Question 1

Explain concept testing.

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Question 2

Far East Flora is engaged in marketing strategy development.Management should first create a statement outlining the product's planned price,distribution,and marketing budget for the first year.

Accepted Answer

Management should first create a marketing strategy that includes a target market and value proposition before outlining the product's planned price, distribution, and marketing budget.

Question 3

Provide the major sources of external new-product ideas and explain why these sources offer advantages over internal sources.

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Question 4

Sales decline for many reasons,because of technological advances,shifts in consumer tastes,and lack of raw materials from foreign suppliers.

Accepted Answer

Sales decline can be caused by various factors which may include technological advancements, shifts in consumer preferences, and lack of raw materials from foreign suppliers.

Question 5

Each product will have a life cycle,although its exact shape and length is not known in advance.Briefly explain each step in the PLC.

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Question 6

Briefly describe the steps in the new-product development process.

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Question 7

Explain why so many new products fail and how a company can improve its odds of new-product success.

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Question 8

Managers are correct in believing that the purpose of idea generation is to create a few ideas and the purpose of succeeding stages is to increase that number.

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The purpose of idea generation is not simply to create a few ideas, but to create as many ideas as possible, with the goal of encouraging creativity and innovation. The purpose of succeeding stages is to evaluate and refine those ideas in order to identify the best ones to implement.

Question 9

The potential market strengths and weaknesses are being determined for a new-product idea at Art for Kids.In what stage of the new-product development process does this occur?

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Question 10

How might a firm benefit from implementing an "intrapreneurial" program?

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Question 11

Distinguish among a product idea,a product concept,and a product image.

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Question 12

Malaysia Beach Parties finds that the tastes and preferences of its customers change more rapidly than in the past.The manager should constantly look for external ideas from customers,suppliers,and the competition.

Accepted Answer

The statement suggests that the manager should constantly seek external ideas to keep up with changing customer preferences. Therefore, the statement is true.

Question 13

How might competitors be a good external idea source?

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Question 14

What is R-W-W ("real,win,worth doing")?

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Question 15

What are the two advantages of an innovation management system for developing new products? Provide four strategies for a company to use to establish a successful system.

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Question 16

Define commercialization.Explain two important decisions the company must make during this stage.

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Question 17

Standardization helps a company to develop a consistent worldwide image.What else does it do?

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Question 18

GreenTree Lawn and Garden Products is engaged in a review of the sales,costs,and profit projections for some new products to find out whether they satisfy the company's objectives.This activity is called business product development.

Accepted Answer

Business product development is the process of creating and refining new products, not reviewing their sales, costs, and profit projections. The correct term for this activity is product evaluation or product analysis.

Question 19

The PLC can be applied to more than just brands.Your assignment is to prepare a presentation about the application of the PLC to as many of your company's operations as possible.What would you include? What wouldn't you include?

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Question 20

Describe three public policy issues or regulations that marketers should carefully consider as they make decisions about adding or dropping products.

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Quiz 9: New Product Development and Product Life-Cycle Strategies