10 Questions
What is the recommended action for a product in the decline stage of its life cycle?
Maintain the product
What are the external sources of a company?
Customers, competitors, and suppliers
What is one of the reasons for new product failure?
Underestimation of market size
What are the three questions included in the R-W-W screening framework?
Is it real? Can we win? Is it worth doing?
Do companies make profits during the Product Development phase?
False
What does business analysis involve?
A review of the sales, costs, and profit projections
What are the types of test markets?
Standard, controlled, and simulated
What are the advantages of simulated test markets?
They are more accurate, cheaper, and faster
When do firms test the market?
When there is a new product with a large investment or uncertainty about a product or a marketing program
What are fads?
Temporary periods of unusually high sales driven by consumer enthusiasm
Study Notes
- External sources refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms.
- The R-W-W screening framework includes three questions: Is it real? Can we win? Is it worth doing?
- Business analysis involves a review of the sales, costs, and profit projections to find out whether they satisfy the company objectives.
- The types of test markets include standard, controlled, and simulated.
- Simulated test markets are less expensive, faster, and restrict access by competitors.
- Firms test the market when there is a new product with a large investment or uncertainty about a product or a marketing program.
- Fads are temporary periods of unusually high sales driven by consumer enthusiasm and immediate or product brand popularity.
- The three Maturity Stage Modifying Strategies are market modifying, product modifying, and marketing mix modifying.
- Additional product and service considerations include determining what products and services to introduce in which countries, standardization versus customization, packaging and labeling, customs, values, laws.
- The major stages in new-product development include idea generation, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization.
Are you looking to test your knowledge on key concepts related to product development and marketing strategy? Look no further! This quiz covers a range of topics, including external sources, R-W-W screening, business analysis, test markets, fads, product modifying, and more. With ten questions, you'll have the chance to demonstrate your understanding of the major stages in new-product development, product and service considerations, and maturity stage modifying strategies. Sharpen your skills and challenge yourself with this informative quiz.
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