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Exam 10: Developing New Products and Services

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Question 101

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A product can be classified as new if it ________ from existing products.

A) is functionally different
B) is different in color, taste, or fragrance
C) is different in its packaging
D) is different in price
E) requires a different distribution channel

F) A) and C)
G) B) and E)

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Question 102

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With respect to price and availability, shopping products are likely to be

A) relatively inexpensive and widely available.
B) relatively inexpensive but very limited availability.
C) very expensive and available at a large number of selective outlets.
D) very expensive with very limited availability.
E) fairly expensive and available at a large number of selective outlets.

F) D) and E)
G) B) and D)

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Question 103

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Open innovation may enhance the ________ stage of the new-product development process.

To save time and money, companies often turn to ________, a technique that somewhat replicates a full-scale test market.

The tendency for some product developers to add additional features or functionality to a product that are not of any benefit to most consumers and unnecessarily add to the cost of the product is referred to as

Developing a pool of concepts to serve as candidates for new products is the ________ stage of the new-product development process.

Which of these is considered a service?

You greatly admire a set of Waterford crystal serving bowls you see at a dinner party and decide to buy two despite their cost of $250 each. They are only available in your area in a Waterford shop 40 miles from campus. Into which classification of consumer products would the Waterford crystal serving bowls fall?

How can a firm use a test market in its new-product development process?

The Vermont Teddy Bear Co. sells handmade teddy bears designed to be given as gifts for almost every occasion imaginable. The Love Bandit Bear is designed for people to give on Valentine's Day. The unique identification number that the Vermont Teddy Bear Co. uses to distinguish this teddy bear from the others in order to track it in the warehouse is called

In terms of brand loyalty, consumers prefer specific brands but will accept substitutes for which type of consumer product?

During which stage of the new-product development process are audiences allowed to preview actual movies like Aquaman or Spider-Man: Into the Spider-Verse (a sneak preview) so that changes might be made before they are released to the general public?

In terms of promotion, which of the following consumer product types stresses product differentiation from competitors but not status?

If a firm contracts with IRI, a leading test market company, to track sales of a new product made to a panel of consumers and to assess the effectiveness of advertising and other promotion tactics, what type of test market is this?

Detailed financial projections and determination if a new product could be protected with patents or copyright are a part of which stage of the new-product development process?

The promotion for which product type would stress price, availability, and awareness?

A good, as opposed to a service or an idea, has tangible attributes that a consumer's ________ can perceive.

At Mattel, Barbie is child-tested to be sure the doll cannot be broken apart, creating pieces that could accidentally choke a child. This type of consumer or safety test occurs during the ________ stage of the new-product development process.

IDEO is a company that

Explain the differences in promotion between convenience, shopping, specialty, and unsought products.