Mkt380q - New Product Development - Final Exam

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Mkt380q - New Product Development - Final Exam - Quiz

This exam is your FINAL exam of the semester. It is worth 40% of your grade as indicated in the syllabus provided for you at the beginning of the term.
Make sure to answer all questions accurately and follow any indicated directions.


Questions and Answers
  • 1. 

    Please explain in one - two paragraphs the overview of the DFM process (Makes ure to include specific information from your powerpoints):

  • 2. 

    Please create a flow chart that accurately describes the manufacturing costs structure:

  • 3. 

    What is the formula and/or how do we charge for the assembly process? Give an example using the formula

  • 4. 

    What are the three divisions that are primaril;y responsible for designing and developing products? (Please state the department and teh role in the development process)

  • 5. 

    Which if these product development processes accurately describes the sequence of events in developing a new product?

    • A.

      Product ramp up, Reflection and results, testing and refinement, system level design, detail design, concept generation, planning

    • B.

      Detail design, system level design, product ramp up, concept generation, product planning

    • C.

      Concept generation, product planning, detail design, testing, reflection and results

    • D.

      Planning, concept development, system-level design, detail design, testing and refinement, production ramp-up, reflection and results

    Correct Answer
    D. Planning, concept development, system-level design, detail design, testing and refinement, production ramp-up, reflection and results
    Explanation
    The correct sequence of events in developing a new product starts with planning and concept development, followed by system-level design, detail design, testing and refinement, production ramp-up, and finally reflection and results. This sequence ensures that the product goes through a systematic process of planning, designing, testing, and refining before it is ready for production. The reflection and results stage allows for evaluation and analysis of the product's performance and any necessary adjustments or improvements to be made.

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  • 6. 

    Which of these accurately reflects the concept development process?

    • A.

      Establish targets, product ramp up, selecting products, set final specifications

    • B.

      Identify customer needs, establish target specifications, generate product concepts, select product concepts, test product concepts, set final specifications, plan downstream development

    • C.

      Identify customer needs, establish targets, select product concepts, test concepts, plan downstream development

    • D.

      Generate product concepts, select product concepts, identify customer needs, set final specifications

    Correct Answer
    B. Identify customer needs, establish target specifications, generate product concepts, select product concepts, test product concepts, set final specifications, plan downstream development
    Explanation
    The concept development process starts with identifying customer needs and establishing target specifications. This is followed by generating product concepts and selecting the most suitable ones. These selected concepts are then tested to ensure they meet the desired requirements. Once the concepts are validated, final specifications are set, and a plan for downstream development is created. This process ensures that customer needs are addressed and that the final product meets the desired specifications.

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  • 7. 

    In which order do we perform these tasks:

    • A.

      Benchmark, perform economic analysis, buld and test prototypes/models

    • B.

      Build prototypes, perform economic analysis, benchmark

    • C.

      Perform economic analysis, benchmark competitive products, build and test prototypes

    Correct Answer
    C. Perform economic analysis, benchmark competitive products, build and test prototypes
    Explanation
    The correct order of performing these tasks is to first perform economic analysis, then benchmark competitive products, and finally build and test prototypes. This order ensures that the economic viability of the project is assessed before investing time and resources into building prototypes. Benchmarking competitive products allows for a comparison and identification of areas that need improvement. Finally, building and testing prototypes can be done with the knowledge gained from the economic analysis and benchmarking to optimize the design and functionality of the product.

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  • 8. 

    Which is true of the team developing the product?

    • A.

      They should ask questions that foster experimental activity

    • B.

      They should modify the existing product without prototyping

    • C.

      They should reflect on the process and then benchmark it

    Correct Answer
    A. They should ask questions that foster experimental activity
    Explanation
    The team developing the product should ask questions that foster experimental activity. This means that they should be curious and open-minded, constantly seeking new ideas and approaches. By asking questions and experimenting, they can explore different possibilities and find innovative solutions. This approach encourages a culture of learning and growth within the team, leading to continuous improvement and development of the product.

