Marketing Chp 9

What must companies do to create successful new​ products? A. Understand its​ consumers, markets, and competitors and develop products that deliver superior value. B. Spend more on​ R&D than its competitors. C. Obtain successful products through acquisitions instead of doing internal development. D. Focus their new product development efforts only on consumers. E. Cut costs to keep the price of new products low.

Which of the following statements about new product development strategy is​ correct? A. A new product will succeed as long as it priced correctly. B. Innovation can be very expensive and very risky. C. New products are not a key source of growth for companies. D. New products are usually successful because consumers like new things. E. Developing new products is optional for companies with established brands.

Which of the following statements concerning new products is​ correct? A. Products that are merely improved in some way are not considered new. B. A modified product is not considered a new product. C. Modified and improved products are considered new. D. To be considered​ new, the product must be something consumers have not seen before. E. Most new products succeed within two years of their introduction.

What is the first step of the new product development​ process? A. Concept development and testing B. Idea screening C. Business analysis D. Idea generation .E. Marketing strategy development

At which stage of the new product development process is a physical product first​ developed? A. Marketing strategy development B. Concept development and testing C. Test marketing D. Product development E. Idea generation

During the idea generation stage of the new product development​ process, it is important that​ __________. A. companies create a large number of ideas B. companies avoid crowdsourcing as a source of new ideas C. companies generate a small number of ideas that seem feasible D. companies realize that it is illegal to use competitors as a source of new ideas E. companies limit their ideas to those that come from their internal​ R&D departments

What is a product​ concept? A. An idea for a new product B. A new product which is ready to be test marketed C. A working model of a new product D. A detailed version of a new product idea stated in meaningful consumer terms E. The image of a new product in​ consumer's minds

If a company finds that a new product concept is acceptable and should be moved​ forward, what is the next step in the new product development​ process? A. Business analysis B. Marketing strategy development C. Commercialization D. Product development E. Test marketing

One recent development in generating new product ideas is for a company to invite broad communities of peoplelong dashsuch as​ employees, customers, and even the public at largelong dashinto the innovation process. This is known as​ __________. A. test marketing B. crowdfunding C. intrapreneurial idea generation D. crowdsourcing E. concept testing

During concept​ testing, who is the product concept actually tested​ on? A. Broad groups of consumers B. Internal​ R&D engineers C. Employees in the​ company's marketing department D. Competitors E. Groups of target customers

Which of the following statements regarding standard test marketing is​ correct? A. New products are always test marketed. B. If test marketing is​ successful, the next step is to develop the product. C. Test marketing is conducted in a simulated market setting. D. Test marketing can be costly and delay commercialization of the product. E. A company usually tests only a small part of its marketing program in a test market.

According to the​ text, the most successful new products satisfy three criteria. What are these​ criteria? A. They appeal to a wide variety of​ consumers, are priced​ low, and can be mass marketed. B. They solve a major customer​ problem, are​ differentiated, and offer a compelling value proposition. C. They are​ differentiated, copy successful competitor​ products, and are priced low. D. They are something that has never been seen​ before, are priced​ low, and are offered on a limited basis. E. They solve a major customer​ problem, are​ differentiated, and are priced low.

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) __________ approach to new product development. A. haphazard B. sequential C. systematic D. ​team-based E. ​customer-centered

Companies should take a holistic approach to new product development. This means that the process should be​ __________. A. ​customer-centered, compartmentalized, and systematic B. ​customer-centered, team-based, and systematic C. ​customer-centered, team-based, and haphazard D. ​compartmentalized, team-based, and​ company-centered E. ​compartmentalized, sequential, and​ company-centered

When Dr. Footcare developed and launched a revolutionary new walking​ shoe, he knew that during the introductory stage of the product life cycle​ (PLC) __________. A. sales would be slow and profits nonexistent B. sales would be high and profits would level off or decline C. profits would rise quickly and there would be rapid market acceptance of the product D. sales would be slow but profits would be high E. sales would fall and profits would drop

Which of the following statements regarding the growth stage of the product life cycle is​ correct? A. Sales will be slow and profits will level off or decline. B. Sales begin to climb slowly. C. Early adopters are not yet buying the product. D. The company will still be free of competition. E. Companies face a​ trade-off between high market share and high profits.

Most products today are in which stage of their product life​ cycle? A. Product development B. Decline C. Maturity D. Growth E. Introduction

Which of the following would be an appropriate strategy during the maturity stage of the product​ lifecycle? A. Shift some advertising from building product awareness to building product conviction and purchase. B. Use promotional spending to inform consumers and get them to try the product. C. Modify the​ market, product​ offering, or marketing mix. D. Select products to​ maintain, harvest, or drop. E. Produce basic versions of the product and focus on selling to those buyers who are most ready to buy.

A firm improves product quality and adds new product features and models. It also shifts some advertising from building product awareness to building product conviction and purchase. At which stage of the product life cycle would this be a recommended​ strategy? A. Product development B. Introduction C. Maturity D. Decline E. Growth

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity is called​ a(n) __________. A. trend B. style C. fad D. fashion E. aberration

In the decline stage of the product life​ cycle, some companies continue to offer the product but reduce various​ costs, hoping that sales hold up. This is known as​ __________ the product. A. harvesting B. pruning C. liquidating D. dropping E. maintaining

Which of the following statements regarding socially responsible product decisions is​ correct? A. When companies drop​ products, they do not have any obligations to​ suppliers, dealers, and customers. B. Safety legislation has not yet been passed to regulate​ toys, automobiles, and fabrics. C. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition. D. Companies can safely ignore patent laws. E. Manufacturers are generally not concerned with product liability.

Which government agency has the authority to ban or seize potentially harmful products and set severe penalties for violation of the​ law? A. The Environmental Protection Agency​ (EPA) B. The Federal Trade Commission​ (FTC) C. The Small Business Administration​ (SBA) D. The Consumer Product Safety Commission​ (CPSC) E. The Food​ & Drug Administration​ (FDA)

Which of the following statements is true regarding standardizing products for international​ markets? A. Standardization helps a company develop a different image in different countries. B. Standardization ensures that products will succeed in foreign markets. C. Standardization decreases product​ design, manufacturing, and marketing costs. D. Markets and consumers all over the world are​ alike, so a company should always standardize international products. E. Standardization means that marketers do not have to adapt their product offerings for different international markets.

To succeed in​ France, McDonalds had to​ __________. A. use local bakeries to supply their baguettes B. tailor their operations to local French preferences C. keep the same restaurant design as in the United States D. standardize their products E. use the same cheeses on their burgers that are used in the United States