Question 1

_____ innovations refer to new products that involve the introduction of a product that is entirely new and innovative to the market.

Accepted Answer

Radical innovations refer to new products that involve the introduction of a product that is entirely new and innovative to the market.

Question 2

The sequential diffusion and acceptance of an innovation into the market by consumers is called _____.

Accepted Answer

The adoption curve is the sequential diffusion and acceptance of an innovation into the market by consumers.

Question 3

What are the two approaches marketers adopt in the decline stage of a product life cycle?

Accepted Answer

The answer of What are the two approaches marketers adopt...

Question 4

A concept test is:

Accepted Answer

Concept tests are external evaluations of the new product idea, rather than the actual product itself.Several key issues are addressed during concept testing, such as how the customer perceives the product, who would use it, and how it would be used.

Question 5

Shea Moisturizers is planning to enter new markets with its products.Which of the following approaches to new product development is Shea Moisturizers adopting?

Accepted Answer

Market development entails taking existing products to new target markets (or customer groups).

Question 6

Marketers for Olo candy have launched short-term promotions and advertising campaigns to boost the sales of the candy among its current consumers.Which of the following strategic approaches have the marketers for Olo candy adopted?

Accepted Answer

Olo candy has adopted the market penetration approach.The most common forms of innovation take either a market penetration or product development slant, focusing on current consumers with promotional tactics (market penetration), or looking to develop a new product for these current consumers (product development).

Question 7

Electric cars have been fairly slow to move along the adoption curve and gain significant sales.This suggest that they have yet to hit the ______ group.

Accepted Answer

Despite some sales success, electric cars have yet to hit the masses.This suggests that the early majority group has not embraced the new technology yet.

Question 8

Diversification refers to:

Accepted Answer

Higher risk considerations include either a market development or diversification strategy, taking the more expensive approach of either targeting new markets with current products (market development), or moving out into new markets with totally new products (diversification).

Question 9

Focusing on current customers with promotional tactics is referred to as _____.

Accepted Answer

The most common forms of innovation take either a market penetration or product development slant, focusing on current consumers with promotional tactics (market penetration), or looking to develop a new product for these current consumers (product development).

Question 10

_____ refers to a product having strong consumer appeal in a category with both growth and profit potential.

Accepted Answer

Market attractiveness refers to a product having strong consumer appeal in a category with both growth and profit potential.

Question 11

The new product development process includes seven steps, starting with new product _____.

Accepted Answer

The new product development process includes seven steps and starts with a clearly defined new product development strategy.

Question 12

Cleanwash advertised its new product, Cleanwash Gentle, as a laundry detergent with more non-chlorine bleach and more whiteners than its regular brand, but did not specify if it was safe on hands and clothes.The entire proposition was a confusing one and the detergent missed its mark in the market.Which of the following would most likely be the reason for the product's failure?

Accepted Answer

The detergent most likely failed because of its incomplete new concept definition.Ideally, before a new product is developed, it needs a well-defined, consumer-based reason for being.Its consumer insights must be clearly identified.If these areas are not clarified, the new products will have no meaningful positioning in the market.

Question 13

_____ is the step when the new product is brought to market with full-scale production, sales, and marketing support.

Accepted Answer

Commercialization is the step when the new product is brought to market with full-scale production, sales, and marketing support.

Question 14

Some older consumers have never owned a mobile cell phone.They are best described as

Accepted Answer

Nearly all of Canadian society has bought into the mobile phone technology.Those who have not are best described as laggards.

Question 15

Explain in brief the introduction stage of a product life cycle.

Accepted Answer

The answer of Explain in brief the introduction stage of...

Question 16

Jinny & Jingle, a biscuits manufacturing company, is adding a new flavour to its line of products.Explain this strategy.

Accepted Answer

The answer of Jinny & Jingle, a biscuits manufacturing company,...

Question 17

Describe the maturity stage of a product life cycle.

Accepted Answer

The answer of Describe the maturity stage of a product...

Question 18

Yezi Instant Noodles is a well-established brand.It has launched Yezi Instant Soup in four new and different flavours, to offer more variety to its existing consumers.This is an example of the _____ approach to new product development.

Accepted Answer

This is an example of the product development approach to new product development.The most common forms of innovation take either a market penetration or product development slant, focusing on current consumers with promotional tactics (market penetration), or looking to develop a new product for these current consumers (product development).

Question 19

Tigger breakfast cereal is well-established in its existing market in Canada.It launches a new range of products to appeal to a new customer base in Mexico.Which strategy has Tigger adopted in this scenario?

Accepted Answer

In this scenario, Tigger has adopted the diversification strategy to new product development.Higher risk considerations include either a market development or diversification strategy, taking the more expensive approach of either targeting new markets with current products (market development), or moving out into new markets with totally new products (diversification).

Question 20

Which of the following is a marketer adopting if he is targeting new markets with current products?

Accepted Answer

Higher risk considerations include either a market development or diversification strategy, taking the more expensive approach of either targeting new markets with current products (market development), or moving out into new arenas with totally new products (diversification).

Quiz 8: New Product Development