midterm_mkt530 Flashcards
What’s true regarding a new product?
Failure rate for new prod is ~ 90% | new prod process is exceedingly simple | all ppl involved in the creation of prod belong to the same dept | successful new prods does more good for a firm than anything else
A successful new product does more good for a firm than anything else that can happen. Pg 6
With reference to the new product process, when the firm _____, it is called the ready, fire, aim approach
does not do the req’d homework before beginning development. Pg 7
Prod development has become more challengeing due to:
lack of feedback from supervisors | increased lvl of emp expectations | reduction in budget allocated for HR | increased globalization
increased globalization. Pg 8
When a current product of a company has been enhanced to better serve consumer needs, it will fall in this new product category.
New to world prod | additions to prod lines | prod improvements | new category entries
Product improvements. Pg 14
P&G’s Tide detergent, Apple’s iMac, and HP’s LaserJet are examples of:
line extensions | new to world prod | prod innovations | new to firm prod
Line extensions. Pg 14
Hallmark is known for selling cards, gift-wrapping materials, and collectibles. In the summer of 2000, Hallmark added fresh-cut flower arrangements to its product offering. In which of the following new product categories would the floral arrangements fall?
new to the world prod | new to the firm prod | addition to prod lines | prod improvements
New-to-the-firm products. Pg 14
Which of the following is not one of the steps in the NPD process?
Launch | concept generation | competitive analysis | opp identification & selection
Competitive Analysis. See chp 1
Which of the following is not one of the elements of PD?
Prod innovation charter| prototyping/testing | well-managed prod port | new products process
Prototyping and testing
Which of the following is not one of the 12 dimensions of biz innovation?
Customers | solutions | networking | price
Price
All of the following are challenges EXCEPT:
customer expectations are increasing | everything is tentative here | tech is making more possible | global comp is strengthening
Everything is tentative here. See chp 1
Which phase of the new prod process is characterized by selection of hi potential opp and beginning customer involvement?
Dev | opp identification/selection | launch | concept generation
Concept generation. See pg 30
Prod protocol should focus upon:
prod advert | prod benefits | prod price | prod specs
Product benefits. See pg 33
In which phase of the NP process is the marketing plan sketched and gradually fleshed out?
Dev | opp identification/selection | concept/proj evaluation | concept generation
Development. See pg 33
Which of the following is associated with the concept/proj eval stage of NPD process?
Fully screen prod | prototype concept | stated concept | idea concept
Fully screen concept. See pg 37
Which of the following is true about the platform?
Platforms can be used for manufacturing goods but not for services | The term platform was initially used in the package goods industry | platform can be a design | usage of a platform Increases cost of prod
Platform can be design. See pg 62/63
What’s true regarding a PIC?
Prepared by team leaders | vision statement applied at macro level | NPD is a process and other activities | designed to provide guidance to the BU on role of innovation
Designed to provide guidance to the BU on role of innovation
Boeing makes passenger, cargo, short-haul, and long haul aircraft from the same design and shared components. This is an example of:
prod platform | channel platform | brand platform | category platform
Product platfrom. See pg 63
Not a valid infput for prod innovation activity?
New prod sugg | passive generation of prod opp | research results | outlawed prod
Outlawed products
All of the following are considered in new prod port mgmt except:
hi risk vs low risk prod | proj types | geo markets | advertising
Advertising. See chp 3
which of the following is true of creative ppl? Tend to be creative throughout their lives | typically eccentric | cannot benefit from training | cannot be measured
tend to be creative thru their lives
Which of the following techniques encouraged creativiity at 3M?
Not imposing rules on creatives | not transferring creatives so they understood various aspects of the dept | giving group rewards for innovation | allowing free time for innovation
allowing free time for innovation
_______ is defined in prod innovation as power to do work. Tech | potential | benefit | form
Technology
With reference to the 3 inputs required by the creation process, _______ is the source by which the form is attained. Tech | benefit | potential | design
Technology
What is the role of end users as source of ready-made new prod concepts
most concepts are for product improvements
Leading cause for new prod failure is: lack of advertising | absence of perceived need by user | poor quality product | high cost
Absence of perceived need by the intended end user
One way to addres the problem of new prod failure is to begin the dev process by:
identify unsolved consumer problems
The most productive methodology to use for gathering a list of consumer problems is:
reviewing published sources | contacting stakeholders directly | brainstorming with consulting co | consulting experts
Contacting stakeholders directly
Brainstorming and the group creativity techniques it spawned, tend to rely heavily upon:
Presenting/reacting sequence that gives group creativity its meaning
Analytical attribute tech are used to: create new prod concepts | improve quality of prod | reduce cost of producing prod | identify users prob
Create new product concepts
On a market map produced by gap analysis, customer perceptions of various products are indicated by: unique color code | positions on the map | relative size | unique shape code
Positions on the map
What is a stats techinque in computer packags that reduces the large number of attributes of underlying dimensions which can serve as axes on a perceptual map?
Factor analysis
Gap maps:
are useful in identifying potential product concepts
The underlying premise for _______ is that product concept creativity is triggered by the mere listing of every physical feature of a product b/c we think about how that feature could be changed.
dimension analysis
Relationship analysis involves:
finding relationships among dimensions to generate new product concepts
Firm’s evaluation system does the following except: proceeds in a straight line, step by step | involves backtracking | individual evaluation steps | treat product and marketing plan together or indy
Straight line, step by step fashion
The evaluation issue during the launch phase in the new product process is whether the firm has proven itself able to make and market the item on a commercial scale. This issue is usualy resolved by some form of ______
Market testing
Before a product is launched, a company can make use of ______ to gather pieces of info that can substitue for what it wants to learn
Surrogate questions
Which of the following eliminates the greatest number of product ideas? Prefence testing | PIC | attribute testing | market testing
PIC
A product concept is:
Claim of proposed satisfactions
Once the concept passes the first hurdle, concept testing will focus next on:
Estimating the product’s sale/trial rate
Commercialized concept statements are:
It presents the concept statement in promo style
To identify unsatisfied market segments, employ _______
Benefit segmentation
Full screen should be generally carried out:
Before onset of technical development
Screening is undertaken to:
Estimate the feasibility of technical and commercial accomplishments
The scoring model which covers tech and commercial accomplishments and in/direct and benefits is ____
NPV
Why is the use of weights in scoring models subject to criticism?
Weightings are necessary judgmental
Graphical presentation of a new product idea for a full screen can be done via _______
Profile sheets
