Question 1

The stage of the new product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections is referred to as
A)idea generation.
B)business analysis.
C)marketing analysis.
D)product development.
E)commercialization.

Accepted Answer

This stage is commonly known as business analysis, where the product is evaluated for its viability, and financial projections and marketing strategies are developed. Idea generation is where new product ideas are brainstormed, Marketing analysis is the stage where market research is conducted, and product development is where the actual product is designed and tested. Commercialization is the final stage where the product is introduced to the market.

Question 2

Factors such as specifying product features, marketing strategy, and financial projections are a part of which stage of the new-product process?
A)idea generation
B)market testing
C)development
D)commercialization
E)business analysis

Accepted Answer

Factors such as specifying product features, marketing strategy, and financial projections are a part of the business analysis stage of the new-product process. This stage involves analyzing the potential profitability and feasibility of the new product idea.

Question 3

Because early-stage financing is almost always a problem for those starting a new business, __________ is a way to gather an online community of supporters to financially rally around a specific project that is unlikely to get resources from traditional sources.
A)crowdfunding
B)open sourcing
C)venture capital
D)online banking
E)crowdsourcing

Accepted Answer

Crowdfunding is the only option that addresses early-stage financing for new businesses and involves gathering financial support from an online community. Open sourcing, venture capital, online banking, and crowdsourcing may be relevant to startups, but they do not specifically address the funding challenges faced by new businesses.

Question 4

All of the following actions occur during the business analysis stage of the new-product process EXCEPT:
A)using capacity management to find ways to match the availability of the service offering to when it is needed.
B)assessing the marketing and product synergies related to the company's existing operations.
C)turning the idea on paper into a prototype.
D)determining whether the new product can be protected with a patent or copyright.
E)assessing whether the proposed new product fits with the company's mission and objectives.

Accepted Answer

The answer of All of the following actions occur during...

Question 5

Which of the following firms uses crowdfunding to raise capital for products that are unlikely to get resources from traditional sources?
A)IDEO
B)Kickstarter.com
C)Warren Buffet's Berkshire Hathaway
D)the Industrial Design Group
E)Unfundale.com

Accepted Answer

Kickstarter.com is a crowdfunding platform that specifically allows entrepreneurs to raise capital for products that may not have access to traditional sources.

Question 6

An external evaluation with consumers that consists of preliminary testing of a new-product idea rather than the actual product is referred to as
A)new-product strategy development.
B)idea generation.
C)crowdsourcing.
D)market testing.
E)a concept test.

Accepted Answer

A concept test is a type of external evaluation with consumers that tests the viability of a new-product idea rather than the actual product. It allows companies to gather feedback and refine their ideas before investing time and resources into actually creating the product. The other options listed focus on different stages of the product development process, but do not specifically address the preliminary testing of ideas.

Question 7

Detailed financial projections and assessments of marketing and product synergies are a part of which stage of the new-product process?
A)idea generation
B)market testing
C)business analysis
D)development
E)commercialization

Accepted Answer

Detailed financial projections and assessments of marketing and product synergies are conducted during the business analysis stage of the new-product process. This stage evaluates the potential profit, costs, and risks associated with launching the new product. It involves analyzing the market size, competition, pricing, and other factors to determine whether the product is viable from a business perspective.

Question 8

__________ includes considering employee interactions with customers to ensure they are consistently delivered and experienced, clearly differentiated from other offerings, and relevant and valuable to the target market.
A)Capacity management
B)Customer experience management
C)Derived demand
D)Internal marketing
E)The key service factor

Accepted Answer

This statement is referring to the concept of customer experience management, which involves ensuring that all aspects of a customer's interaction with a company are positive and consistent. This includes employee interactions with customers, as well as other factors such as product offerings and pricing. Capacity management, derived demand, and the key service factor are all important concepts in service management, but they are not directly related to the idea of managing the customer experience. Internal marketing is also relevant, but it focuses specifically on marketing efforts directed at employees rather than customers.

