Question 1

an organization's perspective regarding its new products and innovations,which of the following new-product strategies has the highest level of risk?

Accepted Answer

A radical invention involves creating something completely new and innovative which has not been tested in the market before. This involves a high level of uncertainty and risk as it may not be well-received by consumers or may not fit into existing market structures.

Question 2

statement that identifies: (1)a well-defined target market; (2)specific customers' needs,wants,and preferences; and (3)what the product will be and do to satisfy consumers is referred to as a new product's

Accepted Answer

A protocol is a statement that outlines a well-defined target market, specific customer needs, wants, and preferences, and what the product will be and do to satisfy consumers.

Question 3

an organization's perspective regarding its new products and innovations,which of the following new-product strategies has the lowest level of risk?

Accepted Answer

A product line extension involves adding new products to an existing product line, which typically carries less risk as it leverages the existing brand's reputation and customer base.

Question 4

Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1)__________; (2)specific customers' needs,wants,and preferences; and (3)what the product will be and do to satisfy consumers.

Accepted Answer

A well-defined target market is essential for a firm to know who their potential customers are and what their needs and preferences are before developing a new product. This can help ensure that the product will meet the needs of the target market and increase the likelihood of success in the market. Choices (A), (B), (C), and (E) may also be important considerations in product development, but they are not as critical as having a clear target market.

Question 5

Using an existing brand name to introduce a product that is new to the company into a totally new,unfamiliar market seems like a good idea.This is what Bic did when it introduced __________,and it failed quickly.

Accepted Answer

Introducing a product that is completely different from the company's existing products (e.g., pens and lighters) into a completely new and unfamiliar market (e.g., disposable underwear) is a risky move. Bic's attempt to use its established brand name to sell disposable underwear was a failure because the market was unfamiliar with the company in that product category, and the existing loyal customers of Bic's other products did not have any interest in buying the new product. Additionally, the company lacked the expertise and experience necessary to make a successful venture into this particular market.

Question 6

product failures may be reduced or avoided if the company developing the new product has

Accepted Answer

The answer of product failures may be reduced or avoided...

Question 7

Prego recently introduced a Pasta Bake Sauce,which was made so that it was not necessary to precook the pasta before blending pasta,sauce,meat,and cheese in a casserole.Legally,this product would only be considered new

Accepted Answer

A product is typically considered "new" for a limited time, often defined as six months, after its introduction to the market.

Question 8

Clean is an antibacterial cleaning liquid for home use.If Proctor and Gamble (P&G),the manufacturer of Mr.Clean,added Mr.Clean Magic Eraser Bath Scrubber to the Mr.Clean product line,it would be seen by P&G

Accepted Answer

Mr. Clean Magic Eraser Bath Scrubber would be a product line extension, meaning it is a new product from P&G's perspective that is added to an existing product line. This is a common strategy for companies to expand their offerings without introducing completely new products. It is not a discontinuous innovation as it is building upon an existing product, and it is not a high-risk product mix extension since P&G already has experience in the cleaning market. The Federal Trade Commission's involvement with new products is unrelated to P&G's perspective on the product. The fact that it may not represent a new SKU is also not relevant to whether it is a new product from P&G's perspective.

Question 9

Using an existing brand name to introduce a product that is new to the company into a totally new,unfamiliar market seems like a good idea.This is what Cosmopolitan magazine did when it introduced __________,and it failed quickly.

Accepted Answer

The answer of Using an existing brand name to introduce...

Question 10

Figure 10-2
-According to Figure10-2 above,column "C" represents a

Accepted Answer

Figure 10-2 shows that with a continuous innovation,consumers don't need to learn new behaviors.The marketing strategy is to gain consumer awareness and wide distribution.

Question 11

Which of the following new products is the best example of the lowest level of risk from the company's point of view?

Accepted Answer

Adding a new flavor of cereal is a low-risk product introduction as it does not involve a significant shift in the company's existing product line or require substantial investment in research and development.

Question 12

Federal Trade Commission (FTC)considers a product "new" only

Accepted Answer

The answer of Federal Trade Commission (FTC)considers a product "new"...

Question 13

of the following were brand extension disasters EXCEPT:

Accepted Answer

Windows Vista was a software product by Microsoft, not a brand extension into an unrelated product category like the other examples.

