MKT243 CHAPTER 6 NEW PRODUCT DEVELOPMENT

10. Which stage in the PLC normally lasts longer and poses strong challenges to the marketing managers?

8. New product development starts with _____.

6. New products are important to sustain growth, increase revenue and profits and replace obsolete items.

7. Increasing competition, aggressive promotions, and healthy profits are found in the ___________ stage of the PLCycle.

3. The final stage in the new-product development process is commercialization.

2. A new product can fail when the company overestimates the market size.

11. A detailed version of a new idea stated in meaningful customer terms is called a product

4. Test marketing is done to know the feedback about our product from the market.

12. Increasing profits will most likely occur at the growth stage of the PLC.

15. In the ________profits are negative or low because of the low sales and high distribution and promotion expenses

8. Products that are in the decline stage can be cycled back to the growth stage through promotion or repositioning

9. Product improvements, product modifications, and original products can all be classified as ________.

5. Existing products that are targeted to new markets or market segments are_________

14. Sources of new product ideas are customers, business analysis, competitors, distributors, and suppliers.

1. The purpose of idea generation is to create a large number of ideas.