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Exam 8: New Products: Developing and Managing Innovation

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Question 71

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BHP Steel lacks the confidence,capital and capacity to launch a new steel product into full national or international distribution.Even though test market results look promising,what will most likely be management's next step?

A) Retest the product in additional markets.
B) Develop a planned market rollout over time.
C) Secure a loan to provide confidence,capital,and capacity.
D) Seek the help of a nationally known consultant.
E) Develop a prototype.

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

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Question 72

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Introducing a new product into the market is called ________.

A) test marketing
B) new product development
C) experimenting
D) commercialisation
E) marketing development

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

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Question 73

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Business ________ involves the review of sales,costs and profit projections to find out whether they satisfy the company's objectives.

Telekom Communications is concerned about test marketing its new device.Which of the following is NOT a disadvantage of test marketing that would likely concern them?

In which stage of the PLC would a company keep its promotional spending at the same or a slightly higher level to react to increasing competition?

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

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

New product development begins with a systematic search for new product ideas in a process known as idea generation.

________ occurs when a company introduces a new product into the market.

________ marketing is the stage at which the product and marketing program are introduced into more realistic market settings.

Which of the following is NOT an example of sales improvements by modifying the marketing mix?

During the ________ stage of the product life-cycle,profits are non-existent because of the heavy expenses incurred,past and present.

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

An established firm finds that the tastes and preferences of its customers change more rapidly than in the past.They should constantly look for external ideas from customers,suppliers,the competition and the salesforce.

Once the product or service passes the business analysis test,it moves into what stage?

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

Because names,labels and colours may not easily translate from one country to another,international marketers must carefully assess ________.

Which of the following best represents the options a company has when a product is declining?

Which of the following is necessary for successful new-product development?

A(n)________ is a fashion that enters quickly and is adopted with great zeal and is characterised by a product life-cycle showing an early peak and quick decline.