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Principles of Marketing, 17e (Kotler/Armstrong) Chapter 9 Developing New Products and Managing the Product Life Cycle 1) Which of the following is a significant challenge presented by the product life cycle? A) increased expenses B) increased competition C) new product development D) evaluation of results E) recognizing the stages as a product goes through them Answer: C AACSB: Analytical thinking Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Easy 2) Acquisition refers to ________. A) the buying of a whole company, a patent, or a license to produce someone else's product B) an agreement between two or more commercial companies to produce a common product C) a partnership between two companies to produce a product in different countries by sharing risks D) investments made in a country's businesses by foreign citizens, often in the form of stocks E) the development of original products, product improvements, product modifications, and new brands through the firm's own product development strategies Answer: A AACSB: Analytical thinking Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Easy 3) Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________. A) new product development B) acquisition C) joint venture D) licensing contract E) divestment Answer: B AACSB: Application of knowledge Skill: Application Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Moderate 1
4) Product improvements, product modifications, and original products can all be classified as ________. A) blueprints B) new products C) prototypes D) product extensions E) test products Answer: B AACSB: Analytical thinking Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Easy 5) Which of the following is a common reason for new product failure? A) incorrect estimation of the market size B) low product development costs C) ineffective social marketing campaigns D) low selling prices of products E) patent ownership exclusively held by the company Answer: A AACSB: Application of knowledge Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Moderate 6) A particular firm added three new products earlier this year to increase variety for customers. Two of the products failed to reach the minimal sales quota. Which of the following is LEAST likely to have been the cause of their failure? A) The products were priced too high. B) The products were advertised incorrectly. C) Competitors fought back harder than expected. D) Product research was too extensive. E) The product development costs were high. Answer: D AACSB: Analytical thinking Skill: Application Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Challenging 2
7) The product life cycle presents challenges. Which of the following is LEAST likely to require a company to adapt its marketing strategies? A) developments in technology B) decreased manufacturing costs C) competition D) changing tastes of consumers E) aging of products Answer: B AACSB: Analytical thinking Skill: Application Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Challenging 8) A firm can obtain new products through acquisition or new product development efforts. Answer: TRUE Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Easy 9) Acquisition involves the purchase of a whole company, a patent, or a license to produce someone else's product. Answer: TRUE Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Easy 10) Adapting marketing strategies is not a challenge faced in the product life cycle. Answer: FALSE Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Easy 11) Explain common reasons for the failure of new products. What must be the goals for a company to create successful new products? Answer: Although an idea may be good, the market size may have been overestimated. Other possible reasons for failure include the following: the actual product was not designed as well as it should have been; the product may have been incorrectly positioned in the market, priced too high, or advertised poorly; a high-level executive might have pushed a favorite idea despite poor marketing research findings; the costs of product development were higher than expected; or competitors fought back harder than expected. To create successful new products, a company must understand its customers, markets, and competitors and deliver superior value to customers. AACSB: Analytical thinking; Written and oral communications Skill: Concept Objective: LO 9.1: Explain how companies find and develop new product ideas. Difficulty: Moderate 12) New product development starts with ________. 3
A) concept development B) idea screening C) idea generation D) concept testing E) test marketing Answer: C Skill: Concept Objective: LO 9.2: List and define the steps in the new product development process and the major considerations in managing this process. Difficulty: Easy 13) John's fascination for his grandmother's sherbet recipes inspired him to come up with a recipe for SherBetter, a gourmet sherbet for the American market. Which of the following stages of the new product development process does this exemplify? A) idea screening B) idea generation C) concept testing D) product development E) product manufacturing Answer: B AACSB: Analytical thinking Skill: Application Objective: LO 9.2: List and define the steps in the new product development process and the major considerations in managing this process. Difficulty: Challenging 14) Which of the following is an internal source for new product ideas? A) competitors B) company employees C) marketing research firms D) trade magazines E) government agencies Answer: B AACSB: Analytical thinking Skill: Concept Objective: LO 9.2: List and define the steps in the new product development process and the major considerations in managing this process. Difficulty: Easy 4