Question 1

JoAnn Fabrics has just created a new combination of colours and fabric types.The firm wants to be sure of the way consumers perceive its new product.The firm is concerned with the product ________.

Accepted Answer

The answer of JoAnn Fabrics has just created a new...

Question 2

The __________ is included in the second part of the marketing strategy statement,which also outlines the product's planned price and distribution for the first year.

Accepted Answer

The answer of The __________ is included in the second...

Question 3

A ___________ is used to develop an attractive idea.

Accepted Answer

The answer of A ___________ is used to develop an...

Question 4

Which of the following is a product concept?

Accepted Answer

A product concept is an elaborated version of an idea turned into a tangible form with distinct features and a detailed description of how it meets consumers' needs. Choice D describes not just the product (a thin, lightweight laptop) but also its unique selling proposition (extended battery life) and its target market (students and young professionals), making it a clear example of a product concept.

Question 5

A simple description consisting of a word or picture might be sufficient for some ________.

Accepted Answer

The answer of A simple description consisting of a word...

Question 6

The way consumers perceive an actual or potential product is called the ______________.

Accepted Answer

The answer of The way consumers perceive an actual or...

Question 7

New-product ideas often come from the external source known as _________________.

Accepted Answer

The answer of New-product ideas often come from the external...

Question 8

Your firm asks you to consult internal sources for new product ideas.Which of the following are common internal sources?

Accepted Answer

The firm's executives are a common internal source for new product ideas, as they are directly involved in the strategic direction and innovation within the company.

Question 9

Which of the following is the most likely reason that employees at your firm regularly attend trade shows and seminars?

Accepted Answer

Attending trade shows and seminars allows employees to observe the latest trends, innovations, and products in their industry, which can inspire new-product ideas. These events are rich sources of information and networking opportunities, making them ideal for gathering insights that could lead to the development of new products.

Question 10

Which of the following is described in the third part of the marketing strategy statement?

Accepted Answer

The answer of Which of the following is described in...

Question 11

Bob's Farmworks engaged in ______________ but only after concept testing.

Accepted Answer

The answer of Bob's Farmworks engaged in ______________ but only...

Question 12

Gerri's Home Innovations has just brainstormed a large number of ideas for adding new products and services.Gerri and her team will soon begin the first idea-reducing stage,called ________,to arrive at a realistic number to adopt

Accepted Answer

The answer of Gerri's Home Innovations has just brainstormed a...

Question 13

The planned product positioning,goals for sales,profits,and ________are all described in the first part of the marketing strategy statement

Accepted Answer

The answer of The planned product positioning,goals for sales,profits,and ________are...

Question 14

A ________ number of ideas are often needed in initial idea generation.From that point onward,the purpose of succeeding activities is to ________ that number

Accepted Answer

The answer of A ________ number of ideas are often...

Question 15

A product concept in ________ form is presented to groups of target consumers during the concept testing stage of new-product development.

Accepted Answer

The answer of A product concept in ________ form is...

Question 16

______________ are used during concept testing for new products.

Accepted Answer

The answer of ______________ are used during concept testing for...

Question 17

When groups of target consumers are used to test new-product concepts it is called ____________.

Accepted Answer

The answer of When groups of target consumers are used...

Question 18

Which of the following statements best explains why idea screening may be the most important step of new product development?

Accepted Answer

Idea screening is crucial because it focuses resources on the most promising ideas, preventing wasteful spending on concepts unlikely to succeed, thus saving the company significant product development costs.

Question 19

If terms that are meaningful to customers are used to describe a new idea it is often called a _____________.

Accepted Answer

The answer of If terms that are meaningful to customers...

Question 20

When an executive's writeup of a new-product idea is presented to a new-product committee,it is often called ___________________.

Accepted Answer

The answer of When an executive's writeup of a new-product...

Quiz 10: New-Product Development and Product Life-Cycle Strategies