Question 1

The stage of the new-product development process that defines the role for a new product in terms of the firm's overall objectives is referred to as

Accepted Answer

Key term definition-new-product strategy development.

Question 2

There are seven stages of the new-product development process.Following the new-product strategy development stage is the second step,known as

Accepted Answer

Stage 2,the idea generation stage in the new-product development process,develops a pool of concepts as candidates for new products,building upon the previous stage's results.

Question 3

The seven stages an organization goes through to identify business opportunities and convert them into salable products or services is referred to as the

Accepted Answer

Key term definition-new-product development process.

Question 4

The new-product development process is

Accepted Answer

Key term definition-new-product development process.

Question 5

The new-product development process an organization goes through to identify business opportunities and convert them into salable products or services contains

Accepted Answer

The seven key steps of the new-product development process are new-product strategy development,idea generation,screening and evaluation,business analysis,development,market testing,and commercialization.

Question 6

There are seven stages of the new-product development process.Stage 6 is the ________ stage.

Accepted Answer

Stage 6,the market testing stage in the new-product development process,involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy.

Question 7

If you are using a marketing dashboard to discover which cities in Florida are not meeting their sales growth goal for your sunscreen products,which of the following metrics should be used to measure sales performance?

Accepted Answer

One of the advantages of using a marketing dashboard is the ability to select the metrics based on the firm's objectives.The correct choice (annual percentage change by city)allows you to compare actual numbers versus forecasts or company expectations.

Question 8

During the first stage of the new-product development process,two important activities take place.They are

Accepted Answer

For companies,new-product strategy development is the stage of the new-product development process that defines the role for a new product in terms of the firm's overall objectives.During this stage,firms use both a SWOT analysis and environmental scanning to assess its strengths and weaknesses relative to the trends it identifies as opportunities or threats.

Question 9

One reason new products fail is that although most major corporations use a formal decision-making process,sometimes they fail to critically evaluate the progress along the way.This is why many firms have a ________ to ensure that problems are corrected before proceeding to the next stage.

Accepted Answer

Today many firms use a formal Stage-Gate® process to evaluate whether the results at each stage of the new-product development process are successful enough to warrant proceeding to the next stage.If problems in a stage can't be corrected,the project doesn't proceed to the next stage and product development is killed.

Question 10

There are seven stages of the new-product development process.The last stage is

Accepted Answer

Stage 7,the commercialization stage in the new-product development process,positions and launches a new product in full-scale production and sales.

Question 11

There are seven stages of the new-product development process.Stage 5 is the ________ stage.

Accepted Answer

Stage 5,the development stage in the new-product development process,not only turns the idea on paper into manufacturing the product efficiently but also performing laboratory and consumer tests to ensure it meets the standards established for it in the protocol.

Question 12

In which stage of the new-product development process is a SWOT analysis used to identify the strategic role the new product might serve in the firm's business portfolio?

Accepted Answer

At the new-product strategy development stage,a SWOT analysis is performed.The outcome not only defines the vital protocol for each new-product idea but also identifies the strategic role it might serve in the firm's business portfolio.

Question 13

New-product strategy development is

Accepted Answer

Key term definition-new-product strategy development.

Question 14

If an organization's 2017 sales for the entire United States were $50 million and its 2016 U.S.sales were $30 million,what is the annual percentage sales change?

Accepted Answer

The annual percentage sales change = [($50 − $30)÷ $30] × 100 = 67 percent.See Applying Marketing Metrics.

Question 15

There are seven stages of the new-product development process.Stage 3 follows idea generation;it is the ________ stage.

Accepted Answer

Stage 3,the screening and evaluation stage in the new-product development process,internally and externally evaluates new-product ideas to eliminate those that warrant no further effort.

Question 16

Marketing Dashboard Map
 
-In the Marketing Dashboard Map above,the annual growth rate in each state is shown,with green (which looks gray on gray scale)meaning good and red (which looks black on gray scale)meaning very poor.If you were a marketing manager faced with this dashboard,which of the following would be the best action?

Accepted Answer

You'll need to start by trying to identify and correct the problems in the largest volume states that are underperforming-in this case in the northeastern United States.You'll want to do marketing research to see if the problem starts with (1)an external factor involving consumer tastes or (2)an internal factor such as a breakdown in your distribution system.See Applying Marketing Metrics.

Question 17

Open innovation helps organizations overcome ________,one of the organizational inertias common in new-product failures.

Accepted Answer

Many forward-looking companies use open innovation,in which an organization finds and executes creative new-product ideas by developing strategic relationships with outside individuals and organizations.It helps organizations overcome not-invented-here (NIH)barriers.

Question 18

There are seven stages of the new-product development process.After screening and evaluation is stage 4,the ________ stage.

Accepted Answer

Stage 4,the business analysis stage in the new-product development process,specifies the features of the product or service and the marketing strategy needed to bring it to market and make financial projections.

Question 19

Marketing dashboards are useful in measuring actual market performance versus the goals set in new-product planning,such as sales.Once shortfalls are identified,the first step would be to conduct market research to determine

Accepted Answer

Marketing is often about grappling with sales shortfalls.You'll need to start by trying to identify the problem.You'll want to conduct marketing research to see if the problem starts with an external factor such as changing consumer tastes or an internal factor such as a breakdown in your distribution system.

Question 20

There are seven stages of the new-product development process.The stage of the new-product development process that defines the role for a new product in terms of the firm's overall objectives is the ________ stage.

Accepted Answer

Stage 1,the new-product strategy development stage in the new-product development process,defines the role for a new product in terms of the firm's overall objectives.

Quiz 10: Developing New Products and Services