Question 1

The first step in the new-product development process is to ________.

Accepted Answer

A)  define the market opportunity 
B)  generate new-product ideas 
C)  define the product potential 
D)  develop the product 
E)  conduct business case analysis 
A)  define the market opportunity 
B)  generate new-product ideas 
C)  define the product potential 
D)  develop the product 
E)  conduct business case analysis B

Question 2

While screening and evaluating ideas, a stop-to-market mistake happens when ________.

Accepted Answer

A)  a bad idea is allowed to make it to market 
B)  a company decides to market a product that has a fatal flaw 
C)  a good idea is pushed forward without knowing the ROI of its execution 
D)  a good idea is prematurely eliminated during the screening process 
E)  a company fails to stop a bad product idea from moving into product development 
A)  a bad idea is allowed to make it to market 
B)  a company decides to market a product that has a fatal flaw 
C)  a good idea is pushed forward without knowing the ROI of its execution 
D)  a good idea is prematurely eliminated during the screening process 
E)  a company fails to stop a bad product idea from moving into product development D

Question 3

Explain the difference between a product line and a product mix, Give an example of each.

Accepted Answer

A product line is a group of products linked through usage, customer profile, price points, and distribution channels or needs satisfaction. Within a product line, strategies are developed for a single product, but also for all the products in the line.
Combining all the products offered by a company is called the product mix. Small, start-up companies frequently have a relatively limited product mix, but, as companies grow, their list of products grows as well.
Examples will vary.

Question 4

The essential benefit is the fundamental need met by a product.

Accepted Answer

A) True 
 B)False

Question 5

An individual purchases a product for the purpose of making a value decision. He or she is in the ________ stage of the product adoption process.

Accepted Answer

A)  awareness 
B)  interest 
C)  trial 
D)  evaluation 
E)  adoption 
A)  awareness 
B)  interest 
C)  trial 
D)  evaluation 
E)  adoption

Question 6

The essential component in delivering value is the product price.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following characterizes the decline stage of the product life cycle?

Accepted Answer

A)  New and improved models are sold at high price points. 
B)  Attractive price points are set to gain market share and discourage competitors. 
C)  Established competition makes price pressures more pronounced, forcing lower-price strategy if product not well-differentiated. 
D)  Significant price pressures come from competitors and consumers. 
E)  Existing models or earlier generations move down in price. 
A)  New and improved models are sold at high price points. 
B)  Attractive price points are set to gain market share and discourage competitors. 
C)  Established competition makes price pressures more pronounced, forcing lower-price strategy if product not well-differentiated. 
D)  Significant price pressures come from competitors and consumers. 
E)  Existing models or earlier generations move down in price.

Question 8

Which of the following is an overall evaluation of a product and usually assesses the product's probability of success?

Accepted Answer

A)  business case analysis 
B)  portfolio review 
C)  trend prediction 
D)  situation analysis 
E)  SWOT analysis 
A)  business case analysis 
B)  portfolio review 
C)  trend prediction 
D)  situation analysis 
E)  SWOT analysis

Question 9

The ________ product extends the core product to include additional features, designs, and innovations that exceed customer expectations.

Accepted Answer

A)  differentiated 
B)  deviated 
C)  amended 
D)  specialized 
E)  enhanced 
A)  differentiated 
B)  deviated 
C)  amended 
D)  specialized 
E)  enhanced

Question 10

The innovation diffusion process is how long it takes a product to move from ________.

Accepted Answer

A)  introduction to growth 
B)  awareness to interest 
C)  trial to adoption 
D)  first purchase to last purchase 
E)  growth to maturity 
A)  introduction to growth 
B)  awareness to interest 
C)  trial to adoption 
D)  first purchase to last purchase 
E)  growth to maturity

Question 11

External sources of generating product ideas include ________.

Accepted Answer

A)  employees from R&D 
B)  marketing executives 
C)  customer service representatives 
D)  customers 
E)  salespeople 
A)  employees from R&D 
B)  marketing executives 
C)  customer service representatives 
D)  customers 
E)  salespeople

Question 12

An individual moves through stages before adopting a product. During the interest stage, consumers ________.

Accepted Answer

A)  evaluate the product for trial purchase 
B)  purchase the product for the purpose of making a value decision 
C)  seek out added information about a product for further evaluation 
D)  feel, see, and touch the product 
E)  purchase the product with the intent of becoming a dependable user 
A)  evaluate the product for trial purchase 
B)  purchase the product for the purpose of making a value decision 
C)  seek out added information about a product for further evaluation 
D)  feel, see, and touch the product 
E)  purchase the product with the intent of becoming a dependable user

Question 13

Everyone in a target market falls into one of five groups based on their willingness to try the innovation, including innovators, early adopters, early majority, late majority, and laggards.

Accepted Answer

A) True 
 B)False

Question 14

When a company can show that its product's projected lifetime is high under certain operating conditions, it is using ________ as a product discriminator.

Accepted Answer

A)  style 
B)  performance quality 
C)  form 
D)  durability 
E)  conformance quality 
A)  style 
B)  performance quality 
C)  form 
D)  durability 
E)  conformance quality

Question 15

The rate at which new products become accepted is known as the ________ process.

Accepted Answer

A)  variance 
B)  sensitivity 
C)  adoption 
D)  steering 
E)  diffusion 
A)  variance 
B)  sensitivity 
C)  adoption 
D)  steering 
E)  diffusion

Question 16

Today, many tangible products include aspects that impact the customer's satisfaction before and after the purchase. These aspects that complement the tangible features of a product are called ________.

