Question 1

Which of the following statements best explains why idea screening may be the most import step of new product development?

Accepted Answer

A) It increases the number of ideas generated. 
B) Some potentially profitable ideas may be ill perceived by the idea screeners. 
C) Some ideas that will become market disasters may be originally viewed favourably by the idea screeners. 
D) It gives research and development team members an opportunity to gather consumer feedback. 
E) It saves the company money in product development costs by giving the green light to only the product ideas that are likely to be profitable. 
A) It increases the number of ideas generated. 
B) Some potentially profitable ideas may be ill perceived by the idea screeners. 
C) Some ideas that will become market disasters may be originally viewed favourably by the idea screeners. 
D) It gives research and development team members an opportunity to gather consumer feedback. 
E) It saves the company money in product development costs by giving the green light to only the product ideas that are likely to be profitable.

Question 2

Using the PLC concept to develop marketing strategy can be difficult because strategy is both a ________ and a(n)________ of the product's life-cycle.

Accepted Answer

A) mirror image;cause 
B) cause;result 
C) result;mirror image 
D) beginning;end 
E) purpose;effect 
A) mirror image;cause 
B) cause;result 
C) result;mirror image 
D) beginning;end 
E) purpose;effect

Question 3

Simulated test marketing enables a company to clearly estimate the repeat-purchase rate under conditions where consumers spend their own money and choose among competing brands.

Accepted Answer

A) True 
 B)False

Question 4

In spite of the benefits of test marketing,many firms today question its value.

Accepted Answer

A) True 
 B)False

Question 5

A detailed version of a new idea stated in meaningful customer terms is called a ________.

Accepted Answer

A) product idea 
B) product concept 
C) product image 
D) product proposal 
E) product movement 
A) product idea 
B) product concept 
C) product image 
D) product proposal 
E) product movement

Question 6

A manufacturer with a product in the decline stage of the product life-cycle might decide to ________ if it has reason to hope that competitors will leave the industry.

Accepted Answer

A) harvest the product 
B) maintain the product without change 
C) drop the product 
D) search for replacements 
E) delay planning 
A) harvest the product 
B) maintain the product without change 
C) drop the product 
D) search for replacements 
E) delay planning

Question 7

Which of the following is most likely to be included in an executive's write up of a new-product idea to be presented to a new-product committee?

Accepted Answer

A) the proposed customer value proposition 
B) the product image 
C) the marketing strategy 
D) the business analysis 
E) the planned market rollout 
A) the proposed customer value proposition 
B) the product image 
C) the marketing strategy 
D) the business analysis 
E) the planned market rollout

Question 8

A new company designing and selling several lines of cellular phones has closely modelled its products after successful competitive products that are already in the marketplace.As it prepares to enter the market with its new products and services,which of the following should concern it the most?

Accepted Answer

A) legal obligations to suppliers and dealers 
B) patent laws 
C) the Federal Food,Drug,and Cosmetic Act 
D) product liability suits 
E) limited warranties 
A) legal obligations to suppliers and dealers 
B) patent laws 
C) the Federal Food,Drug,and Cosmetic Act 
D) product liability suits 
E) limited warranties

Question 9

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 10

Which of the following CANNOT be described using the PLC concept?

Accepted Answer

A) product class 
B) product form 
C) product image 
D) brand 
E) styles 
A) product class 
B) product form 
C) product image 
D) brand 
E) styles

Question 11

Executives,manufacturing employees and salespeople are all examples of ________.

Accepted Answer

A) external sources for new-product ideas 
B) internal sources for new-product ideas 
C) core members of innovation management systems 
D) research and development team members 
E) new-product committee members 
A) external sources for new-product ideas 
B) internal sources for new-product ideas 
C) core members of innovation management systems 
D) research and development team members 
E) new-product committee members

Question 12

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 13

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 14

Sony Music is conducting a business analysis to determine which of the many new songs available to management should be released.Estimates of sales must be prepared before costs can be estimated.Which of the following did your text recommend for forecasting sales?

Accepted Answer

A) considering the history of market opinions 
B) conducting surveys of competitors 
C) considering the sales history of similar products and conducting surveys of market opinions 
D) applying the PLC concept 
E) None of the above. 
A) considering the history of market opinions 
B) conducting surveys of competitors 
C) considering the sales history of similar products and conducting surveys of market opinions 
D) applying the PLC concept 
E) None of the above.

