MKT101 ch9

What are the two ways that a company can obtain new products?

• line extension and brand management

• internal development and brand management

• new-product development and acquisition

• service development and product extension

• market mix modification and research and development

Product improvements, product modifications, and original products can all be classified as

• pioneer products

• product concepts

• product ideas

• new products

• test products

Which of the following is NOT a potential reason for a new product to fail?

• an underestimated market size

• a poorly designed product

• an incorrectly positioned product

• higher than anticipated costs of product development

• ineffective advertising

Which of the following is NOT a challenge presented by the product life cycle that a firm must face?

• All products eventually decline.

• Changing tastes, technologies, and competition affect the marketing of the product as it passes through lifecycle stages

• A firm must be good at developing new products to replace aging ones.

• A firm must be good at adapting its marketing strategies.

• It is difficult to plot the stages as a product goes through them.

The creation of a successful new product depends on a company's understanding of its ________ and its ability to deliver ________ to customers.

• competitors, distributors, and employees; new styles

• customers, brands, products; product images

• customers, competitors, and markets; superior value

• product, marketing mix, and marketing strategy; functional features

• product life cycle, legal responsibilities, and social responsibilities; innovations

New product development starts with

• idea generation

• idea screening

• concept development

• concept testing

• test marketing

Executives, manufacturing employees, and salespeople are all examples of ________.

• external sources for new-product ideas

• internal sources for new-product ideas

• core members of innovation management systems

• research and development team members

• new-product committee members

Your company decides to use internal sources for developing new product ideas. Which of the following would NOT be consulted?

• executives and professionals

• company records and data

• intrapreneurial programs

• suppliers

• salespeople

Which of the following is perhaps the most important external source of new-product ideas?

• engineers

• customers

• competitors

• trade magazines, shows, and seminars

• distributors and suppliers

Which of the following is NOT a recommended method for companies to tap into their customers as sources for new-product ideas?

• analyzing customer complaints and questions

• relying heavily on customers to know what types of technical products they need

• working alongside customers to get ideas and suggestions

• turning customers into co-creators

• putting customer-created products on the market