What is the purpose of New Product Development?

What is the purpose of New Product Development?

• To develop, test, and consider the viability of new products to ensure the growth or survival of the organization.

• To reduce the costs of existing products.

• To eliminate old products from the market.

• To focus solely on marketing strategies.

Which of the following is a reason why organizations need to develop new products?

• To replace declining products

• To add to product portfolio

• To keep up with rivals

• To maintain/increase market share

• To bring in new customers

Which of the following is NOT a reason for developing new products?

• To replace declining products

• To fill a gap in the market

• To increase market share

• To reduce marketing expenses

What is one reason organizations develop new products to attract new customers?

• To maintain/increase market share

• To reduce operational costs

• To improve employee satisfaction

• To decrease product quality

Which of the following is the first step in the New Product Development process?

• Screening

• Research

• Idea Generation

• Testing

What is the step that follows 'Research' in the New Product Development process?

• Launch

• Design

• Testing

• Screening

In the New Product Development process, which step comes immediately before 'Launch'?

• Idea Generation

• Testing

• Screening

• Research

Which department is responsible for generating ideas related to product development and innovation?

• Sales Department

• Production Department

• R & D Department

• Market Research

Who among the following can contribute to idea generation by providing feedback and suggestions based on their experience with the product?

• Competitors

• Employees

• Sales Department

• Production Department

Which group is likely to generate ideas based on market trends and consumer needs?

• Market Research

• Production Department

• R & D Department

• Competitors