(1) The Strategic Elements of Product Development

Question 1

What is a product?

Answer 1

Product: A physical good, interaction, idea, person, event, or place that is capable of offering combinations of tangible and intangible attributes that individuals or organisations regard as so necessary, worthwhile or satisfying that they are prepared to exchange money , patronage or some other unit of value in order to acquire it. (adapted from Brassington and Pettitt, 2003: 268)

Question 2

Which of the following statements is true of the importance of new products?

Answer 2

The new products process is exceedingly difficult

Question 3

Rules of thumb that firms have found that work for them can be referred to as:

Answer 3

Heuristics

Question 4

Flanker brands

Answer 4

Line extensions

Question 5

To cater to the constant demands of its customers, Roltez Pretzels, a manufacturer of pretzels and extruded corn snacks, introduces honey-mustard pretzels to its product line. The honey-mustard pretzels are examples of:

Answer 5

Flanker brands (line extensions)

Question 6

A “me-too” product is most likely a:

Answer 6

New to the firm product