MKTING 2500 Chap 8
__________ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
A fad
__________ is testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
Concept testing
__________ is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
Crowd Sourcing
__________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Customer-centered new product development
Phasing out weak items is a product strategy in the __________ phase.
Decline
The __________ is the PLC stage in which a product's sales fade away.
Decline Stage
__________ is a detailed version of a 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
__________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.
Team-based new product development
Which of the following is an external source of new product ideas for a company?
Trade magazines
To create successful new products, a company must _______.
Understand its consumers, markets, and competitors, and develop products that deliver superior value.
In the early 1970's, Gary Dahl sold pet rocks. The product had a short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product popularity, but then sales declined very quickly. The PLC sales pattern for pet rocks is known as ______.
a fad
Which of the following is NOT a product life cycle (PLC) stage?
commercialization
Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ________ to generate new product ideas.
crowd sourcing
The Learning Institute recently conducted a brainstorming session that generated a large number of ideas for adding new products and services. Learning Institute managers will most likely use ________ next to arrive at a realistic number of ideas to adopt.
idea screening
__________ is scanning new product ideas to spot good ideas and drop poor ones as soon as possible.
idea screening
The __________ is the PLC stage in which a product's sales growth slows or levels off.
maturity stage
When Dr. Lawncare developed his revolutionary new solar powered lawnmower, he knew that during the introductory stage of the product lifecycle ___________.
sales would be slow and profits non-existent
__________ is a currently accepted or popular style in a given field.
Fashion
Offering product extensions, service, and warranty is a product strategy in the __________ phase.
Growth
Sales are rising rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this describe?
Growth
The __________ is the PLC stage in which a product's sales start climbing quickly.
Growth stage
__________ is the systematic search for new product ideas.
Idea generation
__________ is designing an initial marketing strategy for a new product based on the product concept.
Marketing strategy development
Modifying the market, product offering, or marketing mix is a product strategy in the ________ phase.
Maturity
__________ is the designing of original products, product improvements, product modifications, and new brands through the firm's own efforts.
New product development
The introduction stage is the PLC stage in which __________.
a new product is first distributed and made available for purchase
After ideas are screened, the next stage of the new product development process is _____.
concept development and testing
Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle?
Modify the market, product offering and marketing mix