Which of the following statements regarding standard test marketing is correct?

A.idea generationB.commercializationC.concept development and testingD.product developmentE.test marketing10.At which stage of the new product development process is a physical product firstdeveloped?EA.Marketing strategy developmentB.Concept development and testingC.Test marketingD.Idea generationE.Product development11.At which stage of the new product development process is crowdsourcingused?BA.Product developmentB.Idea generationC.CommercializationD.Idea screeningE.Marketing strategy development12.Installing an innovation management system tocollect, review,evaluate, andmanage new product ideas represents a______________ approach to new productdevelopment.DA.sequentialB.customer-centeredC.haphazardD.systematicE.team-based13.What is the first step of the new product developmentprocess?DA.Business analysisB.Marketing strategy developmentC.Idea screeningD.Idea generationE.Concept development and testing14.During the idea generation stage of the new product developmentprocess, it isimportant that__________.E

A.companies avoid crowdsourcing as a source of new ideasB.companies realize that it is illegal to use competitors as a source of new ideasC.companies limit their ideas to those that come from their internalR&DdepartmentsD.companies generate a small number of ideas that seem feasibleE.companies create a large number of ideas15.What is a productconcept?BA.An idea for a new productB.A detailed version of a new product idea stated in meaningful consumer termsC.A new product which is ready to be test marketedD.A working model of a new productE.The image of a new product inconsumer's minds16.If a company finds that a new product concept is acceptable and should bemovedforward, what is the next step in the new product developmentprocess?CA.CommercializationB.Test marketingC.Marketing strategy developmentD.Product developmentE.Business analysis17.One recent development in generating new product ideas is for a company toinvite broad communities of peoplelong dashsuch asemployees, customers, andeven the public at largelong dashinto the innovation process. This is known as__________.DA.test marketingB.intrapreneurial idea generationC.concept testingD.crowdsourcingE.Crowdfunding18.During concepttesting, who is the product concept actually testedon?DA.Employees in thecompany's marketing departmentB.CompetitorsC.InternalR&D engineersD.Groups of target customersE.Broad groups of consumers

19.Which of the following statements regarding standard test marketing iscorrect?EA.New products are always test marketed.B.A company usually tests only a small part of its marketing program in a test market.C.If test marketing issuccessful, the next step is to develop the product.D.Test marketing is conducted in a simulated market setting.

Terms in this set (25)

What must companies do to create successful new products? A. Understand its consumers, markets, and competitors and develop products that deliver superior value. B. Spend more on R&D than its competitors. C. Obtain successful products through acquisitions instead of doing internal development. D. Focus their new product development efforts only on consumers. E. Cut costs to keep the price of new products low.

A.

Understand its consumers, markets, and competitors and develop products that deliver superior value.

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Which of the following statements about new product development strategy is correct? A. A new product will succeed as long as it priced correctly. B. Innovation can be very expensive and very risky. C. New products are not a key source of growth for companies. D. New products are usually successful because consumers like new things. E. Developing new products is optional for companies with established brands.

B.

Innovation can be very expensive and very risky.

What is the first step of the new product development process? A. Concept development and testing B. Idea screening C. Business analysis D. Idea generation .E. Marketing strategy development

D.

Idea generation

At which stage of the new product development process is a physical product first developed? A. Marketing strategy development B. Concept development and testing C. Test marketing D. Product development E. Idea generation

D.

Product development

During the idea generation stage of the new product development process, it is important that __________. A. companies create a large number of ideas B. companies avoid crowdsourcing as a source of new ideas C. companies generate a small number of ideas that seem feasible D. companies realize that it is illegal to use competitors as a source of new ideas E. companies limit their ideas to those that come from their internal R&D departments

A.

companies create a large number of ideas

If a company finds that a new product concept is acceptable and should be moved forward, what is the next step in the new product development process? A. Business analysis B. Marketing strategy development C. Commercialization D. Product development E. Test marketing

B.

Marketing strategy development

One recent development in generating new product ideas is for a company to invite broad communities of peoplelong dashsuch as employees, customers, and even the public at largelong dashinto the innovation process. This is known as __________. A. test marketing B. crowdfunding C. intrapreneurial idea generation D. crowdsourcing E. concept testing

D.

crowdsourcing

Which of the following statements regarding standard test marketing is correct? A. New products are always test marketed. B. If test marketing is successful, the next step is to develop the product. C. Test marketing is conducted in a simulated market setting. D. Test marketing can be costly and delay commercialization of the product. E. A company usually tests only a small part of its marketing program in a test market.

D.

Test marketing can be costly and delay commercialization of the product.

According to the text, the most successful new products satisfy three criteria. What are these criteria? A. They appeal to a wide variety of consumers, are priced low, and can be mass marketed. B. They solve a major customer problem, are differentiated, and offer a compelling value proposition. C. They are differentiated, copy successful competitor products, and are priced low. D. They are something that has never been seen before, are priced low, and are offered on a limited basis. E. They solve a major customer problem, are differentiated, and are priced low.

B.

They solve a major customer problem, are differentiated, and offer a compelling value proposition.

Companies should take a holistic approach to new product development. This means that the process should be __________. A. customer-centered, compartmentalized, and systematic B. customer-centered, team-based, and systematic C. customer-centered, team-based, and haphazard D. compartmentalized, team-based, and company-centered E. compartmentalized, sequential, and company-centered

B.

customer-centered, team-based, and systematic

When Dr. Footcare developed and launched a revolutionary new walking shoe, he knew that during the introductory stage of the product life cycle (PLC) __________. A. sales would be slow and profits nonexistent B. sales would be high and profits would level off or decline C. profits would rise quickly and there would be rapid market acceptance of the product D. sales would be slow but profits would be high E. sales would fall and profits would drop

A.

sales would be slow and profits nonexistent

Which of the following is the purpose of test marketing?

Which of the following statements is true regarding standardizing products for international markets *?

What is the aim of test marketing quizlet?

Which of the following statements describes marketing?