Marketing Chapter 8 Warm-Up
What are the two ways a firm can obtain new products?
Acquisitions and new product development
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.
What is the first step in the new product development process?
Generating new product ideas
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.
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
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
maturity
During the introductory stage of the product lifecycle, ______________.
sales are slow and profits nonexistent
To create successful new products, a company must _______.
understand its consumers, markets, and competitors, and develop products that deliver superior value
