Marketing Study Set 20

Business

Quiz 6 :

Product Development

Quiz 6 :

Product Development

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During the test-marketing stage, the firm tests not only the product itself but also the marketing strategy related to it.
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True

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Less-expensive forms of test marketing include simulated test markets and online test marketing.
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True

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Every stage of the NPD process must be followed for the process to work correctly.
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True

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The group of adopters that make up the smallest percentage of product adopters is the laggard group.
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An experience is a product with characteristics that are difficult to observe in advance, but that are realized after consumption.
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Sustainability gives marketers a way to figure out who will likely buy their product over a period of time, plan an appropriate marketing mix, and forecast potential sales.
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Firms that want to maintain or improve their competitive position in the marketplace generally must develop new products.
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A company that uses social media, especially online communities, to generate product ideas is using design thinking.
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Among other things, the first stage in the new-product strategy development process helps to determine if the idea can be turned into a product that will prove to be profitable.
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The recently introduced Blueberry Cheerios is a product-line extension for General Mills' Cheerios brand.
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The launch stage of the new-product development process is usually the least expensive stage for new products, since most of the work has already been done.
True False
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The most common ethical issue in new-product development involves the Federal Trade Commission's definition of the term improved.
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Revamped products make up the smallest percentage of new products but carry the most risk for the company introducing them.
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Test marketing occurs when a new product is introduced in its final form to a geographically limited market to see how well the product sells and to get reactions from potential users.
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A company can advertise a product as new and improved for only one year after it hits store shelves.
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While the idea generation stage of the new-product development process generates a great number of potential ideas, in reality, very few of these ideas ever become marketed products.
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It is during the idea generation stage of the new-product development process that the company often ends up rejecting most new goods and services for one reason or another.
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Services are intangible products that cannot be touched, weighed, or measured.
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The idea behind "design thinking" is to create products that fill gaps in a company's already existing product line.
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The highest level of risk for new-product development occurs when products fail to generate sales or prove to be dangerous and defective.
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