Question 1

Which of the following statements best describes simultaneous product development?

Accepted Answer

A)  ​It is a strategy that provides general guidelines for generating, screening, and evaluating new-product ideas.
B)  It is used to determine the reactions of potential customers in a market situation.
C)  It is the process where all the involved areas work together rather than sequentially during a product's development.
D)  ​It is a strategy that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation. C

Question 2

Which of the following statements is true of opinion leaders?

Accepted Answer

A)  ​They most likely belong to the late majority category of adopters.
B)  They speed up the diffusion process through word-of-mouth communication.
C)  They are distinguished by demographics.
D)  ​They have the longest adoption time and the lowest socioeconomic status. B

Question 3

Many new product ideas are necessary to produce one successful new product.

Accepted Answer

A) True 
 B)False  True

Question 4

How does a multinational corporation meet the needs of the global market?

Accepted Answer

The answer of How does a multinational corporation meet the...

Question 5

Fresnas Inc.manufactures and sells electronic equipment.The research and development team has generated ideas for new products,and the ideas pass through the screening stage.In this case,the goal of screening will be to:

Accepted Answer

A)  ​calculate preliminary figures for demand, cost, sales, and profitability.
B)  eliminate ideas that are inconsistent with the organization's new-product strategy.
C)  filter various prototypes of the products and select the most efficient one.
D)  ​set a limit on the number of members allowed to evaluate the new-product ideas.

Question 6

The objective of test marketing is:

Accepted Answer

A)  ​to implement simultaneous product development.
B)  to shorten the development process of a product and reduce costs.
C)  to evaluate alternative marketing strategies.
D)  ​to create three-dimensional prototypes quickly and at a relatively low cost.

Question 7

Which of the following is an objective of focus group interviews?

Accepted Answer

A)  ​To stimulate insightful comments through group interaction
B)  To directly involve customers in test marketing
C)  To get recommendations of product ideas from outside consultants
D)  ​To eliminate ideas that are inconsistent with the organization's new-product strategy

Question 8

Which of the following is the most important factor in successful new-product introduction?

Accepted Answer

A)  ​The features of the new product should be similar to its substitutes in the market.
B)  The product should not be developed using crowdsourcing.
C)  The new product should be priced lower than other products in the same category.
D)  ​The new product should deliver a meaningful and perceivable benefit to a sizable number of people.

Question 9

The growth stage of the product life cycle represents the full-scale launch of a new product into the marketplace.

Accepted Answer

A) True 
 B)False

Question 10

Magnira Corp.is an apparel manufacturing company.After an initial slow start,it saw a steep rise in its clientele and a remarkable increase in its profits.However,with the launch of other apparel manufacturers in the market,the profits of Magnira Corp.are declining now.In order to sustain its growth in the market,the managers of Magnira Corp.should:

Accepted Answer

A)  ​focus on primary demand stimulation rather than advertising the brand.
B)  shift to aggressive brand advertising and open new branches.
C)  suggest the management to reduce the number of employees in the company.
D)  ​distribute the company's products at limited outlets.

Question 11

Identify a true statement about the maturity stage of the product life cycle (PLC).

Accepted Answer

A)  ​The beginning of this stage is signaled by increased sales.
B)  Niche marketers that target the underserved segments of a market emerge during this stage.
C)  It is the shortest stage of the PLC.
D)  ​Product design changes tend to become functional rather than stylistic.

Question 12

Concept tests are used at the screening stage to rate concept or product alternatives.

Accepted Answer

A) True 
 B)False

Question 13

In the context of the new-product development process,the decision to market a product is made during _____.

Accepted Answer

A)  ​commercialization
B)  test marketing
C)  the development stage
D)  ​the business analysis stage

Question 14

In the early stage of development,the research and development or engineering department may develop a prototype of the product.

Accepted Answer

A) True 
 B)False

Question 15

In the context of the rate of adoption,relative advantage is defined as the degree to which:

Accepted Answer

A)  ​a product is perceived as superior to existing substitutes.
B)  a new product is consistent with existing values and product knowledge, past experiences, and current needs.
C)  the benefits of using a product can be communicated to target customers.
D)  ​a product can be tried on a limited basis.

Question 16

In the context of the product life cycle,a long-run drop in a product's sales signals the beginning of the _____.

Accepted Answer

A)  ​introductory stage
B)  growth stage
C)  maturity stage​
D)  ​decline stage

Question 17

A firm that starts with a global strategy is better able to develop products that are marketable worldwide.

Accepted Answer

A) True 
 B)False

Question 18

Marketing costs are high in the introductory stage of the product life cycle because:

Accepted Answer

A)  ​product design changes become stylistic rather than functional.
B)  high dealer margins are often needed to obtain adequate distribution.
C)  manufacturers scramble to sign up dealers and distributors.
D)  ​emphasis is given to communication of the differences between brands in the market.

Question 19

Roger,an affluent graduate,buys gadgets on the first day of their launch in the market.He reads expert reviews on the Internet,and he is not influenced by the opinions of his family and friends while choosing products.Roger would fall under the category of _____ in the diffusion process.

Accepted Answer

A)  ​the late majority
B)  innovators
C)  the early majority
D)  ​early adopters

Question 20

How is the Internet important for implementing simultaneous product development?

Accepted Answer

The answer of How is the Internet important for implementing...

Exam 11: Developing and Managing Products

Which of the following statements best describes simultaneous product development?

Which of the following statements is true of opinion leaders?

Many new product ideas are necessary to produce one successful new product.

How does a multinational corporation meet the needs of the global market?

Fresnas Inc.manufactures and sells electronic equipment.The research and development team has generated ideas for new products,and the ideas pass through the screening stage.In this case,the goal of screening will be to:

The objective of test marketing is:

Which of the following is an objective of focus group interviews?

Which of the following is the most important factor in successful new-product introduction?

The growth stage of the product life cycle represents the full-scale launch of a new product into the marketplace.

Identify a true statement about the maturity stage of the product life cycle (PLC) .

Concept tests are used at the screening stage to rate concept or product alternatives.

In the context of the new-product development process,the decision to market a product is made during _____.

In the early stage of development,the research and development or engineering department may develop a prototype of the product.

In the context of the rate of adoption,relative advantage is defined as the degree to which:

In the context of the product life cycle,a long-run drop in a product's sales signals the beginning of the _____.

A firm that starts with a global strategy is better able to develop products that are marketable worldwide.

Marketing costs are high in the introductory stage of the product life cycle because:

Roger,an affluent graduate,buys gadgets on the first day of their launch in the market.He reads expert reviews on the Internet,and he is not influenced by the opinions of his family and friends while choosing products.Roger would fall under the category of _____ in the diffusion process.

How is the Internet important for implementing simultaneous product development?