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Exam 20: Introducing New Market Offerings

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Question 31

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A(n) ________ is an elaborated version of the idea expressed in consumer terms.

A) test brand
B) alpha product
C) beta version
D) product idea
E) product concept

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Question 32

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Not everyone believes a customer focus helps to create better new products.Why might this be

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As Henry Ford famously said,"If I'd aske...

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Question 33

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The traditional system of new-product cocreation with consumers is giving way to a more company-centric approach to product innovation.

A(n) ________ loses money when its sales do not cover variable costs.

3M,Hewlett-Packard,Lego,and many other companies use the stage-gate system to manage the innovation process.Define the stage-gate system.

Following a successful concept test,the new-product manger will develop a preliminary strategy plan for introducing the new product into the market.

One of the reasons new products can fail is________.

The innovation diffusion process has been defined by Rogers as "the spread of a new idea from its source of invention or creation to its ultimate users or adopters." The consumer-adoption process focuses on the ________ process through which an individual passes from first hearing about an innovation to final adoption.

The job of translating target customer requirements into a working prototype is helped by a set of methods known as ________.

When prototypes are ready,they must be put through rigorous functional tests and ________ before they enter the marketplace.

The consumer-adoption process focuses on the mental process through which an individual passes from first hearing about an innovation to final adoption or use of the product/service.Adopters of new products have been observed to move through five distinct stages.List and define these stages.

The financial analysis for your new product shows that for the fist year you must sell 100,000 units at an average selling price of $10.00 in order to cover the costs of introduction,marketing,and development.The financial process used to arrive at these numbers is called ________.

The number-one success factor for new products is ________.

The new-product development process starts with the search for ideas.New-product ideas can come from interacting with various groups and using creativity-generating techniques.Identify and define these techniques.

When Tide introduces a new fragrance of laundry detergent,some consumers who buy the new fragrance switch from other Tide variants,as opposed to from other brands.The income lost on the other Tide variants is called ________.

Your firm has a new-product concept that seems to be a sure winner.You have estimated that the cost of development is $1 million,which the company does not have.As a result,this sure winner does not get out of the idea stage.This is an example of ________,which is one of the factors hindering new-product development.

The job of translating target customer requirements into a working prototype is helped by a set of methods known as quality function deployment,which takes the desired customer attributes and turns them into a list of engineering attributes.

For a frequently purchased new product,the seller estimates repeat sales as well as first-time sales.A high rate of repeat purchasing means customers are ________.

A(n) ________ strategy to designing new products attaches high importance to incorporating customer preferences in the final design.

The more a tested concept resembles the final product or experience,the more dependable concept testing is.