Chapter 9 (10 Questions)
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 temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity is called a(n) __________.
Fad
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
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.
At which stage of the new product development process is a physical product first developed?
Product development
Which of the following statements regarding standard test marketing is correct?
Test marketing can be costly and delay commercialization of the product.
What must companies do to create successful new products?
Understand its consumers, markets, and competitors and develop products that deliver superior value.
During the idea generation stage of the new product development process, it is important that __________.
companies create a large number of ideas
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