Question 1

Concept testing works best with people who are familiar with the new idea and the new product's purpose. This generally includes top management, the sales force, and research and development.

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Question 2

Briefly describe the steps in the new product development process.

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Question 3

To avoid too few new product ideas and the failure of many good ideas, management should implement an innovation management system that collects, reviews, evaluates, and manages new product ideas.

Accepted Answer

An innovation management system can help to ensure that new product ideas are not overlooked and to evaluate them for feasibility and potential success. By implementing such a system, management can help to reduce the risk of too few new product ideas and increase the chances of successful product launches.

Question 4

A company introducing a product that is similar to its competitors' product will do a complete test market to gain maximum information before product introduction.

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Question 5

GreenTree Lawn and Garden Products is engaged in a review of the sales, costs, and profit projections for some new products to find out whether they satisfy the company's objectives. This activity is called business product development.

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Business product development refers to the creation and launch of new products or services that meet the needs of a target market. It does not involve a review of sales, costs, and profit projections for existing or potential products, as described in the scenario.

Question 6

A marketer has chosen a multiple-city test market. What can be concluded from this choice of a multiple-city test market?

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Question 7

A company launching a new product into the market must first decide where to launch the product.

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Question 8

Why are competitors considered a good external idea source?

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Question 9

The business analysis stage represents the first large jump in financial investment in the new product development process.

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Question 10

A marketer has selected a single city in which to conduct a test market. What can be concluded from this choice of a single-city test market?

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Question 11

JumBo Games is in the commercialization stage. The first decision that the firm should make while introducing the product in the market is introduction timing.

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The introduction timing is an important decision to make during the commercialization stage as it can significantly impact the success of the product in the market.

Question 12

Why might individual departments prefer sequential product development?

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Question 13

Differentiate between controlled test markets and simulated test markets.

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Question 14

What elements may help to create a product image?

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Question 15

What factors are assessed in test marketing?

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Question 16

How might a firm benefit from implementing an "intrapreneurial" program?

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Question 17

Marketers often involve actual customers in product testing.

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Marketers often involve actual customers in product testing to gather feedback and improve the product before it is launched in the market. This helps in ensuring that the product meets the needs and expectations of the target audience.

Question 18

The potential sales, costs, and profit projections are being determined for a new product idea at Art for Kids. Which of the following stages of the new product development process does this illustrate?

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Question 19

GreenTree Lawn and Garden Products is engaged in marketing strategy development. The first part of the marketing strategy statement created by management should outline the product's planned price, distribution, and marketing budget for the first year.

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Question 20

Sequential product development has the advantage of not only being a team-oriented approach, but also of being faster in bringing products to market.

Accepted Answer

Sequential product development involves completing one stage before moving on to the next, which can result in longer development times. Typically, parallel or iterative product development approaches are faster in bringing products to market.

Quiz 9: Developing New Products and Managing the Product Life Cycle