Marketing08

Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?

• brainstorming

• idea screening

• crowdsourcing

• outsourcing

• concept testing

Which of the following statements best explains why idea screening may be the most important step of new product development?

• It increases the number of ideas generated.

• It provides an opportunity for the marketer to test the prototype in a simulated market.

• It helps forecast the products' sales and profits accurately for a specific period.

• It gives research and development team members an opportunity to gather consumer feedback.

• It saves the company money in product development costs by going ahead with only the product ideas that are likely to be profitable.

Which of the following groups do marketers involve for the process of concept testing new products?

• suppliers

• employees

• target consumers

• manufacturers

• competitors

Which of the following statements characterizes the introduction stage of the Product Life-Cycle?

• There are increased marketing outlays.

• Profits are nonexistent.

• The company incurs minimal expenses.

• The product achieves acceptance by most potential buyers

• Promotional expenditures are zero.

Which of the following stages of the Product Life-Cycle is characterized with the same level or slightly higher level of promotional expenditures in an attempt to respond to increasing competition?

• growth

• decline

• maturity

• product development

• adoption

When a product is in the maturity stage, the company should most likely consider ________.

• harvesting the product or market

• modifying the product, market, or marketing mix

• divesting the product line

• liquidating the firm's assets

• dropping the product from its market offerings