Deck 1: Innovation and Product Planning

Question 1

The product planning process includes product development and product commercialization.

Answer 1

False

Question 2

Product planning + Product Management = Product Development

Answer 2

False

Question 3

Value = f(B,C); where B = perceived benefits and C = perceived costs.

Answer 3

True

Question 4

An offering could be a physical entity, a service, an idea, or any combination of the three.

Question 5

An invention is the first application of new knowledge in the form of an offering.

Question 6

Apple recently released a new iPhone for sale. This new offering is an example of a potential product.

Question 7

BMW's product line consists of all the vehicles it manufactures.

Question 8

In certain cases, a reduction in price would be sufficient to call a product "new."

Question 9

Which one of the following cannot be considered an offering?

A) An Idea.
B) A Product.
C) A Service.
D) None of the above, all three are potential examples of an offering.

Question 10

Product planning comprises of __________ and __________

A) Product development, Product commercialization
B) Product development, Product launch
C) Product development, Product management
D) Product management, Opportunity identification

Question 11

An __________ is the first practical application of new knowledge.

A) Innovation
B) Idea
C) Invention
D) Imitation

Question 12

A product may have multiple meanings depending on the perspective, these include:

A) product as an outcome of innovation.
B) product as a nature of demand.
C) product as part of an internal perspective.
D) All of the above.

Question 13

An augmented product represents:

A) The most basic version of the product that simply delivers the core benefits.
B) What the product may be like in the future.
C) The product that delivers the core benefits in a manner the meets consumer expectations.
D) None of the above represent an augmented product.

Question 14

An expected product represents:

A) The product that delivers the core benefits in a manner the meets consumer expectations.
B) The most basic version of the product that simply delivers the core benefits.
C) What the product may be like in the future.
D) None of the above represent an expected product.

Question 15

As discussed in class, an iPod Shuffle, in the color blue, with a specific storage capacity is an example of a:

A) Product Item.
B) Product Line.
C) Product Family.
D) Product Mix.

Question 16

A product is defined as new only if:

A) It incorporates a radical new technology.
B) It adds multiple new attributes or features to an existing product.
C) It is a completely new invention.
D) None of the above.

Question 17

Which of the following would be the considered the least risky new product?

A) New category entry
B) Cost reduction
C) New market
D) New-to-the-world

Question 18

Product planning is often described as being:

A) Unnecessary.
B) Simple to execute.
C) Difficult to execute.
D) Impossible to execute.