e Show Which of the following statements about new product development strategy is correct? A. Good advertising creates successful new products. B. A new product will succeed as long as it is priced correctly. C. New products are usually successful because consumers like new things. D. New products are not a major source of growth for companies. E. Innovation can be very expensive and very risky. b Which of the following would be an appropriate strategy during the maturity stage of the product lifecycle? A. Shift some advertising from building product awareness to building product conviction and purchase. B. Modify the market, product offering and marketing mix. C. Use promotional spending to inform consumers and get them to try the product. D. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. E. Select products to maintain, harvest or drop. e Which of the following statements concerning new products is correct? A. Most new products succeed within two years of their introduction. B. A modified product is not considered a new product. C. To be considered new, the product must be something consumers have not seen before. D. Products that are merely improved in some way are not considered new. E. Modified and improved products are considered new. c At which stage of the new product development process is a physical product first developed? A. Marketing strategy development B. Idea generation C. Product development D. Test marketing E. Concept development and testing e Which of the following statements is true regarding product life cycle curves? A. Marketing strategies do not change for different life cycle stages. B. Once a product reaches the decline stage, it cannot be recycled back to growth. C. All products follow the traditional 5-stage PLC model. D. Managing products through their life cycle is an easy task. E. Marketers do not know the exact shape and length of their product's life cycle in advance. b Most products are at which stage of their product lifecycle? A. Growth B. Maturity C. Introduction D. Product development E. Decline e Intuit follows a "Design for Delight (D4D)" development philosophy that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit using? A. Crowdsourcing B. Team-based new product development C. Systematic new product development D. Marketing strategy development E. Customer-centered new product development d Through _____ a company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product. A. idea generation B. internal R&D C. product life cycle strategies D. acquisition E. new product development c To create successful new products, a company must _______. A. focus their new product development efforts only on consumers B. spend more on R&D that its competitors C. understand its consumers, markets, and competitors and develop products that deliver superior value D. obtain successful products through acquisitions instead of doing internal development E. cut costs to keep the price of new products low c After ideas are screened, the next stage of the new product development process is _____. A. commercialization B. test marketing C. concept development and testing D. product development E. idea generation b The Learning Institute recently conducted a brainstorming session that generated a large number of ideas for adding new products and services. Learning Institute managers will most likely use ________ next to arrive at a realistic number of ideas to adopt. A. business analysis B. idea screening C. concept testing D. concept development E. crowdsourcing b Sales are rising rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this describe? A. Decline B. Growth C. Introduction D. Maturity E. Product development e Which of the following is NOT a product life cycle (PLC) stage? A. Decline B. Growth C. Maturity D. Introduction E. Commercialization d At which stage of the new product development process is crowdsourcing used? A. Marketing strategy development B. Idea screening C. Commercialization D. Idea generation E. Product development b When a product is in the decline stage of the PLC, a company may reduce various costs (plant and equipment, maintenance, R&D, advertising, sales force), hoping that sales hold up. In other words, they are ________ the product. A. growing B. harvesting C. maintaining D. milking E. dropping customer-centered new product development What focuses on finding new ways to solve customer problems and create more customer-satisfying experiences? team-based new product development What is the process of various company departments working closely together, and overlapping steps in the product development process to save time and increase effectiveness? style What is a basic and distinctive mode of expression? fashion What is a currently accepted or popular style in a given field? fad What is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity? 2 ways: acquisition (buying whole company, patent or license to produce someone else's product) or new product development (original products, product improvements, product modifications and new brands that the firm develops through its own R&D efforts) Where and how do firms get new products? idea generation, idea screening, concept development and testing, marketing strategy development, business analyst, product development, test marketing and commercialization What are the 8 steps in the new product development process? idea generation What is the systematic search for new product ideas? idea screening What is investigating new product ideas to spot good ones or drop poor ones asap? concept development and testing What is the movement of an attractive idea to a product concept and then testing that product concept? product concept What is a detailed version of the new product idea stated in meaningful terms? concept testing What is the act of trying out new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal? business analysis What is a review of sales, costs and profit projections for a new product to find out whether these factors satisfy the company's objectives? product development What is the movement of the product concept to an actual physical product to ensure that the product idea can be turned into a workable market offering? test marketing What is the act of trying out the product and its marketing strategy in realistic market settings? commercialization What is the introduction of a new product into the market? internal sources (R&D and own employees), external sources (distributors, suppliers, competitors and consumers) and crowdsourcing (inviting broad communities of people into the new product innovation process) Where do new product ideas come from in the idea generation phase of new product development? absolute (company cannot recover its costs to produce and market product) and relative (product returns a profit but fails to achieve sales, profit or market share goals) What are the 2 degrees of new product failure? company can't support fast growth, unclear product benefits/positioning to leverage a fad, poor match between features and customer desires, product defines a new category and is poorly promoted and product is revolutionary but there's no market for it or price is too high What are some of the reasons for new product failure? product life cycle (PLC) What is the course of a product's sales and profits over its lifetime? product development, introduction, growth, maturity and decline What are the stages of the PLC? company finds and develops new product idea, no sales What happens during the product development stage of PLC? new product is first introduced in the market, profits are nonexistent because of heavy expenses in this stage What happens during the introduction stage of PLC? product's sales gain rapid market acceptance and sales will rise quickly What happens during the growth stage of PLC? slowdown in sales growth because the product has achieved acceptance by most potential buyers What happens during the maturity stage of PLC? sales fall off and profits drop What happens during the decline stage of PLC? Which of the following statements is true regarding the maturity stage of the product life?49) Which of the following statements is true regarding the maturity stage of the product life cycle? Answer: Usually, competition is most intense in this phase.
What is a fact about the maturity phase of the product life cycle?Maturity Phase of the Product Life Cycle
It's when the product reaches its maximum potential and sales stabilize. Once the summit is reached, it is no longer possible to grow, but the company can act to avoid significant setbacks. The challenge at this stage is to maintain good results over time.
What is the maturity stage of the business life cycle?Maturity. After several years in business, your company may hit a stage of maturity when it's more stable and profitable. This is the third stage in the life cycle of a business. When you first started your business, you may have taken a limited salary.
What happens in the maturity stage of the product life cycle quizlet?The maturity stage of the product life cycle is characterized by a slowdown of sales growth and profit. Competitors are well-established and fewer new consumers enter the market. Marketing focuses on holding or gaining market share by continuing to differentiate the product and building on existing customer loyalty.
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Which of the following statements is true regarding the maturity stage of the product life cycle?
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