New Product Development Quiz

What are the two main ways a firm can obtain new products?

• Acquisition and new product development

• Innovation and competition

• Crowdsourcing and marketing

• Research and sales

Which of the following is NOT a stage in the new-product development process?

• Idea Generation

• Product Analysis

• Concept Development and Testing

• Marketing Strategy Development

What is the purpose of idea screening in the new-product development process?

• To generate new ideas

• To spot good ideas and drop poor ones

• To test the product concept

• To launch the product in the market

Which source of new product ideas is NOT mentioned as an external source?

• Customers

• Competitors

• Distributors

• Company Employees

What does the R-W-W screening framework stand for?

• Real, Win, Worth

• Rapid, Wide, Worthy

• Research, Work, Win

• Real, Work, Worth

What is the first step in the marketing strategy statement?

• Describing the target market

• Setting profit goals

• Outlining the product's planned price

• Developing a prototype

What does test marketing primarily test?

• Marketing strategy

• Product concept

• Product and marketing program

• Product features

Which of the following is NOT a type of test marketing?

• Simulated Test Marketing

• Controlled Test Marketing

• Standard Test Marketing

• Full-Scale Test Marketing

Which phase of the product life cycle involves rapid market acceptance?

• Introduction

• Growth

• Maturity

• Decline

During which stage of the product life cycle are profits typically the highest?

• Introduction

• Growth

• Maturity

• Decline