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Exam 8: New Product Development

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Question 1

Multiple Choice

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FunNoodles has added a new range of products to its Fun Instant Noodles and Fun Rice Noodles range.FunNoodles adopted this approach to stay competitive in the market amidst new brands.FunNoodles's brand and its quality were well-established, and hence the products did not require much education on behalf of consumers.Within a month of launching the new range of products, FunNoodles had sold about half a million units. FunNoodles added a new range of products to its existing one.This is called _____.

A) harvesting
B) greenwashing
C) test marketing
D) line extension

E) A) and C)
F) A) and B)

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Question 2

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Shea Moisturizers is planning to enter new markets with its products.Which of the following approaches to new product development is Shea Moisturizers adopting?

A) product development
B) market development
C) diversification
D) market penetration

E) None of the above
F) All of the above

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Question 3

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A company realizes that one of its products has become obsolete in the market since its sales and profits have consistently declined.Which of the following strategies can the company adopt to deal with its declining product?

Which of the following is true of a low-learning product?

In the product life cycle, harvesting occurs when a product is discontinued.

Which of the following is a characteristic of the maturity stage of the product life cycle?

_____ innovations refer to small product modifications that require no adjustments on behalf of the consumer.

Which of the following would be an example of a fad product?

Stylo, a jeans manufacturing company, encourages its customers to wear its jeans not only as casual wear but also as formal wear or as capris by folding the hem line.This is an example of:

Which of the following approaches to extend the product life cycle would most likely be used by marketers for products with strong brand equity and a loyal consumer base?

The product life cycle for a fad product is cyclical.

The new product development process includes seven steps, starting with new product _____.

Market researchers at Fey Brothers Ltd.analyze and conclude that the company's product is experiencing a slowdown in both sales and profits.The researchers cite well-established competitors and fewer new consumers in the market as the main reasons.At which stage of the product life cycle is the company's product?

FunNoodles has added a new range of products to its Fun Instant Noodles and Fun Rice Noodles range.FunNoodles adopted this approach to stay competitive in the market amidst new brands.FunNoodles's brand and its quality were well-established, and hence the products did not require much education on behalf of consumers.Within a month of launching the new range of products, FunNoodles had sold about half a million units. Which of the following approaches has FunNoodles adopted to stay competitive in the market and address new trends?

Diversification refers to:

The Swiffer Sweeper required consumers to understand the new product, how to use it, and what to do with their old brooms and mops.This is an example of a _____ product.

Fashion products have a short product life cycle, going from introduction to decline, only to resurface a few years later.

What are the three different types of innovations? Give examples of each.

Tigger breakfast cereal is well-established in its existing market in Canada.It launches a new range of products to appeal to a new customer base in Mexico.Which strategy has Tigger adopted in this scenario?

A product is revised and new features are added in order to focus the market on the product and to provide it with a renewed competitive advantage.This approach to extend the product life cycle is called: