Chapter 8

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Which of the following statements about new product development strategy is​ correct?

Innovation can be very expensive and very risky.

​__________________ represent an internal source of new product ideas for a company.

Intrapreneurial programs

Which of the following statements concerning new products is​ correct?

Modified and improved products are considered new.

Which of the following would be an appropriate strategy during the growth stage of the product life​ cycle?

Spend a lot of money on product​ improvement, promotion, and distribution.

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 decrease competition.

Which of the following statements is true regarding product life cycle​ curves?

The sales of a typical product follow an​ S-shaped curve made up of five stages.

Which of the following statements is correct concerning service marketers going​ global?

The trend toward growth of global service companies is expected to continue in the near future.

In the early​ 1970s, Gary Dahl sold Pet Rocks. The product had a​ short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product​ popularity, but then sales declined very quickly. The PLC sales pattern for Pet Rocks is known as​ ________________.

a fad

A company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product through​ _______________________.

acquisition

After market strategy is​ developed, the next step of the new product development process is​ _______________.

business analysis

Which of the following is NOT a product life cycle​ (PLC) stage?

commercialization

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

Crowdsourcing is used in the​ _______________________ step of the new product development process.

idea generation

New product commercialization takes much thought and planning. The first critical step in the commercialization process is​ ____________________.

introduction timing

Which stage of the PLC is characterized by peak​ sales, low costs per​ customer, high​ profits, mainstream​ adopters, and a stable number of competitors that are beginning to​ decline?

maturity

Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing​ management?

maturity

When a product is in the maturity stage of the​ PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as​ ______________________.

modifying the market

​______________________ is the step of the new product development process during which a physical product is first developed.

product development

​______________________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

product stewards

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) ______________ approach to new product development.

systematic

When Dr. Lawncare developed his revolutionary new​ solar-powered lawnmower, he expected that during the growth stage of the product life cycle​ ___________.

the company would see rising profits

To create successful new​ products, a company must​ _______.

understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers

Intuit​ Labs, a division of​ Intuit, the accounting and payroll software​ developer, follows a​ "Design for Delight​ (D4D)" development​ philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using?

​Customer-centered new product development


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