Chapter 9

Question 1

New product development process

Answer 1

1. Idea generation
2. Idea screening
3. product development and testing new products tried with a group of consumer
   a. Product idea
   b. Product concept
4. Business analysis- review of sales costs and how much money are you going to make
5. Product development- bringing the concept into reality
6. Test marketing - the product and the marketing program are tested in realistic market settings
7. Commercialization- new product development: team-based new product development, customer-based

Question 2

Product life-cycle strategies

Answer 2

• Product development 0 sales increasing investment costs
• Introduction no profit no volume
• Growth increase in sales
• Maturity slowdown in sales, innovation of products, modification strategies: of thee market, consumer
• Decline: drop product, maintain, replace it

Question 3

Product development stage of a product

Answer 3

0 sales increasing investment costs

Question 4

Introduction stage of plc

Answer 4

no profit no volume, new product is first distributed and made available for purchase

Question 5

Growth stage of product life-cycle

Answer 5

increase in sales

Question 6

Maturity

Answer 6

slowdown in sales, innovation of products, modification strategies: of thee market, consumer

Question 7

Decline

Answer 7

drop product, maintain, replace it

Question 8

customer-centered new product development

Answer 8

customer-centered new product development

Question 9

new. product development

Answer 9

is the development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts

Question 10

idea generation

Answer 10

is the systematic search for new product ideas

Question 11

What is concept testing?

Answer 11

The process of testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal

Question 12

What is team-based new product development?

Answer 12

New product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness

Question 13

Idea screening

Answer 13

involves screening new product ideas to spot good ideas and drop poor ones as soon as possible.

Question 14

What is the definition of a fad?

Answer 14

is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

Question 15

Product development is

Answer 15

developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

Question 16

Marketing strategy development

Answer 16

is designing an initial marketing strategy for a new product based on the product concept.

Question 17

Customer-centered new product development

Answer 17

is new product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Question 18

Team-based new product development

Answer 18

is new product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.

Question 19

Style

Answer 19

is a basic and distinctive mode of expression.

Question 20

Fashion

Answer 20

is a currently accepted or popular style in a given field.

Question 21

Crowdsourcing

Answer 21

is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new-product innovation process. Underarmour example.

Question 22

Marketing strategy development

Answer 22

involves designing an initial marketing strategy for a new product based on the product concept.

Question 23

Customer-centered new product development

Answer 23

is new product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Question 24

maturity

Answer 24

diversifying the brand and models