Product Development Quiz

What are the key learning outcomes of Chapter 7 regarding developing products?

• Name and provide examples of types of new products

• Identify the elements that create a need for product innovation

• Understand the consumer adoption process

• Discuss the characteristics of a new product

What are the five factors to minimize the risk associated with new products?

• Relative advantage, Compatibility, Complexity, Divisibility, Communicability

• Innovation, Positioning, Product ideas, Screening, Consumer adoption

• Concept development, Idea management, Product innovation, Product–market fit, Screening

• New product strategies, Product development process, Product ideas, Positioning, Product innovation

Which category of new products includes new inventions or creations based on a combination of current products?

• New-to-the-world products

• Repositioned products

• New to the category products

• Line extensions

What is the first step in the new product development process?

• Profitability analysis

• Concept testing

• Idea screening

• Idea generation

Which group of consumers are the first to purchase a new product and are enthusiastic about technology?

• Late majority

• Innovators

• Early adopters

• Early majority

What is an important issue to ensure the success of new product development?

• Isolating research and development departments

• Avoiding concept testing

• Increasing complexity of the product

• Defining the needs of customers

What is the final step in the new product development process?

• Commercialisation

• Test marketing

• Product development

• Profitability analysis

Which step involves eliminating ideas not consistent with the company's strategy or market?

• Idea screening

• Concept testing

• Concept development

• Profitability analysis

What is the category of adopters who are wary of progress and base decisions on the past?

• Early adopters

• Innovators

• Late majority

• Laggards

What should organisations do to constantly engage in environmental analysis?

• Avoid developing new products

• Limit consumer adoption

• Ensure awareness of environmental changes

• Ignore environmental changes