Question 1

Once the prototype of Wainwright Industries' new riding lawnmower,made especially for women,passes product tests,the next step is .

Accepted Answer

The answer of Once the prototype of Wainwright Industries' new...

Question 2

Using a ,a company launches a product in a few regional markets and then expands based on how successful the product is.

Accepted Answer

This strategy is called a market rollout, where a company introduces a product in a few regional markets and then expands based on the success of the product.

Question 3

All of the following are stages in the PLC EXCEPT _.

Accepted Answer

The answer of All of the following are stages in...

Question 4

Most products in the marketplace are in the stage of the product life cycle.

Accepted Answer

Most products in the marketplace are in the maturity stage of the product life cycle, where sales growth has slowed down and the product has reached its peak in terms of market penetration. This is a stage where companies focus on maintaining market share and may introduce variations of the product to keep it relevant.

Question 5

The innovation management system approach yields two favorable outcomes: it helps create an innovation- oriented company culture,and it _ .

Accepted Answer

The innovation management system approach is designed to encourage and facilitate the generation of new ideas. As a result, it tends to yield a larger number of new product ideas than would be generated in the absence of such a system. While the other options may also be benefits of the system, they are not the primary outcome.

Question 6

A review of the sales,costs,and profit projections for a new product to find out whether they satisfy the company's objectives is called a .

Accepted Answer

A review of sales, costs, and profit projections to determine if they meet company objectives is known as a business analysis. A business feasibility plan is a more comprehensive look at the potential success of a business idea, including market research and financial projections. Product acceptance refers to the level of consumer demand for the product, rather than the company's internal projections. Marketing strategy development is the process of creating a plan to promote and sell the product, which comes after the business analysis has been completed. A proposal is a formal document used to persuade others to take a specific action, such as funding a project.

Question 7

Which of the following is the practice of inviting broad communities of customers,employees,independent researchers,and members of the public into the new- product innovation process?

Accepted Answer

Crowdsourcing is the practice of inviting a broad community of customers, employees, independent researchers, and members of the public into the new-product innovation process. Idea screening is the process of evaluating new product ideas in order to determine which ones merit further development. Concept testing is the process of testing new product concepts with a group of target consumers to determine their level of appeal. Outsourcing is the practice of contracting out a business function to an external supplier. Brainstorming is a group creativity technique used to generate a large number of ideas in a short period of time.

Question 8

A company getting ready to launch a new product must make several decisions.The company must first decide on _ .

Accepted Answer

Timing is crucial in launching a new product. The company should consider the market demand, competition, and seasonality in deciding when to launch the product. A well-timed launch can create buzz and excitement, leading to a successful product introduction. Launching in a single location or region may be a good strategy for testing the market and gathering feedback, but it may not be viable for a full-scale launch. The decision to launch into full national distribution or develop a market rollout can come later, depending on the initial success of the product launch.

Question 9

In the stage of new- product development,products undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.

Accepted Answer

In the product development stage, products undergo rigorous testing to ensure they perform safely and effectively and that they meet consumer needs and expectations.

Question 10

Executives,manufacturing employees,and salespeople are all examples of .

Accepted Answer

Executives, manufacturing employees, and salespeople are all part of a company's internal team and can provide valuable insights and ideas for new product development. As they work within the company, they have a good understanding of the market, customer needs, and production capabilities. Therefore, they are considered as internal sources for new product ideas.

Question 11

During which stage of new- product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product?

Accepted Answer

During the business analysis stage, management will analyze the potential demand for the new product and estimate minimum and maximum sales to assess the potential risk in launching the product. This includes conducting market research and analyzing the competition to determine the viability of the new product.

Question 12

Using the PLC concept to develop marketing strategy can be difficult because strategy is both a and a(n)of the product's life cycle.

Accepted Answer

Strategy is both a cause and a result of the product's life cycle, as it influences the stages of the cycle and is also shaped by them.

Question 13

calls for testing new- product concepts with groups of target consumers.

Accepted Answer

Concept testing is the process of testing new product concepts with groups of target consumers to determine their perceived value and potential for success in the market. The other options listed focus on different stages of the product development process such as generating ideas, screening them for feasibility, and test marketing the final product.

Question 14

Bonneville Communications is concerned about test marketing its new device.Which of the following is NOT a disadvantage of test marketing that would likely concern Bonneville Communications?

Accepted Answer

Test marketing typically involves observing actual consumer behavior rather than relying solely on surveys, so the concern about people telling less than the truth in surveys is not directly related to the disadvantages of test marketing itself.

Question 15

Anita's DayCare plans to offer third- shift childcare,based upon the opening of two new manufacturing plants in the area.Together the plants will hire 423 employees and run all three shifts.Initial test marketing results look promising.In considering launching this new service,Anita must first decide on .

Accepted Answer

Launching third-shift childcare is a big decision and timing is crucial. Anita must consider whether the demand for this service is high enough to support the cost of staffing and operating during third shift hours. She may also need to assess the competition and whether there are already similar services available in the area. Timing can greatly impact the success or failure of this new venture.

Question 16

Because names,labels,and colors may not easily translate from one country to another,international marketers must carefully assess _.

Accepted Answer

Packaging is crucial for international marketers to consider because it encompasses not only the physical packaging of the product but also the labeling and branding used. Therefore, marketers must carefully assess these elements to ensure they are appropriate and effective in the target market.

Question 17

When Heinz introduced EZ Squirt packaging and new colors such as Blastin' Green and Awesome Orange to revitalize consumer buying,the company was .

Accepted Answer

Heinz introduced new packaging and colors to modify the product itself in order to revitalize consumer interest and buying.

Question 18

What are the two ways that a company can obtain new products?

Accepted Answer

The two ways that a company can obtain new products are new-product development and acquisition. New-product development involves creating new products internally through research and development, while acquisition involves purchasing the rights or ownership of an existing product or company. Line extension and brand management are specific strategies for extending the life and reach of existing products, while service development and product extension are variations on new-product development. Market mix modification and research and development are components of the process of new-product development, rather than distinct ways of obtaining new products.

Question 19

Which of the following best represents the options a company has when a product is declining?

Accepted Answer

When a product is declining, a company can either maintain it with minimal investment or reduce investment and focus on harvesting profits before dropping it altogether. Therefore, the best options are to maintain, harvest, or drop the product (B). The options to pioneer and maintain the product (A, E) are not viable when the product is declining, as they require investing in the product. The option to harvest or drop the product (D) is too extreme, as it does not consider the possibility of maintaining the product and extracting some profits from it.

Question 20

With what groups do firms conduct concept testing for new products?

Accepted Answer

Firms conduct concept testing for new products with target customers in order to gather feedback and evaluate the viability of the product idea. This helps to ensure that the product meets the needs and preferences of the target market, which can increase the chances of success when the product is launched. Competitors, suppliers, manufacturers, and employees may provide useful insights and feedback as well, but the opinions and preferences of target customers are typically the most important factor in determining the success of a new product.

Quiz 9: Developing New Products and Managing the Product Life Cycle