Marketing CH.8
What are the two ways a firm can obtain new products?
Acquisitions and new product development
Which of the following is NOT a product life cycle (PLC) stage?
Commercialization
What is the first step in the new product development process?
Generating new product ideas
Sales are rising rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this describe?
Growth
At which stage of the new product development process is crowdsourcing used?
Idea generation
Most products are at which stage of their product lifecycle?
Maturity
Which of the following statements is true regarding standardizing products for international markets?
Standardization decreases product design, manufacturing, and marketing costs.
Which of the following statements regarding socially responsible product decisions is correct?
The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
Through _____ a company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product.
acquisition
After ideas are screened, the next stage of the new product development process is _____.
concept development and testing
During the introductory stage of the product lifecycle, ______________. A.
sales are slow and profits nonexistent
Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a(n) ______________ approach to new product development.
systematic
To create successful new products, a company must _______.
understand its consumers, markets, and competitors, and develop products that deliver superior value
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Which of the following statements about new product development strategy is correct?
Innovation can be very expensive and very risky.
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
Maturity
Which of the following statements concerning new products is correct?
Modified and improved products are considered new.
Which of the following is an external source of new product ideas for a company?
Trade magazines
Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal, which involves ___________.
conducting a business analysis
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.
crowdsourcing
When a product is in the decline stage of the PLC, a company may reduce various costs (plant and equipment, maintenance, R&D, advertising, sales force), hoping that sales hold up. In other words, they are ________ the product.
harvesting
To be more socially responsible, some companies are appointing _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
product stewards