Which of the following statements is most likely true about the new product development process?

Customers, competitors, and suppliers are major sources of new product ideas. More test answers on https://studyhippo.com/marketing-chapter-8-test-bank/

Which statement is most likely true about idea generation in the new product development process?

Idea generation is usually followed by procedures that reduce the total number of ideas. More test answers on https://studyhippo.com/marketing-chapter-8-test-bank/

At which stage of the new product development process is crowdsourcing used? A. Product development B. Idea generation C. Commercialization D. Idea screening E. Marketing strategy development

B. Idea generation More test answers on https://studyhippo.com/marketing-8-9/

Marcellis is a product manager for a major electronics company. His current project is the development and introduction of a new smartphone. Since there are a number of smartphones currently out on the market, Marcellis is concerned about product failure. Currently, Marcellis and his team are in the screening phase of the new product development process. Has his team already passed the phase which is best able to measure the product failure concern?

No, the best phase is the test marketing phase. More test answers on https://studyhippo.com/mktg-409-quiz-12/

Which of the following steps of the new product development process would most likely use an R-W-W framework? A) idea generation B) idea screening C) concept testing D) test marketing E) commercialization

B) idea screening More test answers on https://studyhippo.com/marketing-chapter-8/

At which stage of the new product development process is a physical product first developed? A. Idea generation B. Concept development and testing C. Product development D. Test marketing E. Marketing strategy development

C. Product development More test answers on https://studyhippo.com/marketing-8-9/

Assume Kia has developed a new product idea to launch a midsize pickup. Currently, Kia is developing a prototype and working on projected costs, revenues, and profit potential. Kia is currently at what stage of the new product development process?

Screening and evaluation More test answers on https://studyhippo.com/7-product-strategy/

which of the following statements is true of the development stage of the new product development process? a. it involves examining the feasibility of manufacturing a product at an acceptable cost. b. costs decrease dramatically once a product idea enters the development stage c. it involves evaluating a new product idea before creating any prototype

c. making a prototype More test answers on https://studyhippo.com/marketing-chpt-11-chapter-11-continued/

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New Product Development Process Flashcards, test questions and answers

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What is New Product Development Process?

New Product Development (NPD) is the process of bringing a new product to market. It involves research and development activities that identify customer needs, create solutions to meet those needs, and bring a product or service to life. NPD is an important part of any business as it can increase profits, provide additional products and services for customers, and help differentiate the company from its competitors.The NPD process typically consists of six stages: idea generation; market research; concept development; design and engineering; testing and validation; commercialization. At each stage in the process, there are certain steps that must be taken in order to ensure success. Idea Generation: This is the first step in the NPD process where ideas for potential products or services are generated based on customer needs. Ideas can come from internal sources such as employees or external sources such as focus groups or surveys. Once ideas have been identified they should be evaluated based on criteria such as feasibility, profitability, customer demand, etc., in order to determine which ideas should move forward into further stages of development. Market Research: After potential ideas have been identified they need to be researched further in order to gain insights into consumer needs and preferences related to the product or service being developed. Market research can include surveys, interviews with customers/experts/industry professionals, analysis of competitor offerings/pricing structures/business models etc., all with the goal of gaining deeper insights into what customers want from a specific offering before proceeding further with development efforts. Concept Development: This stage involves taking all information gathered during market research and using it to define what the actual product looks like through creating specifications for design elements such as features/functionality/usability etc., pricing structure etc., along with developing marketing materials such as brochures/websites etc. At this point it’s important for companies to decide whether they will develop a product internally or outsource any aspect of production depending on their capabilities at this stage in their growth cycle. Design & Engineering: The next step is designing & engineering where teams work together using specialized tools & processes in order to turn concepts into reality by creating prototypes & mockups while ensuring functionality requirements are met throughout each iteration (testing). Prototypes should also be tested externally through focus groups & beta testing before moving onto commercialization phase.