Question 9

A 3M researcher worked with university students to develop the Post-it^→ Flag Highlighter. His team evaluated the technical feasibility of the proposed design and determined whether the idea met the firm's new-product objectives. At which stage of the new-product process was this product? A)idea generation B)screening and evaluation C)business analysis D)new-product strategy development E)concept testing

Accepted Answer

The researcher and his team evaluated the technical feasibility and determined whether the idea met the firm's new-product objectives, which is done during the screening and evaluation stage of the new-product process.

Question 10

Screening and evaluation refers to the stage of the new-product process
A)at which prospective customers are exposed to new product prototypes for the first time.
B)at which new product concepts that have been found viable are converted into actual prototypes.
C)that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort.
D)that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.
E)where consumers evaluate a new product's performance in an actual-use situation.

Accepted Answer

Screening and evaluation involves the internal and external evaluation of new-product ideas to determine which ones are viable and which ones should be eliminated from further consideration. This stage aims to ensure that the new product will be worth the effort and resources needed for development and launch. Options A, B, D, and E refer to other stages of the new-product process.

Question 11

Business analysis refers to the stage of the new product process
A)where the target markets are selected and resources are allocated to reach them.
B)where the target market segments that show potential are selected and those that do not are eliminated.
C)that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections.
D)where there is a formal accounting of all monies spent on R&D to determine the return on investment (ROI) that the new product will give back to the firm.
E)that internally and externally evaluates new-product ideas to eliminate those warranting no further effort.

Accepted Answer

Business analysis is the stage in the new product process where the specific features of the product are determined, along with the marketing strategy needed to bring it to market, and financial projections are made. This stage involves a detailed analysis of the feasibility of the product, including its potential target markets and profitability. This analysis helps the firm decide whether to move forward with product development or not.

Question 12

Customer experience management (CEM) is
A)the integration of the service component of the marketing mix with efforts to influence consumer demand.
B)the unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
C)the process of managing the entire customer experience within the company.
D)a cluster of benefits that an organization promises customers to satisfy their needs.
E)the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience

Accepted Answer

Customer experience management (CEM) is the process of managing the entire customer experience within the company. It is not just about offering a good product or service but also about creating positive interactions and relationships with customers throughout their journey with the company. CEM involves designing and delivering a seamless and enjoyable experience at every touchpoint and ensuring that customers feel valued and satisfied with their overall experience.

Question 13

The __________ stage of the new-product process includes an examination of the technical feasibility for the product, such as 3M determining that the firm's micro-replication technology (the 3,000 tiny gripping fingers) could be used to improve the gripping power of batting or work gloves.
A)development
B)Stage-Gate
C)idea generation
D)business analysis
E)screening and evaluation

Accepted Answer

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

Question 14

A general review of possible marketing and product synergies, economic analysis, and cannibalization potential would all take place during which stage of the new-product process?
A)business analysis
B)screening and evaluation
C)new-product strategy development
D)development
E)These activities are addressed at every stage except new-product strategy development.

Accepted Answer

A general review of possible marketing and product synergies, economic analysis, and cannibalization potential would all be part of the business analysis stage of the new-product process. This stage involves a detailed evaluation of the potential success of the new product, including analyzing market demand, competition, and profitability.

Question 15

The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort is referred to as __________.
A)development
B)stage-gate
C)idea generation
D)business analysis
E)screening and evaluation

Accepted Answer

The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort is referred to as screening and evaluation. This stage helps in identifying the most promising ideas for further development while eliminating those that are less likely to succeed.

Question 16

The screening and evaluation stage of the new-product process involves
A)internal and external evaluations of new-product ideas.
B)product selection and budgeting projections.
C)business and cost analyses.
D)patent searches and environmental scanning.
E)idea selection and prototype development.

Accepted Answer

The screening and evaluation stage involves both internal and external evaluations of new-product ideas to determine their feasibility and potential for success. Product selection, budgeting projections, business and cost analyses typically occur in later stages of the new-product process. Patent searches and environmental scanning may be conducted during the idea generation stage. Prototype development typically occurs in the next stage of the process.

Question 17

An important aspect of the screening and evaluation stage of the new-product process is an examination of the technical feasibility for the product. For example, 3M was able to use the firm's micro-replication technology (the 3,000 tiny fingers) to
A)improve the gripping power of batting or work gloves.
B)keep baseball caps from sliding off the heads of bald men.
C)make Formula One race cars more aerodynamic.
D)as a replacement for Velcro's hook-and-loop fasteners.
E)hold pictures in a photo album without damaging them.

