MGMT 356 - Final Exam. Questions and Answers

MGMT 356 - Final Exam. Questions and Answers Final Exam Study Exam New Product Development MKTG 408 Multiple-Choice Questions on Themes: (worth 120 points on exam with 40 questions worth 3 points each 1. Product development has become more challenging due to: A. lack of feedback from superiors. B. increased level of employee expectations. C. reduction in the budget allocated for HR activities in several firms. D. increased globalization. (p- 8) 2. Which of the following best represents rules of thumb that firms have found work for them? A. Heuristics B. Guidelines C. Synergies D. Product innovation charters (p-12) 3. Products that take a firm into a category or market new to it are best described as: A. repositioned products. B. new-to-the-firm products. C. cost reductions. D. line extensions. (p-14) 4. When a current product of a company has been enhanced to better serve consumer needs, it will fall in this new product category. A. New-to-the-world products B. New category entries C. Additions to product lines D. Product improvements (p-14) 5. P&G‘s Ivory Soap and Tide powder laundry detergent have been revised numerous times throughout their history. Identify the product category that these products would BEST fit into. A. Line extensions B. New-to-the-firm products C. New-to-the-world products D. Product improvements (p-14) 1 6. In a new product process, an evaluation task that includes conditional "Go" decisions is sometimes called a(n): A. heuristic. B. fuzzy gate. C. unconfirmed step. D. hollow-gate. (P-21) 7. The development phase involves the development of: A. new product suggestions. B. the marketing plan. C. the product innovation charter. D. the product financing plan. (P-33) 8. Identify the new products process where through interaction with customers, designers are inspired to probe, experiment, and improvise and as a result, may come up with a successful new-to-the-world product. A. Probe-and-learn B. Consumer analysis C. Mind sharing D. Concept redefining(p-51) 9. Which of the following statements is true about a product innovation charter (PIC)? A. It is typically prepared by team leaders. B. It is designed to provide guidance to the business units on the role of innovation. C. It reminds us that the new product strategy is for processes and other activities. D. It can be thought of as a kind of vision statement which is applied at macro level (P69) 10. Identify the INCORRECT statement concerning the Product Innovation Charter. A. It is typically prepared by senior management B. It is designed to provide guidance to the business units on the role of innovation C. It reminds us that the new product strategy is for processes and other activities D. It can be thought of as a kind of mission statement, but applied at a more micro level (P-69) 11. The product innovation charter utilizes this as an input. A. Employment policies B. Articles of incorporation C. Code of conduct D. Corporate mission p-69 12. The procedure of converting technical specifications, to product features and benefits, to market needs is called the ____. A. dual-drive strategy B. just-in-time strategy C. T-P-M linkage D. customer franchise p-74