Question 1

A goal of these types of strategies is to either increase frequency of consumption or increase the number of customers using the firm's product(s).

Accepted Answer

Market penetration and market development: A goal of these types of strategies is to either increase frequency of consumption or increase the number of customers using the firm's product(s).

Question 2

This refers to creating new products to replace existing ones.

Accepted Answer

Product development refers to creating new products to replace existing ones.

Question 3

According to the growth vector matrix these products usually require the firm to make significant investments in research and development and may require significant changes in its organizational structure.

Accepted Answer

New products, as defined in the growth vector matrix, usually require the firm to make significant investments in research and development and may require major changes in its organizational structure.

Question 4

The manufacturer of Snapple lemonade adds a diet lemonade beverage to its current markets. This is an example of

Accepted Answer

Additions to product lines are products that are line extensions, flankers, and so on, to the firm's current markets.

Question 5

Pontiac introduces a new model of its Montana SUV that has better features than last year's model. The new model of the Montana SUV would fall into which of the following categories?

Accepted Answer

Product improvements are current products made better. Virtually every product on the market has been improved, often many times.

Question 6

What kind of new product strategy is being used when an automobile manufacturer introduces a new car model to replace an existing one?

Accepted Answer

Product development refers to creating new products to replace existing ones.

Question 7

Which of the following refers to developing new products and cultivating new markets?

Accepted Answer

Diversification refers to developing new products and cultivating new markets.

Question 8

Which of the following indicates the direction in which the organization is moving with respect to its current products and markets?

Accepted Answer

Growth vector matrix indicates the direction in which the organization is moving with respect to its current products and markets.

Question 9

The use of movie stars like Brad Pitt on NBC's Friends television show is a strategy used to find new viewers for the existing show. It also helps in increasing NBC's market share. NBC encourages such guest appearances to implement which growth strategy?

Accepted Answer

Market development refers to finding new customers for existing products.

Question 10

Which of the following denotes a growth direction through the increase in market share for present product markets?

Accepted Answer

Market penetration denotes a growth direction through the increase in market share for present product markets.

Question 11

Light Eats is a buffet-style salad bar with locations in the South, West and Midwest United States. It serves a variety of salads and soups for the health conscious. Recently it has introduced 'Frozen Fruit' bars serving ice creams and sorbets, inspired from flavors of Mexico and made from fresh fruits and vegetables in unique ethnic flavors. Which new products based categories would the frozen fruit bars come under?

Accepted Answer

Additions to product lines are products that are line extensions, flankers, and so on, to the firm's current markets.

Question 12

An approach to the new product question developed by H. Igor Ansoff is termed

Accepted Answer

A broader approach to the new product question is the one developed by H. Igor Ansoff in the form of growth vectors.

Question 13

Avon first marketed its Skin So Soft lotion as a body lotion to compete with other similar body lotions. Today Avon promotes its Skin So Soft lotion as an insect repellant that is good to your skin. In which of the new product categories would Skin So Soft lotion fall?

Accepted Answer

Repositionings are products that are retargeted for a new use or application.

Question 14

Product development and diversification can be characterized as

Accepted Answer

Product development and diversification can be characterized as product mix strategies.

Question 15

Healthfood Inc. manufactures jelly, made out of gelatin - a colorless, edible protein - in various fruit flavors. The company discovers that women used powdered gelatin dissolved in acetylene - a liquid organic compound - to strengthen their fingernails. It introduces a flavorless jelly as a nail-building agent. The new-use strategy was directed toward revamping the sales of a product whose growth, based on its original conceived use, had slowed down. Identify the product category involved.

Accepted Answer

Repositionings are products that are retargeted for a new use or application.

Question 16

What type of new product strategy is Pizza Hut using if it allows Marriott to offer its new specialty pizzas in the hotel chain's room service menu?

Accepted Answer

Market development refers to finding new customers for existing products.

Question 17

Coca-Cola plans to launch a new version of Diet Coke called Diet Coke Plus. The drink will be similar to the current Diet Coke, but it will be fortified with vitamins and minerals. The Diet Coke Plus would be a part of which of the following new products based categories?

Accepted Answer

Product improvements are current products made better.

Question 18

Which of the following is an example of a product development strategy?

Accepted Answer

Product development refers to creating new products to replace existing ones.

Question 19

Which of the following growth strategies are examples of product mix strategies?

Accepted Answer

Product development and diversification can be characterized as product mix strategies.

Question 20

What type of new product strategy is being used when Pontiac introduces a new model of its Montana SUV that makes last year's model outdated and is intended to encourage present Montana drivers to want the newer model?

Accepted Answer

Product development refers to creating new products to replace existing ones.

Quiz 7: New Product Planning and Development

A goal of these types of strategies is to either increase frequency of consumption or increase the number of customers using the firm's product(s) .

This refers to creating new products to replace existing ones.

According to the growth vector matrix these products usually require the firm to make significant investments in research and development and may require significant changes in its organizational structure.

The manufacturer of Snapple lemonade adds a diet lemonade beverage to its current markets. This is an example of

Pontiac introduces a new model of its Montana SUV that has better features than last year's model. The new model of the Montana SUV would fall into which of the following categories?

What kind of new product strategy is being used when an automobile manufacturer introduces a new car model to replace an existing one?

Which of the following refers to developing new products and cultivating new markets?

Which of the following indicates the direction in which the organization is moving with respect to its current products and markets?

The use of movie stars like Brad Pitt on NBC's Friends television show is a strategy used to find new viewers for the existing show. It also helps in increasing NBC's market share. NBC encourages such guest appearances to implement which growth strategy?

Which of the following denotes a growth direction through the increase in market share for present product markets?

An approach to the new product question developed by H. Igor Ansoff is termed

Avon first marketed its Skin So Soft lotion as a body lotion to compete with other similar body lotions. Today Avon promotes its Skin So Soft lotion as an insect repellant that is good to your skin. In which of the new product categories would Skin So Soft lotion fall?

Product development and diversification can be characterized as

What type of new product strategy is Pizza Hut using if it allows Marriott to offer its new specialty pizzas in the hotel chain's room service menu?

Coca-Cola plans to launch a new version of Diet Coke called Diet Coke Plus. The drink will be similar to the current Diet Coke, but it will be fortified with vitamins and minerals. The Diet Coke Plus would be a part of which of the following new products based categories?

Which of the following is an example of a product development strategy?

Which of the following growth strategies are examples of product mix strategies?

What type of new product strategy is being used when Pontiac introduces a new model of its Montana SUV that makes last year's model outdated and is intended to encourage present Montana drivers to want the newer model?