MKTING 2500 Chap 8

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__________ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

A fad

__________ is testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

Concept testing

__________ is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.

Crowd Sourcing

__________ focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Customer-centered new product development

Phasing out weak items is a product strategy in the __________ phase.

Decline

The __________ is the PLC stage in which a product's sales fade away.

Decline Stage

__________ is a detailed version of a 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

__________ involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.

Team-based new product development

Which of the following is an external source of new product ideas for a​ company?

Trade magazines

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

Understand its​ consumers, markets, and​ competitors, and develop products that deliver superior value.

In the early​ 1970's, 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

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.

crowd sourcing

The Learning Institute recently conducted a brainstorming session that generated a large number of ideas for adding new products and services. Learning Institute managers will most likely use​ ________ next to arrive at a realistic number of ideas to adopt.

idea screening

__________ is scanning new product ideas to spot good ideas and drop poor ones as soon as possible.

idea screening

The __________ is the PLC stage in which a product's sales growth slows or levels off.

maturity stage

When Dr. Lawncare developed his revolutionary new solar powered​ lawnmower, he knew that during the introductory stage of the product lifecycle​ ___________.

sales would be slow and profits​ non-existent

__________ is a currently accepted or popular style in a given field.

Fashion

Offering product extensions, service, and warranty is a product strategy in the __________ phase.

Growth

Sales are rising​ rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this​ describe?

Growth

The __________ is the PLC stage in which a product's sales start climbing quickly.

Growth stage

__________ is the systematic search for new product ideas.

Idea generation

__________ is designing an initial marketing strategy for a new product based on the product concept.

Marketing strategy development

Modifying the market, product offering, or marketing mix is a product strategy in the ________ phase.

Maturity

__________ is the designing of original products, product improvements, product modifications, and new brands through the firm's own efforts.

New product development

The introduction stage is the PLC stage in which __________.

a new product is first distributed and made available for purchase

After ideas are​ screened, the next stage of the new product development process is​ _____.

concept development and testing

Which of the following would be an appropriate strategy during the maturity stage of the product​ lifecycle?

Modify the​ market, product offering and marketing mix


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