Accepted Answer

The micro-replication technology can be used to improve the gripping power of gloves used for batting or work, providing better performance and safety for the users.

Question 18

Concept tests are part of which stage in the new-product process?
A)development
B)screening and evaluation
C)idea generation
D)new-product strategy development
E)business analysis

Accepted Answer

Concept tests are used in the screening and evaluation stage of the new-product process to assess the viability of a new product idea.

Question 19

A concept test is an
A)internal evaluation among members of the entire cross-functional new-product development team that consists of preliminary testing of a new-product idea rather than the actual product.
B)external evaluation with consumers that consists of preliminary testing of a new-product idea rather than the actual product.
C)internal evaluation that consists of preliminary testing of a new-product idea using a mock-up or prototype of the new item.
D)in-house computer simulation of the new product that closely resembles the actual product to forecast sales.
E)in-depth questionnaire filled out both by internal marketing personnel and external customers to ensure that the final product meets all the needs expressed in the original product plan.

Accepted Answer

A concept test is an external evaluation with consumers that consists of preliminary testing of a new-product idea rather than the actual product. It is an important step in the new product development process to ensure that the concept resonates with the target market before investing in further development and launch.

Question 20

An assessment of the fit of the proposed new products, from whether it can be economically developed and manufactured to the marketing strategy needed, take place during which stage of the new-product process?
A)business analysis
B)screening and evaluation
C)new-product strategy development
D)development
E)These activities are addressed at every stage with the exception of new-product strategy development.

Accepted Answer

The business analysis stage is where the proposed new products are assessed for economic feasibility, including development and manufacturing costs. The marketing strategy needed for the new products is also evaluated during this stage. Therefore, option A is the correct choice.

Quiz 9: Developing New Products and Services

The stage of the new product process that specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections is referred to as

Factors such as specifying product features, marketing strategy, and financial projections are a part of which stage of the new-product process?

Because early-stage financing is almost always a problem for those starting a new business, __________ is a way to gather an online community of supporters to financially rally around a specific project that is unlikely to get resources from traditional sources.

All of the following actions occur during the business analysis stage of the new-product process EXCEPT:

Which of the following firms uses crowdfunding to raise capital for products that are unlikely to get resources from traditional sources?

An external evaluation with consumers that consists of preliminary testing of a new-product idea rather than the actual product is referred to as

Detailed financial projections and assessments of marketing and product synergies are a part of which stage of the new-product process?

__________ includes considering employee interactions with customers to ensure they are consistently delivered and experienced, clearly differentiated from other offerings, and relevant and valuable to the target market.

A 3M researcher worked with university students to develop the Post-it→ Flag Highlighter. His team evaluated the technical feasibility of the proposed design and determined whether the idea met the firm's new-product objectives. At which stage of the new-product process was this product?

Screening and evaluation refers to the stage of the new-product process

Business analysis refers to the stage of the new product process

Customer experience management (CEM) is

The __________ stage of the new-product process includes an examination of the technical feasibility for the product, such as 3M determining that the firm's micro-replication technology (the 3,000 tiny gripping fingers) could be used to improve the gripping power of batting or work gloves.

A general review of possible marketing and product synergies, economic analysis, and cannibalization potential would all take place during which stage of the new-product process?

The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort is referred to as __________.

The screening and evaluation stage of the new-product process involves

An important aspect of the screening and evaluation stage of the new-product process is an examination of the technical feasibility for the product. For example, 3M was able to use the firm's micro-replication technology (the 3,000 tiny fingers) to

Concept tests are part of which stage in the new-product process?

A concept test is an

An assessment of the fit of the proposed new products, from whether it can be economically developed and manufactured to the marketing strategy needed, take place during which stage of the new-product process?

A 3M researcher worked with university students to develop the Post-it^→ Flag Highlighter. His team evaluated the technical feasibility of the proposed design and determined whether the idea met the firm's new-product objectives. At which stage of the new-product process was this product?