Companies should take a holistic approach to new product development. This means that the process should be ____

customer-centered, team-based, and systematic

Which of these actions is NOT a way a firm can obtain new products?

Extend product availability into other countries.

Which of these reasons is NOT one of the causes of new product failure?

The product's profit margin could be too high.

What are the two ways by which a company can obtain new products?

Acquisitions and a company's own product development

What is a product concept?

Detailed version of a product idea stated in meaningful consumer terms.

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Chapter 9

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Questions 15

Answers

1
Companies should take a holistic approach to new product development. This means that the process should be ____
compartmentalized, team-based, and company-centered
customer-centered, team-based, and systematic
customer-centered, compartmentalized, and systematic
customer-centered, team-based, and haphazard
2
At which stage of the product development process is a prototype of the product developed and tested?
Business analysis
Test marketing
Concept development
Product development
3
Through _________ a company invites broad communities of people into the innovation process.
concept testing
idea screening
crowdsourcing
test marketing
4
Which of these actions is NOT a way a firm can obtain new products?
Acquire a new product.
Develop an original product.
Make product improvements.
Extend product availability into other countries.
5
Which of these sources is an external source of new product ideas?
Recognizing "hidden" ideas
Using technology to generate ideas
Unbundling existing offerings
Learning from customers
6
Which of these reasons is NOT one of the causes of new product failure?
The product might be launched at the wrong time.
The firm may overestimate market demand.
The product's profit margin could be too high.
The product may be poorly designed.
7
What percent of new products ultimately fail?
0.65
0.95
0.45
0.75
8
What is the first step of the new product development process?
Marketing strategy development
Business analysis
Idea generation
Idea screening
9
At which stage of the product life cycle do competitors enter the market?
Maturity
Decline
Growth
Introduction
10
__________ is the first stage of the product life cycle.
Introduction
Maturity
Decline
Product development
11
Marketers should carefully consider public policy issues and regulations regarding all of the following EXCEPT _______.
patent protection
product warranties.
product quality and safety
product development
12
What are the two ways by which a company can obtain new products?
Generating ideas and testing concepts
A company's own product development and internal R&D
Acquisitions and a company's own product development
Acquisitions and licensing
13
One of the advantages of product and service standardization for the international market is ________.
a consistent worldwide image
higher manufacturing costs
globally, consumers are the same
it is always more profitable
14
Profits increase during the __________ stage of the product life cycle.
growth
maturity
introduction
product development
15
What is a product concept?
Detailed version of a product idea stated in meaningful consumer terms.
It is an idea for a possible product.
It is an approach to screening new product ideas.
It is how consumers perceive a real or imagined product.

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