Question 15

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

Accepted Answer

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

Question 16

A new-product development approach in which various company departments work closely together,overlapping the steps in the product development process to save time and increase effectiveness is known as ________ new-product development.

Accepted Answer

The answer of A new-product development approach in which various...

Question 17

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...

Question 18

Crowdsourcing can produce a flood of innovative ideas.Which of the following is correct?

Accepted Answer

A) All are good. 
B) All are bad. 
C) All are feasible. 
D) All are local. 
E) The firm may be overwhelmed. 
A) All are good. 
B) All are bad. 
C) All are feasible. 
D) All are local. 
E) The firm may be overwhelmed.

Question 19

In the concept testing stage of new-product development,a product concept in ________ form is presented to groups of target consumers.

Accepted Answer

A) physical or symbolic 
B) prototype 
C) final 
D) market-tested 
E) commercial 
A) physical or symbolic 
B) prototype 
C) final 
D) market-tested 
E) commercial

Question 20

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

Which of the following statements best explains why idea screening may be the most import step of new product development?

Using the PLC concept to develop marketing strategy can be difficult because strategy is both a and a(n) of the product's life-cycle.

Simulated test marketing enables a company to clearly estimate the repeat-purchase rate under conditions where consumers spend their own money and choose among competing brands.

In spite of the benefits of test marketing,many firms today question its value.

A detailed version of a new idea stated in meaningful customer terms is called a ________.

A manufacturer with a product in the decline stage of the product life-cycle might decide to ________ if it has reason to hope that competitors will leave the industry.

Which of the following is most likely to be included in an executive's write up of a new-product idea to be presented to a new-product committee?

A new company designing and selling several lines of cellular phones has closely modelled its products after successful competitive products that are already in the marketplace.As it prepares to enter the market with its new products and services,which of the following should concern it the most?

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

Which of the following CANNOT be described using the PLC concept?

Executives,manufacturing employees and salespeople are all examples of ________.

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.

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

Sony Music is conducting a business analysis to determine which of the many new songs available to management should be released.Estimates of sales must be prepared before costs can be estimated.Which of the following did your text recommend for forecasting sales?

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

A new-product development approach in which various company departments work closely together,overlapping the steps in the product development process to save time and increase effectiveness is known as ________ new-product development.

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

Crowdsourcing can produce a flood of innovative ideas.Which of the following is correct?

In the concept testing stage of new-product development,a product concept in ________ form is presented to groups of target consumers.

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

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analysing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behaviour

Business Markets and Business Buyer Behaviour

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Developing New Products and Managing the Product

Pricing Strategies: Understanding and Capturing Customer Value

Additional Pricing Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Filters

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

Which of the following statements best explains why idea screening may be the most import step of new product development?

Using the PLC concept to develop marketing strategy can be difficult because strategy is both a ________ and a(n)________ of the product's life-cycle.

Simulated test marketing enables a company to clearly estimate the repeat-purchase rate under conditions where consumers spend their own money and choose among competing brands.

In spite of the benefits of test marketing,many firms today question its value.

A detailed version of a new idea stated in meaningful customer terms is called a ________.

A manufacturer with a product in the decline stage of the product life-cycle might decide to ________ if it has reason to hope that competitors will leave the industry.

Which of the following is most likely to be included in an executive's write up of a new-product idea to be presented to a new-product committee?

A new company designing and selling several lines of cellular phones has closely modelled its products after successful competitive products that are already in the marketplace.As it prepares to enter the market with its new products and services,which of the following should concern it the most?

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

Which of the following CANNOT be described using the PLC concept?

Executives,manufacturing employees and salespeople are all examples of ________.

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.

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

Sony Music is conducting a business analysis to determine which of the many new songs available to management should be released.Estimates of sales must be prepared before costs can be estimated.Which of the following did your text recommend for forecasting sales?

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

A new-product development approach in which various company departments work closely together,overlapping the steps in the product development process to save time and increase effectiveness is known as ________ new-product development.

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

Crowdsourcing can produce a flood of innovative ideas.Which of the following is correct?

In the concept testing stage of new-product development,a product concept in ________ form is presented to groups of target consumers.

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

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analysing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behaviour

Business Markets and Business Buyer Behaviour

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Developing New Products and Managing the Product

Pricing Strategies: Understanding and Capturing Customer Value

Additional Pricing Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Filters

Using the PLC concept to develop marketing strategy can be difficult because strategy is both a and a(n) of the product's life-cycle.