Question 1

Market testing of a new product can take a long time, and this can result in ________.

Accepted Answer

Competitors being able to develop marketing strategies to counter a product launch is a potential risk of market testing a new product for a long time.

Question 2

An individual moves through stages before adopting a product. During the interest stage, consumers ________.

Accepted Answer

During the interest stage, consumers seek out added information about a product for further evaluation. They may do research, read reviews, or ask friends for recommendations before making a purchase decision.

Question 3

Which of the following is an overall evaluation of a product and usually assesses the product's probability of success?

Accepted Answer

A business case analysis is an overall evaluation of a product that takes into account factors such as market demand, competition, and profitability to determine the likelihood of a product's success. It involves examining the potential benefits and costs of bringing a product to market, and can help companies make informed decisions about whether or not to proceed with a new product development project. The other options listed (portfolio review, trend prediction, situation analysis, and SWOT analysis) may provide useful information for product development, but do not necessarily provide an overall evaluation of a product's probability of success.

Question 4

An individual moves through stages before adopting a product. During the awareness stage, consumers ________.

Accepted Answer

During the awareness stage, consumers are aware of the product but have insufficient information to move forward through the adoption process. They may not yet have a passion for the product, nor have they made a purchase decision. Their focus is on gathering more information before evaluating the product further.

Question 5

________ is the focus of a product launch marketing plan, because if you can get consumers to use the product once, you can win them over with superior product design, features, and value.

Accepted Answer

Trial purchase refers to the consumer trying the product for the first time. This is crucial in product launch marketing as it provides an opportunity to impress consumers with the product design, features, and value, which can lead to repeat purchases and long-term loyalty.

Question 6

An individual purchases a product for the purpose of making a value decision. He or she is in the ________ stage of the product adoption process.

Accepted Answer

The answer of An individual purchases a product for the...

Question 7

Estimating total demand is a function of three separate purchase situations, which are ________ purchases.

Accepted Answer

Estimating total demand involves considering new purchases, repeat purchases, and replacement purchases as the three separate situations that influence overall demand.

Question 8

Many organizations are too small to have the resources for a national sales force to help discover new-product ideas. As a consequence, they often use ________ as a link between the customer and company.

Accepted Answer

Distributors often have a closer relationship with the end-user customer and can provide valuable feedback to the company about potential new products or product improvements. They act as an intermediary between the customer and the company, and can help facilitate communication and collaboration. Parts manufacturers, logistics companies, server farms, and suppliers may not have the same level of direct interaction with end-user customers, making them less useful as a link between the customer and company for new-product development.

Question 9

New purchases of new products are called ________ purchases.

Accepted Answer

Trial purchases refer to a customer's initial purchase of a new product they have not bought before to try it out. It is different from repeat purchases where customers have previously bought and are already familiar with the product. Original purchases do not necessarily entail buying a new product, as the customer could be purchasing an existing product for the first time. Subliminal purchases do not exist, as subliminal messaging is illegal in advertising. Replacement purchases are when customers buy a new product to replace a previous one that was used up or broken.

Question 10

The innovation diffusion process is how long it takes a product to move from ________.

Accepted Answer

The answer of The innovation diffusion process is how long...

Question 11

For products designed for business markets, market testing is ________.

Accepted Answer

Market testing for products designed for business markets (B2B) is typically smaller in scope and involves fewer individuals and companies compared to consumer markets (B2C). This is because business markets often have more specific needs and a smaller, more targeted customer base.

Question 12

In the context of product testing, beta testing is designed to ________.

Accepted Answer

Beta testing is a type of testing that involves real-world customers testing a product before its official release. The purpose of beta testing is to get feedback from actual users and evaluate the product's performance, user-friendliness, and functionality. Therefore, choice A, which states that beta testing is designed to encourage customers to evaluate and provide feedback on a prototype, is the most accurate.

Question 13

While screening and evaluating ideas, a go-to-market mistake happens when ________.

Accepted Answer

A company fails to stop a bad product idea from moving into product development

Question 14

The first step in the new-product development process is to ________.

Accepted Answer

The first step in the new-product development process is to generate new-product ideas. This involves brainstorming and coming up with innovative concepts that could potentially be developed into new products.

Question 15

In the context of criteria used to prioritize product ideas, time to market refers to the time taken to ________.

Accepted Answer

Time to market refers to the time taken to develop and get the product to market. It includes all the steps necessary to bring a product from conception to market launch, including research and development, testing, design, production, and marketing. This criterion is often used to prioritize product ideas because companies want to minimize the time it takes to get their products to market, in order to gain a competitive advantage and capture market share.

Question 16

The rate at which new products become accepted is known as the ________ process.

Accepted Answer

The answer of The rate at which new products become...

Question 17

An individual moves through five stages before adopting a product. The five stages include all of the following EXCEPT ________.

Accepted Answer

The five stages for adopting a product are Awareness, Interest, Evaluation, Trial, and Adoption. Validation is not a stage in the adoption process.

Question 18

During the evaluation stage of the product adoption process, consumers ________.

Accepted Answer

During the evaluation stage, consumers combine all the information they have gathered about the product and assess it to make a decision about whether to make a trial purchase.

Question 19

While screening and evaluating ideas, a stop-to-market mistake happens when ________.

Accepted Answer

A stop-to-market mistake occurs when a potentially successful idea is prematurely eliminated during the screening process, preventing it from reaching the market.

Question 20

Which of the following helps clarify the basic operationalization of a product during product testing, such as the physical characteristics and features?

Accepted Answer

Alpha testing is an internal testing phase where the product's basic operationalization, including its physical characteristics and features, is evaluated before it is released to external testers or customers.

Quiz 8: Product Strategy and New Product Development