MAR2023 EXAM 2 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++
business analysis
The stage of the new-product development process that specifies the features of the
product and the marketing strategy needed to bring it to market and make financial
projections.
business products
products organizations buy that assist in providing other products for resale. also called
b2b
commercialization
the stage of the new-product process that positions and launches a new product in full-
scale production and sales
consumer products
products purchased by the ultimate consumer
convenience products
items that the consumer purchases frequently, conveniently, and with a minimum of
shopping effort
development
the stage of the new-product process that turns the idea on paper into a prototype
idea generation
,The stage of the new-product development process that develops a pool of concepts to
serve as candidates for new products, building upon the previous stage's results.
market testing
the stage of the new-product process that exposes actual products to prospective
consumers under realistic purchase conditions to see if they will buy
new-product development process
the seven stages an organization goes through to identify opportunities and convert
them into salable products or services
new-product strategy development
the stage of the new-product development process that defines the role for a new
product in terms of the firm's overall objectives
open innovation
practices and processes that encourage the use of external as well as internal ideas as
well as internal and external collaboration when conceiving, producing, and marketing
new products and services
product
a good, service, or idea consisting of a bundle of tangible and intangible attributes that
satisfies consumers' needs and is received in exchange for money or something else of
value
product item
a specific product that has a unique brand, size, or price
product line
, a group of products that are closely related because they function in a similar manner,
are sold to the same customer groups, are marketed through the same types of outlets,
or fall within given price ranges
product mix
consists of all of the product lines offered by an organization
protocol
A statement that, before product development begins, identifies: (1) a well-defined
target market; (2) specific customers' needs, wants, and preferences; and (3) what the
product will be and do to satisfy consumers.
screening and evaluation
the stage of the new-product process that internally and externally evaluates new-
product ideas to eliminate those that warrant no further effort
services
intangible activities or benefits that an organization provides to satisfy consumers'
needs in exchange for money or something else of value
shopping products
items for which the consumer compares several alternatives on criteria such as price,
quality, or style
specialty products
items that the consumer makes a special effort to search out and buy
unsought products
items that the consumer does not know about or knows about but does not initially want
brand equity
COMPLETE SOLUTIONS GRADED A++
business analysis
The stage of the new-product development process that specifies the features of the
product and the marketing strategy needed to bring it to market and make financial
projections.
business products
products organizations buy that assist in providing other products for resale. also called
b2b
commercialization
the stage of the new-product process that positions and launches a new product in full-
scale production and sales
consumer products
products purchased by the ultimate consumer
convenience products
items that the consumer purchases frequently, conveniently, and with a minimum of
shopping effort
development
the stage of the new-product process that turns the idea on paper into a prototype
idea generation
,The stage of the new-product development process that develops a pool of concepts to
serve as candidates for new products, building upon the previous stage's results.
market testing
the stage of the new-product process that exposes actual products to prospective
consumers under realistic purchase conditions to see if they will buy
new-product development process
the seven stages an organization goes through to identify opportunities and convert
them into salable products or services
new-product strategy development
the stage of the new-product development process that defines the role for a new
product in terms of the firm's overall objectives
open innovation
practices and processes that encourage the use of external as well as internal ideas as
well as internal and external collaboration when conceiving, producing, and marketing
new products and services
product
a good, service, or idea consisting of a bundle of tangible and intangible attributes that
satisfies consumers' needs and is received in exchange for money or something else of
value
product item
a specific product that has a unique brand, size, or price
product line
, a group of products that are closely related because they function in a similar manner,
are sold to the same customer groups, are marketed through the same types of outlets,
or fall within given price ranges
product mix
consists of all of the product lines offered by an organization
protocol
A statement that, before product development begins, identifies: (1) a well-defined
target market; (2) specific customers' needs, wants, and preferences; and (3) what the
product will be and do to satisfy consumers.
screening and evaluation
the stage of the new-product process that internally and externally evaluates new-
product ideas to eliminate those that warrant no further effort
services
intangible activities or benefits that an organization provides to satisfy consumers'
needs in exchange for money or something else of value
shopping products
items for which the consumer compares several alternatives on criteria such as price,
quality, or style
specialty products
items that the consumer makes a special effort to search out and buy
unsought products
items that the consumer does not know about or knows about but does not initially want
brand equity
