Question 1

Many forward-looking companies have discovered that their own organization does not generate enough useful new-product ideas.This has caused them to find new product ideas by developing strategic relationships with outside individuals and organizations.This practice is referred to as __________.
A)innovation alliances
B)open innovation
C)open collaboration
D)"piggy-back thinking"
E)stakeholder cooperation

Accepted Answer

The practice of finding new product ideas by developing strategic relationships with outside individuals and organizations is referred to as open innovation.

Question 2

Developing a pool of concepts as candidates for new products is the __________ stage of the new-product process.
A)open innovation
B)screening and evaluation
C)product development
D)new-product strategy development
E)idea generation

Accepted Answer

Idea generation is the first stage of the new-product process in which a pool of concepts is developed as candidates for new products. This stage involves gathering ideas from various sources such as customers, employees, competitors, and suppliers through techniques such as brainstorming, focus groups, and market research.

Question 3

Which stage in the new-product process has as its purpose to identify the strategic role the new product might serve in the firm's overall objectives?
A)idea generation
B)screening and evaluation
C)business analysis
D)new-product strategy development
E)development

Accepted Answer

The stage in the new-product process that has the purpose of identifying the strategic role the new product might serve in the firm's overall objectives is the new-product strategy development stage. This stage involves analyzing the target market, evaluating the competition, defining the product's unique selling proposition, and determining the product's position in the market. The other stages in the new-product process are idea generation, screening and evaluation, business analysis, and development.

Question 4

-N the Marketing Dashboard Map above,the annual growth rate in each state is shown,with green meaning good and red meaning very bad.If an organization's 2012 sales for the entire U.S.were $50 million and its 2011 U.S.sales were $30 million,what is the annual % sales change?
A)33%
B)67%
C)100%
D)125%
E)133%

Accepted Answer

The annual percentage sales change is calculated as ((New Sales - Old Sales) / Old Sales) * 100. So, ((50 million - 30 million) / 30 million) * 100 = 66.67%, which rounds to 67%.

Question 5

If you are using a marketing dashboard to discover which cities in Florida are not meeting their sales growth goal for your sunscreen products,what marketing metric should be used to measure sales performance?
A)every metric possible
B)shelf space for this year and last year by city
C)production costs
D)customer psychographics
E)annual percent sales change by city

Accepted Answer

The best metric to measure sales performance is the annual percent sales change by city. This metric will provide insights into the sales growth trends over time and will allow for the identification of which cities are not meeting their sales growth goals. Other metrics such as shelf space, production costs, and customer psychographics may provide additional insights, but they are not directly related to sales performance. Using every metric possible may result in information overload and hinder the ability to make data-driven decisions.

Question 6

The first stage of the new-product process is
A)idea generation.
B)screening and evaluation.
C)business analysis.
D)new-product strategy development.
E)concept testing.

Accepted Answer

The answer of The first stage of the new-product process...

Question 7

All of the following are sources for new product ideas EXCEPT: A)competitors. B)universities. C)regulators. D)suppliers. E)employees.

Accepted Answer

Regulators may not be a direct source for new product ideas, as they are primarily concerned with enforcing regulations and ensuring compliance with existing laws rather than developing new products. The other options (competitors, universities, suppliers, and employees) are often sources of inspiration for new products, as they can bring fresh ideas, technologies, and perspectives to the development process.

Question 8

The stage of the new-product process that develops a pool of concepts as candidates for new-products is referred to as __________.
A)idea generation
B)product development
C)open innovation assessment
D)screening and evaluation
E)new-product strategy development

Accepted Answer

Idea generation is the stage of the new-product process that develops a pool of concepts as candidates for new-products. This stage involves brainstorming, research, and gathering input from various sources to come up with a list of potential ideas for new products. The other options refer to later stages in the new-product process.

Question 9

Open innovation may enhance the __________ stage of the new-product process.
A)open innovation
B)screening and evaluation
C)product development
D)new-product strategy development
E)idea generation

Accepted Answer

The answer of Open innovation may enhance the __________ stage...

