Podcast
Questions and Answers
What is a detailed version of the idea stated in meaningful consumer terms?
What is a detailed version of the idea stated in meaningful consumer terms?
- Product concept (correct)
- Product image
- Product feature
- Product idea
During which stage of new-product development are new-product ideas presented to consumers in symbolic or physical ways to gauge their reactions?
During which stage of new-product development are new-product ideas presented to consumers in symbolic or physical ways to gauge their reactions?
- Concept testing (correct)
- Screening
- Marketing strategy
- Idea generation
What tools are typically used at the stage of looking at the sales history of similar products and surveying market opinion in new-product development?
What tools are typically used at the stage of looking at the sales history of similar products and surveying market opinion in new-product development?
- Business analysis (correct)
- Commercialization
- Concept development and testing
- Marketing strategy development
During the product development phase, what should the prototype convey to ensure beneficial and meaningful consumer testing?
During the product development phase, what should the prototype convey to ensure beneficial and meaningful consumer testing?
What is the FIRST decision that a company introducing a new product must make?
What is the FIRST decision that a company introducing a new product must make?
What is the term used to describe the course of a product’s sales and profits over its lifetime?
What is the term used to describe the course of a product’s sales and profits over its lifetime?
What is the purpose of requiring executives to write up new-product ideas on a standard form?
What is the purpose of requiring executives to write up new-product ideas on a standard form?
What is the difference between a product idea and a product concept?
What is the difference between a product idea and a product concept?
Why is concept testing important in new product development?
Why is concept testing important in new product development?
In what way can a physical presentation of a new-product concept be beneficial for concept testing?
In what way can a physical presentation of a new-product concept be beneficial for concept testing?
What does MBO stand for in the context provided?
What does MBO stand for in the context provided?
Why do companies evaluate new-product ideas against set criteria?
Why do companies evaluate new-product ideas against set criteria?
What is the purpose of giving consumers a small amount of money in the context provided?
What is the purpose of giving consumers a small amount of money in the context provided?
In the product life cycle (PLC), what does the decline stage entail?
In the product life cycle (PLC), what does the decline stage entail?
Why must a company decide on introduction timing before launching a new product?
Why must a company decide on introduction timing before launching a new product?
What is the main concern for a company during commercialization?
What is the main concern for a company during commercialization?
Which type of products tend to have a standard Product Life Cycle (PLC) shape?
Which type of products tend to have a standard Product Life Cycle (PLC) shape?
How can a product that has entered the decline stage be brought back into the growth stage according to the text?
How can a product that has entered the decline stage be brought back into the growth stage according to the text?
What is a common reason for sales decline in the decline stage of a product?
What is a common reason for sales decline in the decline stage of a product?
What is a typical characteristic of customers in the decline stage of the product life cycle?
What is a typical characteristic of customers in the decline stage of the product life cycle?
What is a recommended advertising strategy during the decline stage of a product?
What is a recommended advertising strategy during the decline stage of a product?
How should a company adjust its distribution strategy during the decline stage?
How should a company adjust its distribution strategy during the decline stage?
What pricing strategy is recommended during the decline stage to maintain profitability?
What pricing strategy is recommended during the decline stage to maintain profitability?
Why should a firm phase out weak items during the decline stage of a product?
Why should a firm phase out weak items during the decline stage of a product?
What is the next step after testing new-product concepts with consumers?
What is the next step after testing new-product concepts with consumers?
Which part of the marketing strategy statement outlines the product's planned price, distribution, and marketing budget for the first year?
Which part of the marketing strategy statement outlines the product's planned price, distribution, and marketing budget for the first year?
What does business analysis involve?
What does business analysis involve?
Where does the product concept move if it passes the business test?
Where does the product concept move if it passes the business test?
What does the product development stage involve?
What does the product development stage involve?
What is needed to show whether a product idea can be turned into a workable product during product development?
What is needed to show whether a product idea can be turned into a workable product during product development?
