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Test your knowledge of the new product development process with this quiz. From...

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Test your knowledge of the new product development process with this quiz. From...

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Questions and Answers

According to Philip Kotler, how does he define a product?

A set of tangible and intangible attributes capable of being exchanged for a value
Something a firm markets that will satisfy a personal want or fill a business or commercial need
Anything that can be offered to a market for attention, acquisition, use or consumption (correct)
A bundle of utilities consisting of various features and accompanying services

How does Alderson describe a product?

Anything that can be offered to a market for attention, acquisition, use or consumption
A set of tangible and intangible attributes capable of being exchanged for a value
A bundle of utilities consisting of various features and accompanying services (correct)
Something a firm markets that will satisfy a personal want or fill a business or commercial need

How does Schwartz define a product?

Anything that can be offered to a market for attention, acquisition, use or consumption
A set of tangible and intangible attributes capable of being exchanged for a value
Something a firm markets that will satisfy a personal want or fill a business or commercial need (correct)
A bundle of utilities consisting of various features and accompanying services

What are the different types of products mentioned in the text?

Physical goods, services, experiences, events, person, place, properties, organization, information, and ideas (D) Signup and view all the answers

What is the broad definition of a product according to the text?

Anything that can be offered to a market for attention, acquisition, use or consumption (A) Signup and view all the answers

What is the purpose of idea screening in new product development?

To evaluate product ideas critically and eliminate poor ideas (D) Signup and view all the answers

What happens during concept development and testing in new product development?

The product idea is converted into a consumer item and presented to the target audience for their reactions (A) Signup and view all the answers

What is the source of ideas for new product development mentioned in the text?

Market and consumer trends (B) Signup and view all the answers

When does the company move to the next stage in new product development, according to the text?

If the reaction from the target consumers is positive after concept testing (B) Signup and view all the answers

What is the focus of market strategy development in new product development?

Developing a strategy for introducing the new product to the market (C) Signup and view all the answers