[MKT 201] Chapter 9 - Developing New Products and Managing the Product Life Cycle
Which of the following describes fashion?
A currently accepted or popular mode of expression in a given field
With regard to the PLC stages, which of the following describes the decline stage?
A product's sales fade away
What is the definition of a fad?
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
What is the name for the introduction of new product into the market?
Commercialization
__________ is new product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Customer-centered new product development
In which PLC stage does a product's sales fade away?
Decline stage
What is product development?
Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
Which of the following is a product strategy in the maturity stage of the PLC?
Diversifying the brand and models
Which term refers to a currently accepted or popular mode of expression in a given field?
Fashion
In which PLC stage does a product's sales start climbing quickly?
Growth stage
__________ is the systematic search for new product ideas.
Idea generation
__________ involves filtering new product ideas to spot good ideas and drop poor ones as soon as possible.
Idea screening
Diversifying the brand and models is a product strategy in which stage of the PLC?
Maturity
__________ is the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.
New product development
What is team-based new product development?
New product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness
__________ is a product strategy in the introduction stage of the PLC.
Offering a basic product
Which of the following is a detailed version of the new product idea stated in meaningful consumer terms?
Product concept
__________ is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.
Product development
__________ is a basic and distinctive mode of expression.
Style
__________ is new product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness
Team-based new product development
__________ is the stage of new product development in which the product and its proposed marketing are tested in realistic market settings.
Test marketing
What is concept testing?
The process of testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
Style is __________.
a basic and distinctive mode of expression
A product concept is __________.
a detailed version of the new product idea stated in meaningful consumer terms
The process of testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal is __________.
concept testing
Marketing strategy development primarily involves __________.
designing an initial marketing strategy for a new product based on the product concept
Offering a basic product is a product strategy in the __________ of the PLC.
introduction stage
The __________ is the PLC stage in which a new product is first distributed and made available for purchase.
introduction stage
In the introduction stage of the PLC, a __________.
new product is first distributed and made available for purchase
In the maturity stage of the PLC, a __________.
product's sales growth slows or levels off
New product development refers to __________.
the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts
Idea generation is __________.
the systematic search for new product ideas
