Marketing CH.8

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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


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