MARK 9
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| 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
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| Two ways a company can obtain new products? | new product development and acquisition
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| To time the product right, the company must decide _____ to launch the product | where
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| When launching a new product, a company must first decide on | when to time the new product introduction
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| 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
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| Introducing a new product to the market is called what? | commercialization
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| New product development starts with... | idea generation
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| Test marketing cost can be high but are little when compared to.... | the costs of a major mistake
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| What is not a disadvantage of test marketing? | People who survey tend to tell less than the truth.
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| What circumstance would it be wise to do little to no test marketing? | when costs of developing and introducing the product are low
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| The way a consumer perceives an actual or potential product | product image
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| A detailed version of a new idea stated in meaningful customer terms. | product concept
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| The first part of the marketing strategy statement describes the target market; the planned product positioning, and goals for sales, profits and... | market share
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| 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
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| An attractive idea must be developed into a.... | product concept
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| With what groups do firms conduct concept testing for new products? | target customers
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| Executives, manufacturing employees, and salespeople are all examples of.... | internal sources for new product ideas.
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| What is not a potential reason for a product to fail? | An underestimated market size
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| The marketing strategy does NOT include what? | short run sales
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| Product improvements, modifications, and original products are classified as... | new products
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| 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
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| They would not be consulted of internal sources for developing new product ideas | suppliers
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| After concept testing, a firm would engage in which stage in developing and marketing a new product? | marketing strategy development
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| 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
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| A simple description consisting a picture or word is good for this | concept tests
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| Calls for testing new product concepts with groups of target consumers | concept testing
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| Not a common external source for new product ideas | firm executives
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| The second part of the marketing strategy statement outlines the product's planned price, distribution, and ..... | marketing budget
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| In concept testing stage of new product development, a product concept is presented in what form to groups of target consumers? | physical or symbolic
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