Question 1

Purchase intent is a key question to ask during any kind of concept testing.

Accepted Answer

Purchase intent is a crucial factor to consider during concept testing as it helps determine whether potential customers are interested in buying the product or service, and if so, at what price point. This information can help businesses make informed decisions about investing in the development and launch of a new product or service.

Question 2

Decay curves are a visual/graphical extension of scoring models.

Accepted Answer

False

Question 3

Comparing various product innovation charters is known as product development charter review.

Accepted Answer

Comparing various product innovation charters is not specifically known as a product development charter review. A Product Innovation Charter (PIC) is a document that outlines a company's strategy for new product development, including goals, objectives, and boundaries. The process of comparing various PICs doesn't have a widely recognized specific term like "product development charter review." Instead, it might be part of a broader strategic review or innovation strategy assessment.

Question 4

Evaluation of concepts is a necessity given that firms have limited resources.

Accepted Answer

Evaluation of concepts helps firms determine which ones are most likely to succeed and therefore deserve the allocation of their limited resources. Without evaluation, firms may waste resources on concepts that are not viable or profitable.

Question 5

Available resources play no major role in a firm's ability to evaluate concepts.

Accepted Answer

Available resources, such as funding and personnel, are crucial in a firm's ability to effectively evaluate concepts. Without sufficient resources, a firm may not have the means to conduct market research or prototype testing, hindering their ability to accurately assess the potential success of a concept.

Question 6

Concept testing can be done by simply providing a narrative or description of the concept.

Accepted Answer

Concept testing can indeed be done by providing a narrative or description of the concept to potential users or a target audience to gather feedback, understand its appeal, and identify potential improvements before developing a prototype or launching the product.

Question 7

The number of concepts that remain after concept evaluation depends primarily on:&#10;A) Available resources&#10;B) Competition&#10;C) Manpower&#10;D) Situation analysis

Accepted Answer

The number of concepts that remain after concept evaluation primarily depends on the available resources, as resources determine the feasibility and capacity to develop and implement the concepts.

Question 8

A ________ evaluates each product concept statement against criteria established in the product innovation charter.&#10;A) Product concept statement&#10;B) Product protocol statement&#10;C) Product development charter review&#10;D) Product evaluation statement review

Accepted Answer

A Product Development Charter Review evaluates each product concept statement against criteria established in the product innovation charter, ensuring alignment with the overall goals and strategies for new product development.

Question 9

The goal of concept testing is to:&#10;A) Incorporate customer opinions into the evaluation process&#10;B) Determine the pricing strategy to be employed&#10;C) Both, option A and option B listed above are correct responses&#10;D) None of the above options are correct responses

Accepted Answer

The goal of concept testing is to incorporate customer opinions into the evaluation process. It is not directly related to determining pricing strategy, although customer opinions may indirectly inform pricing decisions. Therefore, option A is the correct response while option B is incorrect. Option C is partially correct, as it includes the correct response, but also includes an incorrect response. Option D is incorrect, as there is a correct response.

Question 10

A _________ concept test usually presents just a text description of the concept.&#10;A) Narrative&#10;B) Pictorial&#10;C) Descriptive&#10;D) Straight-forward

Accepted Answer

A narrative concept test focuses on presenting the concept through a story or a detailed description, typically using text to convey the idea, features, and benefits of a product or service.

Question 11

A _________ concept test usually employs a physical model of the concept being tested.&#10;A) Prototype&#10;B) Model&#10;C) Physical&#10;D) Pictorial

Accepted Answer

The answer of A _________ concept test usually employs a...

Question 12

A scoring model makes use of _________.&#10;A) Rating scales&#10;B) Weighting scales&#10;C) Ranking scales&#10;D) None of the above are correct options

Accepted Answer

The answer of A scoring model makes use of _________.&#10;A)...

Question 13

ATAR stands for:&#10;A) Awareness; Trial; Alertness; Requirement&#10;B) Awareness; Test; Availability; Resale&#10;C) Alertness; Trial; Awareness; Repeat Purchase&#10;D) Awareness; Trial; Availability; Repeat Purchase

Accepted Answer

The answer of ATAR stands for:&#10;A) Awareness; Trial; Alertness; Requirement&#10;B)...

Question 14

A snake plot is an extension of a _________.&#10;A) Probability plot&#10;B) Product positioning map&#10;C) Scoring model&#10;D) Ranking model

Accepted Answer

The answer of A snake plot is an extension of...

Question 15

The ATAR model is a type of _________.&#10;A) composition analysis&#10;B) breakdown analysis&#10;C) purchase analysis&#10;D) potential sales analysis

Accepted Answer

The answer of The ATAR model is a type of...

Question 16

An underlying goal of concept evaluation is to:&#10;A) Identify which concepts to move forward.&#10;B) Identify key competitors.&#10;C) Initiate formal product launch.&#10;D) Involve all important stakeholders in the concept evaluation process.

Accepted Answer

The answer of An underlying goal of concept evaluation is...

Deck 6: Concept Evaluation