Opportunity Identification and Selection: Strategic Planning for New Products

Question 1

A group of people responsible for developing a new product operates like a separate company within the main organization.

Answer 1

Company within a Company

Question 2

The strategic document that defines the new product strategy. It provides direction for the new product team and aligns them with corporate objectives.

Answer 2

Product Innovation Charter

Question 3

PIC is a strategic document prepared by (junior/senior) management to guide business units in new product development.

Answer 3

Senior

Question 4

PIC serves as a (vision/mission) statement at a micro level for new product activities.

Answer 4

Mission

Question 5

A common structure or system from which a family of products is developed.

Answer 5

Product Platform

Question 6

(Category/Brand platforms): Strong brands support multiple products under the same identity

(Category/Brand platforms): Grouping products under a specific category for strategic planning

Answer 6

Brand, Category

Question 7

(Standardized/Customization) platforms reduce costs.
(Standardized/Customization) caters to different customer segments.

Answer 7

Standardization, Customization

Question 8

Which trend refers to consumers making last-minute decisions based on real-time information?
a) Co-Creation
b) The Transparent Self
c) Just-in-Time Life
d) Virtual Made Real

Answer 8

c) Just-in-Time Life

Question 9

2. Which trend involves consumers having access to more sensory and environmental data than ever before?
   a) Just-in-Time Life
   b) Sensing Consumers
   c) Virtual Made Real
   d) In Search of “Enoughness”

Answer 9

b) Sensing Consumers

Question 10

Which trend reflects the increasing availability of consumer data for businesses to personalize experiences?
a) Sensing Consumers
b) The Transparent Self
c) Virtual Made Real
d) Co-Creation

Answer 10

b) The Transparent Self

Question 11

Which trend is about people seeking simplicity, minimalism, and valuing quality over quantity?
a) Co-Creation
b) Virtual Made Real
c) In Search of “Enoughness”
d) Just-in-Time Life

Answer 11

c) In Search of “Enoughness”

Question 12

Augmented reality (AR) and digital experiences blending with real life fall under which trend?
a) Virtual Made Real
b) Just-in-Time Life
c) Sensing Consumers
d) The Transparent Self

Answer 12

a) Virtual Made Real

Question 13

Which trend highlights consumers’ active participation in designing and creating products?
a) The Transparent Self
b) Co-Creation
c) Sensing Consumers
d) In Search of “Enoughness”

Answer 13

b) Co-Creation

Question 14

Fitness apps that track heart rate, sleep, and stress levels are examples of which trend?
a) Virtual Made Real
b) Just-in-Time Life
c) Sensing Consumers
d) Co-Creation

Answer 14

c) Sensing Consumers

Question 15

Personalized ads and product recommendations based on user behavior are examples of which trend?
a) Co-Creation
b) Virtual Made Real
c) Just-in-Time Life
d) The Transparent Self

Answer 15

d) The Transparent Self

Question 16

A fashion brand launching a “design your own sneaker” feature on its website aligns with which trend?
a) Co-Creation
b) In Search of “Enoughness”
c) Sensing Consumers
d) Just-in-Time Life

Answer 16

a) Co-Creation

Question 17

A subscription box company that allows users to customize their product choices each month is an example of:
a) Virtual Made Real
b) Co-Creation
c) Just-in-Time Life
d) The Transparent Self

Answer 17

c) Just-in-Time Life

Question 18

Which trend aligns with the demand for short-term rentals and real-time tracking apps?
a) The Transparent Self
b) Just-in-Time Life
c) Sensing Consumers
d) Co-Creation

Answer 18

b) Just-in-Time Life

Question 19

Which trend supports innovations like GPS-enabled child-tracking devices and home health testing kits?
a) Virtual Made Real
b) Just-in-Time Life
c) Sensing Consumers
d) In Search of “Enoughness”

Answer 19

c) Sensing Consumers

Question 20

Personalized financial tracking apps like Mint and genetic testing services like 23andMe are driven by which trend?
a) The Transparent Self
b) Co-Creation
c) Just-in-Time Life
d) Virtual Made Real

Answer 20

a) The Transparent Self

Question 21

Which trend focuses on minimalism, sustainability, and eco-conscious choices like refillable cosmetics?
a) In Search of “Enoughness”
b) Sensing Consumers
c) Virtual Made Real
d) Just-in-Time Life

Answer 21

a) In Search of “Enoughness”

Question 22

Virtual concerts, metaverse platforms, and digital real estate fall under which trend?
a) Co-Creation
b) Virtual Made Real
c) The Transparent Self
d) Sensing Consumers

Answer 22

b) Virtual Made Real

Question 23

Platforms like TikTok, Kickstarter, and NikeID’s custom sneakers reflect which trend?
a) Sensing Consumers
b) Virtual Made Real
c) Co-Creation
d) Just-in-Time Life

Answer 23

c) Co-Creation

Question 24

AI-driven financial products and data-driven insurance solutions align with which trend?
a) The Transparent Self
b) Sensing Consumers
c) Co-Creation
d) In Search of “Enoughness”

Answer 24

a) The Transparent Self

Question 25

Smart home air quality sensors and environmental monitoring tools are examples of which trend?
a) Just-in-Time Life
b) Virtual Made Real
c) Sensing Consumers
d) The Transparent Self

Answer 25

c) Sensing Consumers

Question 26

Farm-to-table restaurants and digital detox retreats cater to which societal trend?
a) The Transparent Self
b) In Search of “Enoughness”
c) Just-in-Time Life
d) Co-Creation

Answer 26

b) In Search of “Enoughness”

Question 27

VR social networking platforms and digital avatars are part of which trend?
a) Co-Creation
b) Virtual Made Real
c) The Transparent Self
d) Sensing Consumers

Answer 27

b) Virtual Made Real