Ch. 8 | New Product Development

Question 1

what are the 4 stages in the product life cycle?

Answer 1

1. introduction
2. growth
3. maturity
4. decline

Question 2

what are the 4 product life cycle strategies to extend a product?

Answer 2

1. modifying the product
2. modifying the market
3. repositioning a product
4. introducing a new product

Question 3

what are the 7 steps to “The New Product Development Process?”

Answer 3

1. new product development strategy
2. idea generation
3. screening and evaluation
4. business analysis
5. development
6. test marketing
7. commercialization

Question 4

left to right on a normal distribution curve, label the “Adoption Curve”

Answer 4

• innovators
• early adoptors
• early majority
• late majority
• laggards

Question 5

what 4 barriers deter adoption of a new product?

Answer 5

• usage
• value
• risk
• psychological