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- 1. Multiple Choice
Acquisition refers to ________.
the buying of a whole company, a patent, or a license to produce someone else's product
an agreement between two or more commercial companies to produce a common product
a partnership between two companies to produce a product in different countries by sharing risks
investments made in a country's businesses by foreign citizens, often in the form of stocks
the development of original products, product improvements, product modifications, and new brands through the firm's own product development strategies
- 2. Multiple Choice
Product improvements, product modifications, and original products can all be classified as ________.
blueprints
new products
prototypes
product extensions
test products
- 3. Multiple Choice
Which of the following is an internal source for new product ideas?
competitors
company employees
marketing research firms
trade magazines
government agencies
- 4. Multiple Choice
The product development stage requires ________.
a huge jump in investment
salespeople to contact potential customers
financial analysis
a few hours
management approval
- 5. Multiple Choice
Evelyn set up a demonstration booth to learn about consumers' feelings toward her vacuum cleaner? Which of the following stages of new product development was Evelyn involved?
concept testing
marketing strategy development
idea screening
commercializing
crowdsourcing
- 6. Multiple Choice
The innovation management system approach yields two favorable outcomes: it helps create an innovation-oriented company culture, and it ________.
clearly assigns responsibility for the process to a single department
yields a larger number of new product ideas
guarantees successful products
frees up senior management time
requires less budget support
- 7. Multiple Choice
Introducing a new product into the market is called ________.
test marketing
simulation
co-marketing
commercialization
segmentation
- 8. Multiple Choice
Once managers of The Grecian Urn have decided on their product concept and marketing strategy, they can evaluate the business attractiveness of the proposal in the ________ stage of the new product development process.
business transformation
test marketing
business analysis
business process reengineering
concept testing
- 9. Multiple Choice
JoAnn Fabrics Inc. has created a new combination of colors and fabric types. The firm wants to know how consumers will perceive the new product. The firm is concerned with the product ________.
idea
displacement
image
activation
placement
- 10. Multiple Choice
A product idea is ________.
the way consumers perceive an actual or potential product
the knowledge and awareness of a product among consumers
a possible product that the company can see itself offering to the market
a detailed version of the new product idea stated in meaningful consumer terms
the testing of new product concepts with groups of target consumers
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