Test One New Product
Which of the following is a common "managerial misstep" that is likely to result in a product failure?
Chasing a moving target
A customer value proposition is _____.
The customer value equation
_____ formulaically expresses a customer's mental evaluation of the combination of benefits they expect to receive (such as quality, convenience, on-time delivery, and before- and after-sale service) for a specific price.
The customer value equation
Identify the phase of the new product process during which a concept first acquires finite form as potentially viable product.
The development phase
Designing and validating the production process for the best prototype takes place during the _____ phase of the new products process.
development
Product development can be generally described as an active process to ________ the needs and wants of existing and prospective customers.
discover and satisfy
The value to consumers that comes from the availability of general communication about product attributes and answers to product questions constitutes ________ utility.
information
The framework an organization uses to identify, address, and manage the various challenges of product development is referred to as the ____.
new products process
The marketing mix refers to _____.
the controllable factors — product, price, promotion, and place — that can be used to address customer needs
The element of the marketing mix that constitutes a good, service, or idea offered as a solution to satisfy consumers' needs is known as _____.
the product
Economic forces refers to _____.
trends and factors that pertain to the income, expenditures, and resources that affect the cost of running a business or household
Among the following, _____ is the term that best describes the benefits or customer value received by users of a product.
utility
The question to be answered by post-launch evaluation is "_____?"
How are we doing relative to objectives?
Which of the following statements is true of invention?
It refers to bringing an idea into tangible reality by embodying it as a product or system.
_____ helps a firm determine which new products would be best to add to the existing product mix, given both financial and strategic objectives.
Product portfolio assessment
In which of the following phases of the new products process does market testing take place?
The launch phase
The concept generation phase of the new products process results in _____.
a pool of concepts that are candidates for new products
The introduction stage of the product life cycle occurs when _____.
a product is first introduced to its intended target market
The objective of the launch phase is to commercialize the product and _____.
achieve the goals and objectives established in the final PIC
Which of the following are among Dr. Robert Cooper's five principal methods for accelerating time-to-market?
all of the above are among Dr. Cooper's recommendations for accelerating time-to-market
Which stage of the new products process includes critical efforts to understand and define customer needs or problems?
concept generation
Concept tests, which involve preliminary testing of a new-product idea with customers in order to gauge their potential interest in the idea, are most closely associated with Phase 3, the _____ phase.
concept/project evaluation
A key objective of the _____ phase is to determine which concept(s) should be put into development.
concept/project evaluation phase
The value to consumers that comes from the availability of a product that is properly processed, prepared, and ready for use in the context of the use situation constitutes ________ utility.
form
The range of utility that is of inherent concern in product development includes _____.
form, place, time, and possession
The phase of the new products process that defines a new product's strategic role is _____.
opportunity identification and selection
The basic framework for new product development that we are studying this semester includes five key phases, which are:
opportunity identification and selection, concept generation, concept/project evaluation, development, and launch
When a company enhances the features of an existing product to better serve consumer needs, the development effort is best categorized as a _____.
product improvement
A _____ is a strategic tool that guides a new product team's efforts to develop products that not only address marketplace opportunities, but also align with with firm objectives and strategies.
product innovation charter
The concept that describes the stages a product goes through in the marketplace — introduction, growth, maturity, and decline — is referred to as the _____.
product life cycle
A part of Phase 3, project evaluation will include the preparation of a(n) _____, which is a product definition that includes the intended market user, the perceived problem(s), the benefits the new product would have to offer, and any mandatory features or functions.
product protocol
New-to-the-firm products are best described as:
products that take a firm into a product class new to it.
Two important activities that take place in the first stage of the new products process are _____ and _____.
situation analysis; environmental scanning
The five major environmental forces that can impact product management decisions are _____.
social, technological, economic, competitive, and regulatory
