Product Mix Adjustments Quiz

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Questions and Answers

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?

  • 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?

  • 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?

<p>Greater speed, lower costs, and tighter security (D)</p> Signup and view all the answers

What is the purpose of the commercialization phase in the product development process?

<p>To decide on changes to the marketing mix (A)</p> Signup and view all the answers

True or false: The development of new products is a key part of any business's growth strategy.

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

True or false: Test marketing is a strategy used by many companies to assess the potential success of a new product or service.

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

True or false: Simulated test marketing is more expensive and vulnerable to interference from competitors compared to traditional test marketing.

<p>False (B)</p> Signup and view all the answers

_______ innovation can provide a firm with a competitive edge, while also creating new markets or reshaping existing ones.

<p>Disruptive</p> Signup and view all the answers

Test marketing is a strategy used by many companies to assess the potential success of a new _______.

<p>product or service</p> Signup and view all the answers

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.

<p>rollout</p> Signup and view all the answers

What are the steps involved in developing a new product?

<p>The steps involved in developing a new product include idea generation and screening, concept testing, business analysis, product development, test marketing, and commercialization.</p> Signup and view all the answers

Explain the advantages and disadvantages of test marketing as a strategy to assess the viability of a new product.

<p>The advantages of test marketing include assessing potential customer response, identifying product weaknesses, and experimenting with marketing mix variations. The disadvantages include high costs and vulnerability to interference from competitors.</p> Signup and view all the answers

What is the purpose of a rollout strategy in product launch?

<p>The purpose of a rollout strategy is to initially introduce the product in a specific geographic area and gradually expand to adjacent areas, reducing the risk of introducing a new product, establishing a distribution system, and allowing for marketing mix fine-tuning.</p> Signup and view all the answers

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