Marketing Chapter 9 Warm-Up and Quiz
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.
Which of the following statements concerning new products is correct?
Modified and improved products are considered new.
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 standard test marketing is correct?
Test marketing can be costly and delay commercialization of the product.
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.
During the idea generation stage of the new product development process, it is important that __________.
companies create a large number of ideas
One recent development in generating new product ideas is for a company to invite broad communities of people—such as employees, customers, and even the public at large=—into the innovation process. This is known as __________.
crowdsourcing
Through a company invites broad communities of people into the innovation process.
crowdsourcing
Companies should take a holistic approach to new product development. This means that the process should be __________.
customer-centered, team-based, and systematic
A firm improves product quality and adds new product features and models. It also shifts some advertising from building product awareness to building product conviction and purchase. At which stage of the product life cycle would this be a recommended strategy?
growth
New product development starts with _________
idea generation
At which stage of the new product development process is a physical product first developed?
product development
Marketers should carefully consider public policy issues and regulations regarding all of the following except __________.
product development
________ is the first stage of the product life cycle.
product development
If the product passes both the concept test and the product test, the next step is ________
test marketing