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Exam 9: New Product Development and Product Life-Cycle Strategies

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Question 41

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

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Such programs encour...

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Question 42

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Refer to the scenario below to answer the following questions. Most people laughed when Evelyn Wong explained her product idea-a solar-powered vacuum cleaner. But the concept was practical and the technology used in the vacuum was the same as that used in many children's toys. After setting up a demonstration booth in a shopping center in Hong Kong, Evelyn felt more assured than ever that her idea would be a hit. Consumers seemed receptive and offered helpful pieces of advice, such as how much they would pay for the vacuum, what colors they would prefer, and why they would not buy the vacuum. The vacuum itself was dome-shaped, something like a small saucer, with a filter bag on top and sensory nodes along the edges. After being charged in the sunlight, the vacuum could run for 10 hours, covering a floor area of 600 square feet. As the apparatus lightly bumped into table legs, chairs, and so on, the sensory nodes allowed the vacuum to move around the objects in various directions. This is the same type of technology used in the manufacture of children's race cars and walking dolls. Evelyn knew that the solar-powered vacuum would be especially helpful to both elderly consumers, who may have a more difficult time with vacuuming, and on-the-go consumers who lead busy lives. The price would be above average but would likely reduce after Evelyn recouped some of her costs. After a 500-unit production run and a substantial financial investment, Evelyn set up a multiple-city test market-in a Hong Kong shopping center and in an appliance store in Shenzhen. "It's such a novel idea," Evelyn added. "People will notice it, even if they don't buy it right away." -Evelyn's ________ is the practical use of solar power in a vacuum cleaner that is designed to effortlessly sweep the floors of on-the-go and elderly consumers.

A) product idea
B) product concept
C) product image
D) prototype
E) promotional product

F) A) and D)
G) B) and C)

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Question 43

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Using a ________,a company launches a product in a few regional markets and then expands based on how successful the product is.

The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.

Using the PLC concept to develop marketing strategy can be difficult because strategy is both a ________ and a(n) ________ of the product's life cycle.

Which of the following is the practice of inviting broad communities of customers,employees,independent researchers,and members of the public into the new-product innovation process?

During which stage of new-product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product?

The international growth of many professional and business services such as accounting,consulting,and advertising led to the globalization of the client companies they serve.

When Kraft focused on cost-cutting with its older and established brands,leaving them to wither without much investment or modification,Kraft decided to ________ the older products.

Under what circumstances might it be wise for a company to do little or no test marketing?

The first part of the marketing strategy statement describes the target market; the planned product positioning; and goals for sales,profits,and ________.

After concept testing,a firm would engage in which stage in developing and marketing a new product?

Superior Luggage Company has undertaken the task of identifying its products in the decline stage of the PLC.Which of the following should NOT be done in the identification process?

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

Sales decline for many reasons,because of technological advances,shifts in consumer tastes,and lack of raw materials from foreign suppliers.

Companies rarely solicit ideas from customers during the idea generation stage of product development.

Which stage of the typical consumer product life cycle is out of order below?

JumBo Games is launching a new set of game toys in the commercialization stage.The first decision to make is introduction timing and the second is where to launch the new product.

Product improvements,product modifications,and original products can all be classified as ________.

In order to get their new products to market more quickly,many companies are adopting a faster,team-oriented approach called ________.