Chapter 9 Quiz

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When Dr. Footcare developed and launched a revolutionary new walking​ shoe, he knew that during the introductory stage of the product life cycle​ (PLC) __________.

sales would be slow and profits nonexistent

Which of the following is the most likely circumstance for a company to decide to do little or no test​ marketing?

when the costs of developing and introducing the product are low

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) __________ approach to new product development.

systematic

To succeed in​ France, McDonalds had to​ __________.

tailor their operations to local French preferences

What is included in the first part of a marketing strategy​ statement?

target market description

Which of the following statements regarding the growth stage of the product life cycle is​ correct?

Companies face a​ trade-off between high market share and high profits.

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?

Growth

Which of the following statements about new product development strategy is​ correct?

Innovation can be very expensive and very risky.

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?

Marketing strategy development

Most products today are in which stage of their product life​ cycle?

Maturity

​________ is the product life cycle period when sales growth slows because the product has achieved acceptance. Profits level off because marketing costs increase in the face of competition.

Maturity

Which of the following would be an appropriate strategy during the maturity stage of the product​ lifecycle?

Modify the​ market, product​ offering, or marketing mix.

Which of the following statements characterizes the introduction stage of the​ PLC?

Profits are non-existent

Which of the following statements regarding standard test marketing is​ correct?

Test marketing can be costly and delay commercialization of the product.

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

The company can analyze customer questions and complaints to find new products that better solve consumer problems.

According to the​ text, the most successful new products satisfy three criteria. What are these​ criteria?

They solve a major customer​ problem, are​ differentiated, and offer a compelling value proposition.

What must companies do to create successful new​ products?

Understand its​ consumers, markets, and competitors and develop products that deliver superior value.

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​ ________.

business analysis

During the idea generation stage of the new product development​ process, it is important that​ __________.

companies create a large number of ideas

What causes a specific​ brand's life cycle to change​ quickly?

competitive attacks and responses

One recent development in generating new product ideas is for a company to invite broad communities of people such as​ employees, customers, and even the public at large into the innovation process. This is known as​ __________.

crowdsourcing

The product life cycle presents challenges. Which of the following is LEAST likely to require a company to adapt its marketing​ strategies?

decreased manufacturing costs

Which of the following stages of the PLC is characterized with the same level or slightly higher level of promotional expenditures in an attempt to respond to increasing​ competition?

growth

Which of the following is a common reason for new product​ failure?

incorrect estimation of the market size

Which of the following would lead to greater competition in the maturity stage of the​ PLC?

overcapacity


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