Question 14

Using an existing brand name to introduce a product that is new to the company into a totally new,unfamiliar market seems like a good idea.This is what Harley-Davidson magazine did when it introduced __________,and it failed quickly.

Accepted Answer

Harley-Davidson introduced a perfume, which was a product that did not align with its brand image and market, leading to its failure.

Question 15

new product protocol should be created

Accepted Answer

The new product protocol should be created before the product is even developed to ensure that all aspects of the product's development and launch are planned and coordinated.

Question 16

Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1)a well-defined target market; (2)__________; and (3)what the product will be and do to satisfy consumers.

Accepted Answer

A precise protocol should identify specific customers' needs, wants, and preferences in order to develop a product that satisfies them. The other options are important considerations, but they are not the primary focus of the protocol statement.

Question 17

Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1)a well-defined target market; (2)specific customers' needs,wants,and preferences; and (3)__________.

Accepted Answer

The third component that should be identified in a precise protocol before developing a new product is what the product will be and do to satisfy consumers. This includes the features, benefits, and value proposition that the product offers to meet the specific needs, wants, and preferences of the target market and customers. The other options may also be important considerations, but they are not as essential as having a clear understanding of the product's intended value and benefits for consumers.

Question 18

Figure 10-2
-According to Figure 10-2 above,column "B" represents a

Accepted Answer

The answer of  Figure 10-2
-According to Figure 10-2 above,column...

Question 19

Ideally,before a new product is developed,a firm should have a precise __________,which is a statement that identifies: (1)a well-defined target market; (2)specific customers' needs,wants,and preferences; and (3)what the product will be and do to satisfy consumers.

Accepted Answer

The precise statement being referred to in the question is a product protocol or product definition. It outlines the target market, customers' needs, wants, and preferences, as well as the product features that will satisfy those needs. Therefore, the best choice for the blank would be "protocol" (option D).

Question 20

new product protocol refers to

Accepted Answer

A new product protocol is a statement that identifies a well-defined target market, specific customers' needs, wants, and preferences, and what the product will be and do to satisfy consumers.

Quiz 10: Developing New Products and Services

an organization's perspective regarding its new products and innovations,which of the following new-product strategies has the highest level of risk?

statement that identifies: (1) a well-defined target market; (2) specific customers' needs,wants,and preferences; and (3) what the product will be and do to satisfy consumers is referred to as a new product's

an organization's perspective regarding its new products and innovations,which of the following new-product strategies has the lowest level of risk?

Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1) __________; (2) specific customers' needs,wants,and preferences; and (3) what the product will be and do to satisfy consumers.

Using an existing brand name to introduce a product that is new to the company into a totally new,unfamiliar market seems like a good idea.This is what Bic did when it introduced __________,and it failed quickly.

product failures may be reduced or avoided if the company developing the new product has

Prego recently introduced a Pasta Bake Sauce,which was made so that it was not necessary to precook the pasta before blending pasta,sauce,meat,and cheese in a casserole.Legally,this product would only be considered new

Clean is an antibacterial cleaning liquid for home use.If Proctor and Gamble (P&G) ,the manufacturer of Mr.Clean,added Mr.Clean Magic Eraser Bath Scrubber to the Mr.Clean product line,it would be seen by P&G

Using an existing brand name to introduce a product that is new to the company into a totally new,unfamiliar market seems like a good idea.This is what Cosmopolitan magazine did when it introduced __________,and it failed quickly.

Figure 10-2 -According to Figure10-2 above,column "C" represents a

Which of the following new products is the best example of the lowest level of risk from the company's point of view?

Federal Trade Commission (FTC) considers a product "new" only

of the following were brand extension disasters EXCEPT:

Using an existing brand name to introduce a product that is new to the company into a totally new,unfamiliar market seems like a good idea.This is what Harley-Davidson magazine did when it introduced __________,and it failed quickly.

new product protocol should be created

Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1) a well-defined target market; (2) __________; and (3) what the product will be and do to satisfy consumers.

Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1) a well-defined target market; (2) specific customers' needs,wants,and preferences; and (3) __________.

Figure 10-2 -According to Figure 10-2 above,column "B" represents a

Ideally,before a new product is developed,a firm should have a precise __________,which is a statement that identifies: (1) a well-defined target market; (2) specific customers' needs,wants,and preferences; and (3) what the product will be and do to satisfy consumers.

new product protocol refers to