Accepted Answer

A)  physical aspects 
B)  core competencies 
C)  monetary characteristics 
D)  intangible characteristics 
E)  essential benefits 
A)  physical aspects 
B)  core competencies 
C)  monetary characteristics 
D)  intangible characteristics 
E)  essential benefits

Question 17

More than any other product discriminator, style offers the advantage to a company of being ________.

Accepted Answer

A)  a low-cost differentiator 
B)  easy to do consistently over time 
C)  able to ensure high quality 
D)  difficult for competition to copy 
E)  associated with high repairability 
A)  a low-cost differentiator 
B)  easy to do consistently over time 
C)  able to ensure high quality 
D)  difficult for competition to copy 
E)  associated with high repairability

Question 18

________ are product enthusiasts who enjoy being the first to try and master a new product.

Accepted Answer

A)  Innovators 
B)  Early adopters 
C)  Early majority 
D)  Late majority 
E)  Laggards 
A)  Innovators 
B)  Early adopters 
C)  Early majority 
D)  Late majority 
E)  Laggards

Question 19

The product life cycle (PLC) generally refers to a product item rather than a product category.

Accepted Answer

A) True 
 B)False

Question 20

Combining all the products offered by a company is called the product ________.

Accepted Answer

A)  line 
B)  mix 
C)  profile 
D)  standardization 
E)  function 
A)  line 
B)  mix 
C)  profile 
D)  standardization 
E)  function

The first step in the new-product development process is to ________.

While screening and evaluating ideas, a stop-to-market mistake happens when ________.

Explain the difference between a product line and a product mix, Give an example of each.

The essential benefit is the fundamental need met by a product.

An individual purchases a product for the purpose of making a value decision. He or she is in the ________ stage of the product adoption process.

The essential component in delivering value is the product price.

Which of the following characterizes the decline stage of the product life cycle?

Which of the following is an overall evaluation of a product and usually assesses the product's probability of success?

The ________ product extends the core product to include additional features, designs, and innovations that exceed customer expectations.

The innovation diffusion process is how long it takes a product to move from ________.

External sources of generating product ideas include ________.

An individual moves through stages before adopting a product. During the interest stage, consumers ________.

Everyone in a target market falls into one of five groups based on their willingness to try the innovation, including innovators, early adopters, early majority, late majority, and laggards.

When a company can show that its product's projected lifetime is high under certain operating conditions, it is using ________ as a product discriminator.

The rate at which new products become accepted is known as the ________ process.

Today, many tangible products include aspects that impact the customer's satisfaction before and after the purchase. These aspects that complement the tangible features of a product are called ________.

More than any other product discriminator, style offers the advantage to a company of being ________.

________ are product enthusiasts who enjoy being the first to try and master a new product.

The product life cycle (PLC) generally refers to a product item rather than a product category.

Combining all the products offered by a company is called the product ________.

Marketing in Today's Business Milieu

Marketing Foundations: Global, Ethical, Sustainable

Elements of Marketing Strategy, Planning, and Competition

Market Research Essentials

CRM, Big Data, and Marketing Analytics

Understand Consumer and Business Markets

Segmentation, Target Marketing, and Positioning

Build the Brand

Service as the Core Offering

Manage Pricing Decisions

Manage Marketing Channels, Logistics, and Supply Chain

Promotion Essentials: Digital and Social Media Marketing

Promotion Essentials: Legacy Approaches

Filters

Exam 8: Product Strategy and New Product Development

The first step in the new-product development process is to ________.

While screening and evaluating ideas, a stop-to-market mistake happens when ________.

Explain the difference between a product line and a product mix, Give an example of each.

The essential benefit is the fundamental need met by a product.

An individual purchases a product for the purpose of making a value decision. He or she is in the ________ stage of the product adoption process.

The essential component in delivering value is the product price.

Which of the following characterizes the decline stage of the product life cycle?

Which of the following is an overall evaluation of a product and usually assesses the product's probability of success?

The ________ product extends the core product to include additional features, designs, and innovations that exceed customer expectations.

The innovation diffusion process is how long it takes a product to move from ________.

External sources of generating product ideas include ________.

An individual moves through stages before adopting a product. During the interest stage, consumers ________.

Everyone in a target market falls into one of five groups based on their willingness to try the innovation, including innovators, early adopters, early majority, late majority, and laggards.

When a company can show that its product's projected lifetime is high under certain operating conditions, it is using ________ as a product discriminator.

The rate at which new products become accepted is known as the ________ process.

Today, many tangible products include aspects that impact the customer's satisfaction before and after the purchase. These aspects that complement the tangible features of a product are called ________.

More than any other product discriminator, style offers the advantage to a company of being ________.

________ are product enthusiasts who enjoy being the first to try and master a new product.

The product life cycle (PLC) generally refers to a product item rather than a product category.

Combining all the products offered by a company is called the product ________.

Marketing in Today's Business Milieu

Marketing Foundations: Global, Ethical, Sustainable

Elements of Marketing Strategy, Planning, and Competition

Market Research Essentials

CRM, Big Data, and Marketing Analytics

Understand Consumer and Business Markets

Segmentation, Target Marketing, and Positioning

Build the Brand

Service as the Core Offering

Manage Pricing Decisions

Manage Marketing Channels, Logistics, and Supply Chain

Promotion Essentials: Digital and Social Media Marketing

Promotion Essentials: Legacy Approaches

Filters