Question 1

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 Colgate,maker of toothpaste,did when it introduced __________,which failed quickly.

Accepted Answer

Colgate introduced frozen dinners under the brand name "Colgate Kitchen Entrees," which failed because consumers found it difficult to associate a toothpaste brand with food products.

Question 2

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 is referred to as a new product's or service's

Accepted Answer

A protocol is a statement that outlines the target market, customer needs, and how the product will satisfy those needs.

Question 3

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.Several years ago,Harley-Davidson introduced perfume under the Harley-Davidson brand name-and it failed quickly.This innovation strategy is known as a

Accepted Answer

This innovation strategy is known as a brand extension, where a company uses an existing brand name to introduce a new product into a different market or product category. In this case, Harley-Davidson used their brand name to introduce a new product, perfume, into a market (fragrance) that was not directly related to their core business (motorcycles). However, the brand extension failed, possibly because the target market for the perfume did not associate the Harley-Davidson brand with fragrances, or because the company did not have enough experience or expertise in the fragrance industry.

Question 4

New product or service failures may be reduced or avoided if the company developing them has

Accepted Answer

The answer of New product or service failures may be...

Question 5

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 to an existing product line is a minimal risk compared to creating a completely new product or making a major change to an existing product (options B, C, and D). Offering online classes rebranded under a new name may have some risk, but it is still not as high as the other options.

Question 6

From 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 introducing a completely new product or disruptive technology, which carries the highest level of risk as it has no established market or customer base. This strategy requires significant investment, research, and development and there is no guarantee of success or acceptance by the market.

Question 7

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.Several years ago,Bic-the marketer of disposable pens,disposable lighters,and disposable shavers,decided to introduce disposable underwear under the Bic brand name-and it failed quickly.This innovation strategy is known as a

Accepted Answer

This innovation strategy is known as brand extension, which is using an existing brand name to introduce a product that is new to the company into a totally new, unfamiliar market. Bic introduced a new product, disposable underwear, under the existing Bic brand name. However, the product failed quickly as it did not match the brand image and did not appeal to the target market.

Question 8

Ideally,before a new product or service 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 element that should be included in a precise protocol is a clear statement on what the product or service will be and do to satisfy consumers. This statement will guide the development process and ensure that the final product meets the needs of the target market. While items B-E may be important considerations in product development, they are not the specific elements that comprise a precise protocol.

Question 9

Ideally,before a new product or service 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 or service will be and do to satisfy consumers.

Accepted Answer

Before developing a new product or service, a firm should have a clear understanding of its target market and its specific customers' needs, wants, and preferences. Identifying these factors will help the firm create a product or service that will best satisfy consumers. A plan for distribution, an analysis of potential competitors' products or services, a budget, and financial goals are also important, but they are not as essential as knowing the target market and customers' needs.

Question 10

Ideally,before a new product or service 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 or service will be and do to satisfy consumers.

Accepted Answer

A protocol is a detailed plan or statement that outlines the target market, customer needs, and the product or service's features and benefits, ensuring alignment with consumer expectations before development begins.

Question 11

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 as

Accepted Answer

Adding a new product to an existing product line is a product line extension.

Question 12

Less than __________ of new consumer packaged goods (CPG)exceed first-year sales of $50 million-the benchmark of a successful CPG launch.

Accepted Answer

The answer of Less than __________ of new consumer packaged...

Question 13

From 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 lower risk as it leverages the existing brand reputation and customer base.

Question 14

Most American families buy the same __________ items over and over again-making it difficult to gain buyers for new products.

Accepted Answer

The answer of Most American families buy the same __________...

Question 15

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 period, often defined as six months, after its introduction to the market.

Question 16

A new product or service protocol should be created

Accepted Answer

Creating a new product or service protocol before the product is even developed ensures that the necessary guidelines, procedures, and specifications are established from the beginning. This can avoid any potential issues or problems during the development process and ensure that the final product is consistent with the intended goals and quality standards.

Question 17

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.Several years ago,Cosmopolitan magazine introduced Cosmopolitan-branded yogurt,and it failed quickly.This innovation strategy is known as a

Accepted Answer

This innovation strategy is known as brand extension, where an existing brand name is used to introduce a new product into the market. The failure of Cosmopolitan-branded yogurt suggests that this type of innovation strategy is not always successful and requires careful consideration and research before implementation.

Question 18

A new product or service protocol refers to

Accepted Answer

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

Question 19

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.A few years ago,Frito-Lay thought this was a great new-product concept: Why not develop Frito-Lay Lemonade as a thirst-quencher for those consumers who also like Frito-Lay's salty snacks such as Fritos corn chips? But when people think of the brand name "Frito-Lay," thirst-quenching is not a benefit that comes to mind.So the "logic" lost out and Frito-Lay Lemonade failed.This innovation strategy is known as a

Accepted Answer

Frito-Lay attempted a brand extension by introducing a new product (lemonade) under their existing brand name to appeal to their current snack-loving consumers. However, the new product did not fit with the brand's existing image and failed in the new market.

Question 20

Ideally,before a new product or service 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 or service will be and do to satisfy consumers.

Accepted Answer

A well-defined target market is crucial before developing a new product or service as it helps to identify the specific needs, wants, and preferences of the customers that the product or service will be designed to satisfy. This information is fundamental in developing a successful marketing strategy. While the other options such as a clear plan distribution, analysis of competitors' products, budget, and financial goals are essential, they cannot be developed without identifying the target market first.

Quiz 10: Developing New Products and Services

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 Colgate,maker of toothpaste,did when it introduced __________,which failed quickly.

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 is referred to as a new product's or service's

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.Several years ago,Harley-Davidson introduced perfume under the Harley-Davidson brand name-and it failed quickly.This innovation strategy is known as a

New product or service failures may be reduced or avoided if the company developing them has

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

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

Ideally,before a new product or service 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) __________.

Ideally,before a new product or service 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 or service will be and do to satisfy consumers.

Ideally,before a new product or service 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 or service will be and do to satisfy consumers.

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 as

Less than __________ of new consumer packaged goods (CPG) exceed first-year sales of $50 million-the benchmark of a successful CPG launch.