Question 10

The seven stages an organization goes through to identify business opportunities and convert them into salable products or services is referred to as the __________.
A)commercialization process
B)SWOT process
C)new-product process
D)business prospect development cycle
E)opportunity stage gate sequence

Accepted Answer

The seven stages referred to in the question (identifying business opportunities, screening, concept testing, business analysis, product development, market testing, commercialization) are all part of the new-product process. Choice A (commercialization process) refers to the final stage of the new-product process. Choice B (SWOT process) is a separate analysis of an organization's strengths, weaknesses, opportunities, and threats. Choices D and E are not commonly used terms in product development processes.

Question 11

Business researchers emphasize that firms must actively involve customers and suppliers in the new-product development process.This means that the focus should be on what the new product will __________ rather than simply what they want.
A)look like
B)cost them
C)do for them
D)feel like
E)consist of in terms of new features

Accepted Answer

The sentence emphasizes the importance of focusing on what the new product will do for customers, rather than simply what they want. Involving customers and suppliers in the development process allows for a better understanding of their needs and preferences, which can lead to a more successful and effective new product. Therefore, the best choice is C - what the new product will do for them.

Question 12

The new-product process refers to
A)the informal process of "brain storming" to generate new-product concepts at a marketing staff meeting.
B)the process of presenting cross-functional teams with a written new-product concept statement and asking them to respond to it in writing.
C)the seven stages an organization goes through to identify business opportunities and convert them into salable products or services.
D)the two stages an organization goes through from idea generation to commercialization.
E)a formalized protocol for new-product development that begins at the corporate level and ends at the functional level.

Accepted Answer

The new-product process refers to the seven stages an organization goes through to identify business opportunities and convert them into salable products or services. These stages include idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, and commercialization.

Question 13

Idea generation is the stage in the new-product process that
A)develops a pool of concepts as candidates for new products.
B)selects a single concept and scrutinizes it for all potential benefits and flaws.
C)separates ideas into two categories: consumer-oriented and organization-oriented.
D)requires the organization to perform a SWOT analysis and an environmental scan.
E)consists of the techniques used to screen and reject those ideas that have no merit.

Accepted Answer

Idea generation is the stage where a pool of ideas is generated as candidates for new products. It is the initial phase of the new product development process.

Question 14

During the first stage of the new-product process,two important activities take place.They are
A)SWOT analysis and environmental scanning.
B)open innovation and business analysis.
C)concept testing and product forecasting.
D)R&D and operations set-up.
E)environmental scanning and open innovation.

Accepted Answer

The answer of During the first stage of the new-product...

Question 15

Idea generation refers to
A)the stage of the new-product process when concepts are converted to prototypes.
B)the stage of the new-product process that develops a pool of concepts as candidates for new-products.
C)the stage of the new-product process where possible promotional campaigns and advertising themes are created.
D)the techniques used to screen and reject those ideas that have no merit.
E)the discussion and decision of which as target market segments will be selected.

Accepted Answer

Idea generation is the initial stage of the new-product process where a pool of ideas and concepts are generated as potential candidates for new products. It involves brainstorming and gathering input from various sources to come up with a wide range of innovative and creative ideas. Therefore, option B is the correct answer. Options A, C, D, and E refer to other stages of the new-product process.

Question 16

-In the Marketing Dashboard Map above,the annual growth rate in each state is shown,with green (which looks gray on printed paper)meaning good and red (which looks black on printed paper)meaning very bad.If you were a marketing manager faced with this dashboard,which of the following would be the BEST action?
A)Focus on the shortfalls in Idaho (ID)and Utah (UT).
B)Revise the relevant goals for both east and west coast.
C)Conduct additional market research in the southern United States.
D)Examine your distribution system in the northeastern United States.
E)Change the marketing metric being used to evaluate the states individually.

Accepted Answer

The answer of 
-In the Marketing Dashboard Map above,the annual...

Question 17

New-product strategy development refers to
A)the stage of the new-product process where specific product features and benefits are selected prior creating a new-product prototype.
B)the stage of the new-product process that defines the strategic role for a new product in terms of the firm's overall objectives.
C)a formalized protocol for new product development determined by director of marketing.
D)the process of presenting cross-functional teams with a written new-product concept statement and asking them to respond to it in writing.
E)the stage of the new-product process that turns the idea on paper into a prototype,which results in a demonstrable,producible product corresponding to its protocol.

