Exam 8: Products, Services and Brands: Building Customer Value

The creation of a successful new product depends on a company's understanding of its ________ and its ability to deliver ________ to customers.

Although products that remain in the maturity stage of the PLC seem unchanged,the most successful ones actually evolve to meet changing consumer needs.

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

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.

Ferntree Lawn and Garden Products is engaged in marketing strategy development.Management should first create a statement outlining the product's planned price,distribution and marketing budget for the first year.

The ________ stage of the product life-cycle is a period of rapid market acceptance and increasing profits.

Magazine publisher,Pacific Publications,recently purchased a number of magazine titles including Men's Health,Marie Claire and Better Homes and Gardens,from a rival publishing house.This is an example of ________.

Packaging may also need to be ________ to meet the physical characteristics of consumers in various parts of the world

New product development starts with ________.

The team-based new-product development approach is faster because departments work closely together through ________.

For some ________,a simple description consisting of a word or a rough drawing might be sufficient.

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

Under what circumstances might it be wise for a company to do little or no test marketing?

Sequential product development has the advantage of not only being a team-oriented approach,but also of being faster in bringing products to market.

Companies often do not test ________ or copies of successful competitors' products.

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?

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

Idea ________ is used to spot good ideas and drop poor ones as soon as possible.

The decline stage of the product life-cycle concept is characterised by declining sales,low cost per customer,declining profits,________ as customers and a declining number of competitors.

The purpose of idea generation is to create a ________ of ideas.The purpose of succeeding stages is to ________ that number.