Chapter 6

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Trident Technical College *

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Marketing

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Feb 20, 2024

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Uploaded by LieutenantGerbil240

Chapter 6: Product Development A product can be either a good, a service, or a(n) ________. Correct Answer  Blank 1: idea The specific combination of goods, services, or ideas that a firm offers to its target market is referred to as a(n): product offering basket bundle incorrect Correct Answer product What four objectives are accomplished by a new-product strategy? It outlines how the new product will be promoted. It specifies how new products will fit into the company's marketing plan. It specifies the target markets to be served by the new products. It outlines general characteristics of the types of products a firm will develop. It provides general guidelines for the NPD process. It determines if the idea can be turned into a profitable product. Correct Answer  It specifies how new products will fit into the company's marketing plan.  It specifies the target markets to be served by the new products.  It outlines general characteristics of the types of products a firm will develop.  It provides general guidelines for the NPD process. During which stage of the new-product development process should the marketing department begin developing a marketing strategy? Multiple choice question. Test marketing incorrect Product development

Idea generation Product launch Correct Answer Product development There are various levels of risk in new-product development. Match the level of Correct Answer  Very high risk Costs are not recouped; company loses money  High risk Customers are dissatisfied; there are excessive returns  Moderate risk Company loses market share and profits In new-product development, the highest level of risk occurs under which two circumstances? Multiple select question. The products fail to generate sales The products prove to be dangerous, defective, or deceptive The products can be easily imitated by competitors The products take away sales from existing products Correct Answer  The products fail to generate sales  The products prove to be dangerous, defective, or deceptive The ______ stage of the new-product development process is usually the most expensive stage for new products. product launch product development test marketing business analysis idea screening Correct Answer product launch

What is the first stage of the new-product development process? Multiple choice question. New-product strategy development Idea generation incorrect Business analysis and financial feasibility Product development Idea screening Correct Answer New-product strategy development Select from the following the ways in which a company can reduce the risk of new product failures. (Check all that apply.) Multiple select question. Refuse to fail Carefully listen to the customer for new product ideas Make a commitment to the new-product development process Anticipate changes in the marketplace Skip steps in the development process to market a product sooner Correct Answer  Carefully listen to the customer for new product ideas  Make a commitment to the new-product development process  Anticipate changes in the marketplace Reading A product that comes in and out of favor with consumers is called a(n), product Correct Answer  1: fashion

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Chapter 6

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