Product Development and Management
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Questions and Answers

What are the secondary innovations?

  • Selling products that were previously sold by other companies (correct)
  • Completely new products that no company has sold before
  • New features added to existing products
  • New products that are similar to existing ones

    • What is the concept of the product life cycle?

  • The marketing strategy for a specific product
  • The description of sales, competitors, and customers of a product from its introduction to its decline (correct)
  • The process of developing new products
  • The analysis of profits and losses of a company

    • What happens to profits in the Introduction stage of the product life cycle?

  • They are negative (correct)
  • They are constant
  • They slowly rise
  • They peak and then decline

    • What are the three stages of the product life cycle where profits are positive?

    <p>Growth, Maturity, Decline</p> Signup and view all the answers

    What is the main difference between secondary and primary innovations?

    <p>Whether the products are new to the company or new to the market</p> Signup and view all the answers

    What can the concept of the product life cycle be applied to?

    <p>To a product category, a product model, and a business unit</p> Signup and view all the answers

    What is the main goal of the introduction stage in the product life cycle?

    <p>To create awareness and generate demand for the product</p> Signup and view all the answers

    What is the main characteristic of the growth stage?

    <p>Fast growth rate</p> Signup and view all the answers

    What is the main goal of the maturity stage?

    <p>To maintain market share</p> Signup and view all the answers

    What is the main characteristic of the decline stage?

    <p>Decreasing sales</p> Signup and view all the answers

    What is the purpose of market segmentation?

    <p>To target a specific group of customers</p> Signup and view all the answers

    What is the main goal of advertising?

    <p>To create awareness</p> Signup and view all the answers

    What is the purpose of product development?

    <p>To improve product features</p> Signup and view all the answers

    What is the main characteristic of innovators?

    <p>They are early adopters of new products</p> Signup and view all the answers

    What is the purpose of marketing research?

    <p>To gather data about customers</p> Signup and view all the answers

    What is the main goal of the diffusion of innovation?

    <p>To create awareness about a new product</p> Signup and view all the answers

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