts 
C) to obtain new-product ideas 
D) to test market new products 
E) to implement a team-based new-product development approach

Question 8

During which stage of new-product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product?

Accepted Answer

A) concept testing 
B) marketing strategy development 
C) business analysis 
D) product development 
E) test marketing

Question 9

With what groups do firms conduct concept testing for new products?

Accepted Answer

A) suppliers 
B) employees 
C) target consumers 
D) manufacturers 
E) competitors

Question 10

The maturity stage of the PLC is characterised by a slowdown in the rate of sales growth.

Accepted Answer

A) True 
 B)False

Question 11

The course of a product's sales and profits during its lifetime is known as the ________ ________-________.

Accepted Answer

The answer of The course of a product's sales and...

Question 12

Over the past 100 years or so,Crayola crayons have become a household staple in more than 80 countries around the world.Crayola crayons are in the ________ stage of the PLC.

Accepted Answer

A) introduction 
B) maturity 
C) growth 
D) decline 
E) incubation

Question 13

Some 'favourite' products are marketed despite poor marketing research findings.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is NOT a challenge presented to marketers by the product life-cycle?

Accepted Answer

A) Innovation is very expensive and risky. 
B) A firm must be good at developing new products to replace ageing ones. 
C) A firm must be good at adapting its marketing strategies. 
D) It is difficult to plot the stages as a product goes through them. 
E) Changing tastes,technologies and competition affect the marketing of the product as it passes through life-cycle stages.

Question 15

Increasing profits will most likely occur at which stage of the PLC?

Accepted Answer

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

Question 16

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

Accepted Answer

A) extend 
B) maintain 
C) drop 
D) harvest 
E) review

Question 17

A fabric manufacturer has just created a new combination of colour and fabric types.The firm wants to be sure of the way consumers perceive its new product.The firm is concerned with the product ________.

Accepted Answer

A) idea 
B) concept 
C) image 
D) proposal 
E) presentation

Question 18

A firm has asked its engineering department to create a prototype for a promising product concept.The firm is engaged in ________.

Accepted Answer

A) product development 
B) concept testing 
C) business analysis 
D) market testing 
E) concept development

Question 19

During the introduction stage,a company that acts as a market pioneer should execute a launch strategy that is part of a marketing plan for the product's entire life-cycle.

Accepted Answer

A) True 
 B)False

Question 20

In the ________ stage of new-product development,products undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.

Accepted Answer

A) business analysis 
B) idea generation 
C) concept development and testing 
D) product development 
E) marketing mix

Exam 8: New Products: Developing and Managing Innovation

________ is a currently accepted or popular style in a given field.

During the product ________ stage of the product life-cycle,sales are zero and a company's investment costs add up.

Retailers are among the latest service businesses to go global.

Top management can install a(n) ________ to direct the flow of new-product ideas to a central point where they can be collected,reviewed and evaluated.

In the ________ stage,the firm faces a trade-off between high market share and high profit.

All of the following are accurate descriptions of a style,EXCEPT which one?

Which of the following is the most likely reason that employees at your firm regularly attend trade shows and seminars?

During which stage of new-product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product?

With what groups do firms conduct concept testing for new products?

The maturity stage of the PLC is characterised by a slowdown in the rate of sales growth.

The course of a product's sales and profits during its lifetime is known as the -.

Over the past 100 years or so,Crayola crayons have become a household staple in more than 80 countries around the world.Crayola crayons are in the ________ stage of the PLC.

Some 'favourite' products are marketed despite poor marketing research findings.

Which of the following is NOT a challenge presented to marketers by the product life-cycle?

Increasing profits will most likely occur at which stage of the PLC?

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

A fabric manufacturer has just created a new combination of colour and fabric types.The firm wants to be sure of the way consumers perceive its new product.The firm is concerned with the product ________.

A firm has asked its engineering department to create a prototype for a promising product concept.The firm is engaged in ________.

During the introduction stage,a company that acts as a market pioneer should execute a launch strategy that is part of a marketing plan for the product's entire life-cycle.

In the ________ stage of new-product development,products undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.