Accepted Answer

New-product strategy development defines the strategic role for a new product in terms of the firm's overall objectives. It involves analyzing market trends, customer needs, competition, and potential risks and opportunities to determine the product's target market, positioning, pricing, promotion, and distribution strategy. It is the second stage of the new-product process, after idea generation, and precedes concept development and testing.

Question 18

Marketing dashboards are useful in measuring actual market performance versus the goals set in new-product planning,such as sales.Once shortfalls are identified,the first step would be to conduct market research to determine _____________.
A)how to change the promotional strategy
B)whether the problem is internal or external to the organization
C)whether to drop or keep the failing product or market
D)whether to change the goal,and therefore,the marketing metric used to measure it
E)if the numbers used for evaluation in the marketing dashboard are accurate

Accepted Answer

Market research will help in identifying whether the problem is internal or external to the organization, which can guide the next steps in addressing the shortfalls. The other options may also be considered, but identifying the root cause of the problem is the first step.

Question 19

The new-product process an organization goes through to identify business opportunities and convert them into salable products or services contains
A)three main steps: research,production,and distribution.
B)four distinct steps: research,evaluation,production,and distribution.
C)five key phases ranging from idea generation to creating the first prototype.
D)seven stages from new product strategy development to commercialization.
E)three phases: planning,implementation,and evaluation.

Accepted Answer

The new-product process typically consists of seven stages: new product strategy development, idea generation, screening and evaluation, business analysis, development, testing, and commercialization. Each stage involves a different task or set of tasks, and organizations must successfully complete all stages to bring a new product or service to market.

Question 20

In which stage in the new-product process would a firm use both a SWOT analysis and environmental scanning to assess its strengths and weaknesses relative to the trends it identifies as opportunities or threats?
A)idea generation
B)screening and evaluation
C)new-product strategy development
D)business analysis
E)development

Accepted Answer

In the new-product strategy development stage, a firm would use both a SWOT analysis and environmental scanning to assess its strengths and weaknesses relative to the trends it identifies as opportunities or threats. This helps the firm to develop a clear strategy for moving forward with the new product. The other stages listed are focused on other aspects of the new-product process such as generating ideas, evaluating them, conducting a business analysis, and actually developing the product.

Quiz 9: Developing New Products and Services

Many forward-looking companies have discovered that their own organization does not generate enough useful new-product ideas.This has caused them to find new product ideas by developing strategic relationships with outside individuals and organizations.This practice is referred to as __________.

Developing a pool of concepts as candidates for new products is the __________ stage of the new-product process.

Which stage in the new-product process has as its purpose to identify the strategic role the new product might serve in the firm's overall objectives?

-N the Marketing Dashboard Map above,the annual growth rate in each state is shown,with green meaning good and red meaning very bad.If an organization's 2012 sales for the entire U.S.were $50 million and its 2011 U.S.sales were $30 million,what is the annual % sales change?

If you are using a marketing dashboard to discover which cities in Florida are not meeting their sales growth goal for your sunscreen products,what marketing metric should be used to measure sales performance?

The first stage of the new-product process is

All of the following are sources for new product ideas EXCEPT:

The stage of the new-product process that develops a pool of concepts as candidates for new-products is referred to as __________.

Open innovation may enhance the __________ stage of the new-product process.

The seven stages an organization goes through to identify business opportunities and convert them into salable products or services is referred to as the __________.

Business researchers emphasize that firms must actively involve customers and suppliers in the new-product development process.This means that the focus should be on what the new product will __________ rather than simply what they want.

The new-product process refers to

Idea generation is the stage in the new-product process that

During the first stage of the new-product process,two important activities take place.They are

Idea generation refers to

New-product strategy development refers to

Marketing dashboards are useful in measuring actual market performance versus the goals set in new-product planning,such as sales.Once shortfalls are identified,the first step would be to conduct market research to determine _____________.

The new-product process an organization goes through to identify business opportunities and convert them into salable products or services contains

In which stage in the new-product process would a firm use both a SWOT analysis and environmental scanning to assess its strengths and weaknesses relative to the trends it identifies as opportunities or threats?