[MKT 201] Chapter 9 - Developing New Products and Managing the Product Life Cycle

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Which of the following describes fashion?

A currently accepted or popular mode of expression in a given field

With regard to the PLC stages, which of the following describes the decline stage?

A product's sales fade away

What is the definition of a fad?

A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity

What is the name for the introduction of new product into the market?

Commercialization

__________ is new product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Customer-centered new product development

In which PLC stage does a product's sales fade away?

Decline stage

What is product development?

Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering

Which of the following is a product strategy in the maturity stage of the PLC?

Diversifying the brand and models

Which term refers to a currently accepted or popular mode of expression in a given field?

Fashion

In which PLC stage does a product's sales start climbing quickly?

Growth stage

__________ is the systematic search for new product ideas.

Idea generation

__________ involves filtering new product ideas to spot good ideas and drop poor ones as soon as possible.

Idea screening

Diversifying the brand and models is a product strategy in which stage of the PLC?

Maturity

__________ is the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.

New product development

What is team-based new product development?

New product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness

__________ is a product strategy in the introduction stage of the PLC.

Offering a basic product

Which of the following is a detailed version of the new product idea stated in meaningful consumer terms?

Product concept

__________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

Product development

__________ is a basic and distinctive mode of expression.

Style

__________ is new product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness

Team-based new product development

__________ is the stage of new product development in which the product and its proposed marketing are tested in realistic market settings.

Test marketing

What is concept testing?

The process of testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal

Style is __________.

a basic and distinctive mode of expression

A product concept is __________.

a detailed version of the new product idea stated in meaningful consumer terms

The process of testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal is __________.

concept testing

Marketing strategy development primarily involves __________.

designing an initial marketing strategy for a new product based on the product concept

Offering a basic product is a product strategy in the __________ of the PLC.

introduction stage

The __________ is the PLC stage in which a new product is first distributed and made available for purchase.

introduction stage

In the introduction stage of the PLC, a __________.

new product is first distributed and made available for purchase

In the maturity stage of the PLC, a __________.

product's sales growth slows or levels off

New product development refers to __________.

the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts

Idea generation is __________.

the systematic search for new product ideas


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