Chapter 9

Question 1

…. refers to the buying of a whole company, a patent, or a license to produce someone else’s product.

Answer 1

Acquisiton

Question 2

…. is the systematic search for new product ideas.

Answer 2

Idea generation

Question 3

…. involves inviting broad communities of people- customers, emloyees etc. into the new product innovation process.

Answer 3

Crowdsourcing

Question 4

…. is identifying good ideas and dropping poor ideas.

Answer 4

Idea screening

Question 5

• …. is an idea for a possible product that the can see itself offering to the market.
• …. is a detailed version of the idea stated in meaningful consumer terms.
• …. is the way consumers perceive an actual or potential product.

Answer 5

• Product idea
• Product concept
• Product image

Question 6

…. is designing an initial marketing strategy for a new product based on the product concept.

Answer 6

Marketing strategy development

Question 7

Marketing strategy statement consists of …

Answer 7

• target market description
• value propositon
• sales, market-share, and marketing mix

Question 8

When test marketing is likely:

Answer 8

• new product with large investment
• uncertainty about product or marketing program

Question 9

When test marketing is unlikely:

Answer 9

• simple line extension
• copy of competitor product
• low cots
• management confidence

Question 10

…. involves introducing a new product into the market.

Answer 10

Commercialization

Question 11

Successful new product development should be …

Answer 11

• Customer centered
• Team based
• Systematic

Question 12

…. focuses on finding new ways to solve customer problems and creating more customer-satisfying experiences.

Answer 12

Customer-centered new product development

Question 13

…. involves various company departments working closely together , overlapping the the steps in the product development process to save time and increase effectiveness.

Answer 13

Team-based new product development