BUAD 332 Exam 2 chapter 8
___________________ are the two ways firms can obtain new products.
Acquisitions and new product development
At which step does a company perform a review of the sales, costs, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?
Business analysis
Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with social responsibility?
Product differentiation and positioning
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
The stages of the product life cycle are ______________________________.
product development, introduction, growth, maturity, and decline
Marketers can apply the ________ as a useful framework for describing how products and markets work and help develop good marketing strategies for the different life-cycle stages.
product life-cycle concept
Companies find and develop new product ideas from a variety of sources. Which of these is an internal source for new product ideas?
R&D
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.
New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria?
Idea screening
A new product may fail for many reasons. Which of the following is NOT one of them?
Rapid market acceptance
Many companies are now developing ________ programs to generate new product ideas.
crowdsourcing or open-innovation
Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
Maturity
Which of the following would be an appropriate strategy in the maturity stage of the product life cycle?
Modify the market, product offering, and marketing mix.
The new product development process consists of sequential steps. The first step is _______ and the last step is ______________.
idea generation; commercialization
The product development process starts with ________. Next comes ________, which reduces the number of ideas based on the company's own criteria.
idea generation; idea screening
In the new product development process, ideas that pass the idea screening step continue through ________. Strong concepts proceed to ________.
product concept development; marketing strategy development
External sources for new product ideas include _________.
competitors, distributors and suppliers, and customers
Social responsibility includes public policy issues and regulations involving _________________, and product warranties.
acquiring or dropping products, patent protection, product quality and safety
Because markets and consumers worldwide differ widely, companies usually respond to these differences by ________.
adapting their product offerings
All products have a life cycle. The sales of a typical product follow __________________, which is made up of five stages.
an S-shaped curve
The advantages of standardizing products and services for international markets include _______________, lower manufacturing costs, and lower marketing costs.
consistent global image, lower product design costs
When Dr. Lawncare developed his revolutionary new weed killer, he expected that, during the introductory stage of the product life cycle, ___________.
sales would be slow and with negative or low profits
The first part of a marketing strategy statement describes the ________ of a new product.
target market
Ideally, a company must carry out strong new product planning and set up a systematic new product development process that is _________ to find and grow new products.
customer-driven
