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Exam 9: New Product Development and Product Life-Cycle Strategies

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Question 31

Multiple Choice

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When a product is in the maturity stage, the company should most likely consider ________.

A) harvesting the product or market
B) modifying the product, market, or marketing mix
C) divesting the product line
D) liquidating the firm's assets
E) dropping the product from its market offerings

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Question 32

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Which of the following focuses on finding new ways to solve customer problems and create more customer-satisfying experiences?

A) concept testing process
B) customer value proposition
C) customer-centered new product development
D) customer lifetime value
E) team-based new product development

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Question 33

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Why are customers often considered the most important sources of new product ideas?

Acquisition refers to ________.

According to the text, the search for new product ideas should most likely be ________.

Steelz Inc. has designed a process that manufactures an improved version of steel more efficiently, which will save the firm both money and resources. In considering the launch of this new steel in the market, the firm must first decide on ________.

Which of the following statements is true of the idea generation stage in the new product development process?

Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________.

CellTones, a new company selling several types of cellular phones, has closely modeled its products after successful products that are already in the marketplace. As it prepares to enter the market with its new products and services, which of the following should concern CellTones the most?

Differentiate between a product idea, a product concept, and a product image.

Which of the following is a consequence of standardizing an international product?

Refer to the scenario below to answer the following question(s). Most people laughed when Evelyn Ringler explained her product idea: a solar-powered vacuum cleaner. But the concept was practical and the technology used in the vacuum was the same as that used in many electronic toys. After setting up a demonstration booth in a mall in a Chicago suburb, Evelyn felt more assured than ever that her idea would be a hit. Consumers seemed receptive and offered helpful pieces of advice, such as how much they would pay for the vacuum, what colors they would prefer, and why they would not buy the vacuum. The vacuum itself was shaped like a small saucer, with a filter bag on top and sensory nodes along the edges. After being charged in the sunlight, the vacuum could run for 7 hours, covering a floor area of 600 square feet. As the apparatus lightly bumped into table legs, chairs, and so on, the sensory nodes allowed the vacuum to move around the objects in various directions. This is the same type of technology used in the manufacture of children's racecars and walking dolls. Evelyn knew that the solar-powered vacuum would be especially helpful to both elderly consumers, who may have a more difficult time with vacuuming, and on-the-go consumers who lead busy lives. The price would be above average but would likely be reduced after Evelyn recouped some of her costs. After a 500-unit production run and a substantial financial investment, Evelyn set up a multiple-city test market, in a Chicago mall and in an appliance store in New Jersey and several other retail stores in Florida. "It's such a novel idea," Evelyn added. "People will notice it, even if they don't buy it right away." -A company launching a new product into the market must first decide where to launch the product.

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

Explain how the PLC applies differently to a product class than to a product form.

Explain why the PLC can be applied to more than just brands.

A review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives is called a ________.

Big Moose Toys is a market pioneer introducing a modern version of Bubble the Moose, a character from an animated television series originally broadcast in the '50s and '60s. The company's version of Sandy the Flying Squirrel, a character from the show targeted to baby boomers, was a strong success. Since the firm is a market pioneer, it needs to make the new launch strategy for Bubble the Moose consistent with the intended ________.

Neutron Inc. is conducting a business analysis to determine which of the many newly developed apps should be released. To estimate sales, the company must ________.

What are the two advantages of an innovation management system for developing new products? Provide four strategies for a company to use to establish a successful system.

Manufacturers must comply with specific laws regarding ________.