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Exam 8: New Products and Innovation

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Question 31

True/False

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Showing company marketing information to customers helps clarify the image of the products and allows the company to get feedback on the marketing information itself.

A) True
B) False

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Question 32

Multiple Choice

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Adam and Jose are attempting to identify the bundle of product features most likely to attract customers. Jose argues that they should conduct a(n) , which involves comparing different combinations of attributes, and the customer simply determines which product combination sounds best, next best, and so on.

A) focus group
B) interview
C) conjoint study
D) web survey

E) B) and D)
F) None of the above

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Question 33

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The are a group of approximately 10-15% of the population who is so influential that the loss of one of these customers costs the firm more than the loss of later adopters.

Describe a conjoint procedure.

What is the role of forecasting in marketing? How do we estimate sale potential?

In which phase of the Product Life Cycle is customer awareness getting stronger, and there may be some buzz in the marketplace?

tends to be higher when the product has a clear relative advantage over existing products, is compatible with the customer's lifestyle, and is not overly complex (or the complexity is masked by a user­ friendly interface) , and is easily tried or sampled, to facilitate initial assessment.

Bottom up is sometimes also called "inside out".

It's been shown that new products increase a company's long­term financial performance and the firm's value.

The process of developing new products depends first on a company's location.

List 2 areas that new ideas can come from for both internal and external sources?

Sales Potential = Market Potential x Purchase Intention x Price, or $SP = MP x PI x Pr.

If a company wants to be innovative, which strategy are they most likely to use?

Rarely is customer feedback surprising when developing a new product.

The most stunning demographic trend in America and Western Europe is that the population is .

Consumer acceptance tends to be higher when a new product is compatible with the customer's lifestyle.

There is less risk with new products than with new products.

After many ideas have been generated, marketing starts a focus group with all ideas.

The opposite of a top-down approach is usually called .

What growth strategy combines new markets and new products?