| Question |
Answer |
| What is not a challenge the product life cycle that a firm must face? |
it is difficult to plot the stages as the product goes through them |
| Two ways a company can obtain new products? |
new product development and acquisition |
| To time the product right, the company must decide _____ to launch the product |
where |
| When launching a new product, a company must first decide on |
when to time the new product introduction |
| Stage of new product development where the product must go through tests to make sure they perform safely and effectively and customers find value in them |
product development |
| Introducing a new product to the market is called what? |
commercialization |
| New product development starts with... |
idea generation |
| Test marketing cost can be high but are little when compared to.... |
the costs of a major mistake |
| What is not a disadvantage of test marketing? |
People who survey tend to tell less than the truth. |
| What circumstance would it be wise to do little to no test marketing? |
when costs of developing and introducing the product are low |
| The way a consumer perceives an actual or potential product |
product image |
| A detailed version of a new idea stated in meaningful customer terms. |
product concept |
| The first part of the marketing strategy statement describes the target market; the planned product positioning, and goals for sales, profits and... |
market share |
| The creation of a successful new product depends on a company's understanding of its _____ and its ability to deliver _____ to customers. |
customers, competitors, and markets; superior value |
| An attractive idea must be developed into a.... |
product concept |
| With what groups do firms conduct concept testing for new products? |
target customers |
| Executives, manufacturing employees, and salespeople are all examples of.... |
internal sources for new product ideas. |
| What is not a potential reason for a product to fail? |
An underestimated market size |
| The marketing strategy does NOT include what? |
short run sales |
| Product improvements, modifications, and original products are classified as... |
new products |
| Most likely to be included in an executive's write up of a new product to be presented to a new product committee |
the proposed customer value propostion |
| They would not be consulted of internal sources for developing new product ideas |
suppliers |
| After concept testing, a firm would engage in which stage in developing and marketing a new product? |
marketing strategy development |
| Not a recommended method to help companies to tap into their customers as sources for new product ideas |
relying heavy on customers to know what technical products they need |
| A simple description consisting a picture or word is good for this |
concept tests |
| Calls for testing new product concepts with groups of target consumers |
concept testing |
| Not a common external source for new product ideas |
firm executives |
| The second part of the marketing strategy statement outlines the product's planned price, distribution, and ..... |
marketing budget |
| In concept testing stage of new product development, a product concept is presented in what form to groups of target consumers? |
physical or symbolic |
Science Vocab 147928
