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MARK 9

QuestionAnswer
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
Created by: murph25
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