Podcast
Questions and Answers
Which of the following is a key benefit of introducing new products through disruptive innovation?
Which of the following is a key benefit of introducing new products through disruptive innovation?
- Increased sales and profits (correct)
- Lower costs and tighter security
- Establishment of a distribution system
- Reduced risk of product failure
What is the purpose of concept testing in the product development process?
What is the purpose of concept testing in the product development process?
- To evaluate ideas for their contribution to sales, costs, and profits
- To convert an idea into a prototype for testing
- To gauge potential buyers' reactions to a product idea (correct)
- To estimate potential sales, costs, and profits
What is one disadvantage of test marketing as a strategy to assess the viability of a new product?
What is one disadvantage of test marketing as a strategy to assess the viability of a new product?
- Limited feedback from potential customers
- Increased advertising and promotion costs
- Interference from competitors (correct)
- Inability to measure potential sales
What are the advantages of simulated test marketing compared to traditional test marketing?
What are the advantages of simulated test marketing compared to traditional test marketing?
What is the purpose of the commercialization phase in the product development process?
What is the purpose of the commercialization phase in the product development process?
True or false: The development of new products is a key part of any business's growth strategy.
True or false: The development of new products is a key part of any business's growth strategy.
True or false: Test marketing is a strategy used by many companies to assess the potential success of a new product or service.
True or false: Test marketing is a strategy used by many companies to assess the potential success of a new product or service.
True or false: Simulated test marketing is more expensive and vulnerable to interference from competitors compared to traditional test marketing.
True or false: Simulated test marketing is more expensive and vulnerable to interference from competitors compared to traditional test marketing.
_______ innovation can provide a firm with a competitive edge, while also creating new markets or reshaping existing ones.
_______ innovation can provide a firm with a competitive edge, while also creating new markets or reshaping existing ones.
Test marketing is a strategy used by many companies to assess the potential success of a new _______.
Test marketing is a strategy used by many companies to assess the potential success of a new _______.
Rather than launching a product nationwide overnight, companies may opt for a ______ strategy, whereby the product is initially introduced in one geographic area and gradually expanded to adjacent areas.
Rather than launching a product nationwide overnight, companies may opt for a ______ strategy, whereby the product is initially introduced in one geographic area and gradually expanded to adjacent areas.
What are the steps involved in developing a new product?
What are the steps involved in developing a new product?
Explain the advantages and disadvantages of test marketing as a strategy to assess the viability of a new product.
Explain the advantages and disadvantages of test marketing as a strategy to assess the viability of a new product.
What is the purpose of a rollout strategy in product launch?
What is the purpose of a rollout strategy in product launch?
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