New product development is aboutA.improving the existing product and getting the highest bidder.В.creating new products that add value to customers, fit with their expectations, and can achieved cost-effectively.C.creating new products that copies others ideas from competitors.D.creating new ideas to stakeholders and lobbying them. Which one of thefollowing statement is true:A.The development do not require creativity and innovation to be successful.В.New product development is about creating new products that add value to customers, fit with their expectations, and can achieved cost-effectively.C.The development of new products do not take significant time and resources to bring an initial concept to successful market launch.D.Some of the electronic products have been developed more than 12 years but for other products can take less than a year.

The process of bringing a new product to the market is known as new product development. In this…

Answered: New product development is about A.…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Which of the following is the most important factor in successful new-product introduction? a. The features of the new product should be similar to its substitutes in the market. b. The new product should be priced lower than the other products in the same category. c. The new product should deliver a meaningful and perceivable benefit to a sizable number of people. d. The product should not be developed using crowdsourcing.
The business analysis stage generates extremely important information for new product development as: a. collecting information from different sources to generate new ideas. b.verifying if the product will perform well in a real-life environment. c.turning the original concept into a product. d.assessing how the product can be differentiated from the competition.
Which of the following statements is true of the development stage of the new-product development process? a. Costs decrease dramatically once a product idea enters the development stage. b. The development stage involves examining the feasibility of manufacturing a product at an acceptable cost. c. Simultaneous product development increases the time spent in the development process. d. The development stage involves evaluating a new-product idea before creating a prototype.
An organization with several product lines has a product mix. A product mix (or product portfolio) consists of all the product lines and items that a particular seller offers for sale. Select one: a. True. b. False. New techniques and methods of production are a part of: Select one: a. Natural environment b. Cultural environment c. Demographic environment d. Technological environment
When considering the new-product development process, which of the following statements is true of idea screening? a. It eliminates ideas that are inconsistent with an organization's new-product strategy. b. It calculates preliminary figures for demand, cost, sales, and profitability. c. It involves getting consumer reactions to visual representations of a proposed product. d. It involves making cosmetic or functional changes to existing products.
TRUE/FALSE 4. Product Line additions are existing products targeted a new markets or newsegments.5. Repositioned products are new and improved products that may havesignificantly and slightly changed.6. Prices are usually high during the introductory stage to recover developmentcosts and take advantage of high demand originating in the core of themarket7. In the new product development process, idea generation is done throughsystematic search for new-product ideas.8. Merchant wholesaler is an institution that buys goods from manufacturers andresells them to businesses, government agencies, and other wholesalers orretailers and that receives and takes title to goods, stores them in its ownwarehouses, and later ships them.9. Marketing channel is a set of independent organizations that ease thetransfer of ownership as products move from producer to business user orconsumer.10. Discrepancy of quantity is the lack of all the items a customer needs toreceive full satisfaction from the…
What is the difference between primary needs and secondary needs?a. Primary needs are more important than secondary needs.b. Primary needs consist of multiple secondary needs.c. Primary needs are the needs that the product development team discovers first.
What is the purpose of building a minimum viable product?a. To test the technical feasibility of the productb. To test whether or not the product can be produced economically at scalec. To test if consumers want to buy the productd. None of these options is correct.
Which of the following Statement is /are correct with regard to Test marketing? Statement-I model products will provide the ground for final selection of the most promising model for mass production and mass distribution. Statement-Il Customer reactions can be tested under normal market conditions. O a. Only Statement-Il O b. None of these. O c. Only Statement-1 O d. Both Statement-I and II
This is also a good time to understand the customer's value proposition and their likely purchase behavior, which will help the entrepreneur develop a more meaningful product or service. What new product development process is mentioned? Oa. Testing the prototype O b. Developing a product or service description O c. Creating a prototype O d. Validating the market The following are examples of non-monetary benefits, except: Oa. maternity or paternity leave O b. medical coverage 13th month pay O d. flexibility in work schedule
Which of the following statements is true of the product life cycle (PLC)? a. Changes in a product, its uses, its image, or its positioning do not affect its life cycle. b. A product spends the same amount of time in the different stages of the life cycle. c. The PLC for a product form is longer than the PLC for any one brand. d. The PLC dictates the marketing strategy to be used for a product.
Sources of good new-product ideas include A. customers. B. employees. C. research and development. D. competitors. E. all of the above.

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