New Product Development Test 1

A customer value proposition is _____.

the cluster of benefits that an organization promises customers to satisfy their needs

The concept that describes the stages a product goes through in the marketplace — introduction, growth, maturity, and decline — is referred to as the _____.

product life cycle

The five major environmental forces that can impact product management decisions are _____.

social, technological, economic, competitive, and regulatory

_____ formulaically expresses a customer's mental evaluation of the combination of benefits they expect to receive (such as quality, convenience, on-time delivery, and before- and after-sale service) for a specific price.

The customer value equation

The element of the marketing mix that constitutes a bundle of tangible and intangible attributes that satisfies consumers' needs is known as _____.

Product

The term _____ refers to the entire bundle of attributes associated with a product, such as quality assurance measures, safety features, technical support, or repair services.

Augumented Product

Among the following, _____ is the term that refers to the benefits or customer value received by users of a product.

utility

"Marketing mix" refers to _____.

\n the controllable factors — product, price, promotion, and place — that can be used to address customer needs

The range of utility that is of inherent concern in product development includes _____.

\n form, place, time, and possession

Product development can be generally described as an active process to _____ the needs and wants of existing and prospective customers.

discover and satisfy

A _____ is a strategic tool that guides a new product team's efforts to develop products that not only address marketplace opportunities, but also align with with firm objectives and strategies.

product innovation charter

Development initiatives to enhance the features of an existing product to better serve consumer needs are referred to as _____.

Product Improvements

____ refers to a set of experience-based metrics or criteria accepted by a firm as reliable indicators of potential outcomes that are likely to serve as “rules of thumb” to guide decision-making in the face of uncertainty.

\n Heuristics

Among the following, the term that refers to innovation that displaces or makes current products obsolete and/or creates totally new product categories is:

radical innovation

In the context of third-generation NP process frameworks, a conditional “Go” decision is commonly referred to as a(n):

fuzzy gate

Third-generation NP process frameworks are characterized by _____.

All of the above are characteristics of third-generation NP process frameworks

____ is non-technical reference to new products that are identical to those already offered in the market by competitors.

"Me-too" products

New-to-the-firm products are best described as:

products that take a firm into a class or category new to it.

The framework an organization uses to identify, address, and manage the various challenges of product development is referred to as the ____.

new products process

Which of the following statements is true of invention?

An invention is usually patentable.

Which of the following is a common "managerial misstep" that is likely to result in a product failure?

Chasing a moving target

____ helps a firm determine which new products would be best to add to the existing product mix, given both financial and strategic objectives.

Product portfolio assessment

The basic framework for new product development that we are studying this semester includes five key phases, which are: 

opportunity identification and selection, concept generation, concept/project evaluation, development, and launch

Concept tests, which involve preliminary testing of a new-product idea with customers in order to gauge their potential interest in the idea, are most closely associated with Phase 3, the _____ phase. 

concept/project evaluation

Which of the following are among Dr. Robert Cooper's five principal methods for accelerating time-to-market?

all of the above are among Dr. Cooper's recommendations for accelerating time-to-market

Which stage of the new products process includes critical efforts to understand and define customer needs or problems?

concept generation

The framework an organization uses to identify, address, and manage the various challenges of product development is referred to as the ____.

new products process

The concept generation phase of the new products process results in _____.

a pool of concepts that are candidates for new products

The question to be answered by post-launch evaluation is "_____?"

How are we doing relative to objectives?

Designing and validating the production process for the best prototype takes place during the _____ phase of the new products process.

development

The objective of the launch phase is to commercialize the product and _____.

achieve the goals and objectives established in the final PIC

Identify the phase of the new product process during which a concept first acquires finite form as potentially viable product.

The development phase

A key objective of the _____ phase is to determine which concept(s) should be put into development.

concept/project evaluation phase

The phase of the new products process that defines a new product's strategic role is _____.

opportunity identification and selection