New Product Development Process Quiz

<p>Inviting a broad community of people to contribute to the innovation process. (D)</p> Signup and view all the answers

<p>A company receiving a suggestion from a distributor regarding product packaging. (B)</p> Signup and view all the answers

<p>A parcel delivery service. (A)</p> Signup and view all the answers

<p>To use IoT technologies for developing smart food containers. (C)</p> Signup and view all the answers

<p>To encourage continued internal innovation by allowing employees to work on projects. (C)</p> Signup and view all the answers

<p>The buying of a whole company, a patent, or a license to produce someone else’s product. (D)</p> Signup and view all the answers

<p>95 percent (A)</p> Signup and view all the answers

<p>A process that moves quickly and fosters widespread innovation. (C)</p> Signup and view all the answers

<p>The process of creating original products, product improvements, product modifications, and new brands developed from the firm’s own R&amp;D. (B)</p> Signup and view all the answers

<p>Futuristic, high-risk projects with the potential for profound impact. (D)</p> Signup and view all the answers

<p>Part of the company’s DNA and can occur anywhere within it (C)</p> Signup and view all the answers

<p>Acquisition and New product development. (B)</p> Signup and view all the answers

<p>Making changes to an existing product's design or features. (D)</p> Signup and view all the answers

<p>The introduction of a slightly different flavor of an already established product line. (D)</p> Signup and view all the answers

<p>To articulate the product idea in terms that resonate with consumers. (B)</p> Signup and view all the answers

<p>To create products that solve customer problems and offer satisfying experiences. (B)</p> Signup and view all the answers

<p>Various company departments work together closely at the same time. (C)</p> Signup and view all the answers

<p>Product image is how consumers perceive the product, while the product concept is a detailed description of the idea. (B)</p> Signup and view all the answers

<p>To gauge consumer reaction to a new product idea before investing resources. (D)</p> Signup and view all the answers

<p>To establish a culture that promotes new product thinking and development. (D)</p> Signup and view all the answers

<p>To create a preliminary marketing plan based on the product concept. (B)</p> Signup and view all the answers

<p>The process of finally bringing a new product to the market. (B)</p> Signup and view all the answers

<p>To see if the product meets the objectives of the company financially. (A)</p> Signup and view all the answers

<p>It could cause a company to become less competitive in the market. (C)</p> Signup and view all the answers

<p>Cost Driven (C)</p> Signup and view all the answers

<p>The product concept is turned into a tangible physical product. (C)</p> Signup and view all the answers

<p>The product is being tested in a real market before a full launch. (B)</p> Signup and view all the answers

<p>A new, complex smart home device with advanced features. (D)</p> Signup and view all the answers

<p>2, 1, 3, 4 (C)</p> Signup and view all the answers

<p>Introduction (D)</p> Signup and view all the answers

<p>Growth (A)</p> Signup and view all the answers

<p>Slowdown in sales growth and increased competition (D)</p> Signup and view all the answers

<p>Maturity (D)</p> Signup and view all the answers

<p>Falling off (D)</p> Signup and view all the answers

<p>Growth (C)</p> Signup and view all the answers

<p>Rapid market acceptance (B)</p> Signup and view all the answers

<p>Many suppliers, many substitute products (A)</p> Signup and view all the answers

<p>Modifying the marketing mix to appeal to new market segments. (B)</p> Signup and view all the answers

<p>Peak sales and stable, high profits. (B)</p> Signup and view all the answers

<p>They have created a website and phone application to encourage greater usage of their goods. (C)</p> Signup and view all the answers

<p>Reduce expenditures to enhance profitability as sales decline. (A)</p> Signup and view all the answers

<p>Lagging adopters who are slow to accept new ideas. (B)</p> Signup and view all the answers

<p>Reducing marketing and distribution costs while still generating sales. (B)</p> Signup and view all the answers

<p>Late maturity or early decline stage as purchasing habits change. (C)</p> Signup and view all the answers

<p>The cost per customer decreases from high to low. (C)</p> Signup and view all the answers

The process of creating original products or modifying existing ones.

Buying a whole company, patent, or license to produce products.

Stages a product goes through from introduction to decline.

Introduction, Growth, Maturity, Decline - phases in a product's market presence.

Google promotes innovation as part of its company's DNA.

95% of new products introduced fail annually.

Ethical considerations in product development and marketing.

Adapting products for global markets.

The systematic search for new product ideas from various sources.

Company-based sources for generating new product ideas, like staff and R&D.

Sources outside the company that provide new product ideas, such as customers and competitors.

Inviting broad communities to contribute ideas for new products.

A method to evaluate ideas based on three criteria: Are they real? Can we win? Is it worth doing?

A dedicated space within a company for employees to explore their creative projects.

Using tech tools to discover and assess new product designs and concepts.

The process of identifying good ideas while dropping the poor ones.

An idea for a potential product the company might offer.

A detailed version of a product idea expressed in consumer terms.

How consumers perceive an actual or potential product.

Testing new product concepts with target consumer groups.

Designing an initial marketing strategy based on the product concept.

Reviewing sales, costs, and profit projections for a product.

Turning the product concept into a physical product.

Testing the product and marketing program in realistic settings.

Best for new products with significant investment and uncertainty.

Avoid for simple extensions or low-cost products with high management confidence.

The process of launching a new product in the market.

Focus on solving customer problems to enhance satisfaction.

Multiple departments collaborate closely to streamline the product process.

An organized approach fostering an innovation-oriented culture.

A framework to create an innovative company culture and generate ideas.

The stage in the product life cycle where sales peak, and market saturation occurs.

Tactics used to innovate a product, market, or marketing mix during the maturity stage.

Adjusting target markets to increase product usage during the maturity stage.

Changing aspects of the product itself to stay competitive in the maturity stage.

Adjusting the four Ps (Product, Price, Place, Promotion) to stimulate sales in maturity.

The stage in the product life cycle where sales decrease and profits fade.

Strategy to keep a product in the market despite declining sales.

Maximizing short-term profits from a product with decreasing sales.

A structured approach to creating and launching new products efficiently.

The phase where sales grow slowly, profits are low, and promotion costs are high.

Sales increase rapidly, new competitors enter, and profits rise.

Short-lived products that gain popularity quickly and fade away.

Cost advantages gained as production increases, allowing lower prices.