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  • 9. 

    What sort of guidelines do are created for developing the concept of a new product?

    • A.

      Communicating benefits and sale strategy

    • B.

      Testing legacy strategies

    • C.

      Packaging and advertising

    • D.

      A&B only

    • E.

      B&C only

    • F.

      A&C only

    Correct Answer
    F. A&C only
    Explanation
    Guidelines are created for developing the concept of a new product in order to effectively communicate its benefits and sales strategy, as well as to determine the appropriate packaging and advertising. These guidelines help ensure that the product is presented in a compelling and marketable way, maximizing its potential for success. Testing legacy strategies, on the other hand, is not directly related to the development of a new product concept, so it is not included in the guidelines.

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  • 10. 

    Teams should judge the go-ahead on a project:

    • A.

      Based on intuition

    • B.

      Hypothetical possibilities

    • C.

      Accurate measurement and assessment

    • D.

      Taking risks

    Correct Answer
    B. Hypothetical possibilities
    Explanation
    Teams should judge the go-ahead on a project based on hypothetical possibilities. This means considering the potential outcomes and scenarios that could arise from moving forward with the project. By exploring different possibilities and considering their potential impact, teams can make informed decisions about whether to proceed with the project or not. This approach allows for a more comprehensive evaluation of the project's feasibility and potential success, taking into account various factors and potential risks.

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  • 11. 

    When people have to learn new skills, they are often:

    • A.

      Impatient

    • B.

      Harried

    • C.

      Excited

    • D.

      Curious

    Correct Answer
    B. Harried
    Explanation
    When people have to learn new skills, they are often "harried" because they may feel stressed or overwhelmed by the demands of acquiring new knowledge or abilities. This term suggests a sense of urgency or pressure that individuals may experience when faced with the task of learning something new.

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  • 12. 

    ATM's, Battery pace-makers, VCR's, and once-a-day medications are all examples of:

    • A.

      Failures

    • B.

      Modifications

    • C.

      Success stories

    • D.

      Time impaired projects

    Correct Answer
    C. Success stories
    Explanation
    ATM's, Battery pace-makers, VCR's, and once-a-day medications are all examples of success stories because they are all successful and widely used inventions or innovations. These examples have been able to meet the needs and demands of the users effectively, making them successful in their respective fields. They have proven to be reliable and efficient solutions, contributing to the convenience and well-being of individuals.

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  • 13. 

    Proper development and testing can prevent:

    • A.

      Misleading customers, and poor consumer feedback results

    • B.

      Defenseless concepts, and wrong positionings

    • C.

      Poor strategy, and economic failure

    • D.

      Targeting the wrong market, and improper roll out distribution

    Correct Answer
    B. Defenseless concepts, and wrong positionings
    Explanation
    Proper development and testing can prevent defenseless concepts and wrong positionings. This means that by thoroughly developing and testing a product or concept before launching it, potential weaknesses or flaws can be identified and addressed. This helps to ensure that the concept is strong and well-positioned in the market, reducing the risk of failure or negative reception from consumers.

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  • 14. 

    When you decide to communicate your concept, one tends to utilize:

    • A.

      Social media marketing

    • B.

      Print advertising

    • C.

      Sketeches and drawings of the product

    • D.

      Face to face interaction

    Correct Answer
    C. Sketeches and drawings of the product
    Explanation
    When you decide to communicate your concept, one tends to utilize sketches and drawings of the product. These visual representations can effectively convey the idea and features of the product to others. They provide a clear and concise way to communicate and visualize the concept, making it easier for others to understand and engage with. Sketches and drawings can be used in presentations, pitches, or even in marketing materials to showcase the product's design and functionality.

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  • 15. 

    What does surveying reflect?

    • A.

      The target market and intended audience

    • B.

      The demographics of the population

    • C.

      Whether or not to storyboard the product before putting it out to market

    • D.

      The decline in pricing strategies

    Correct Answer
    A. The target market and intended audience
    Explanation
    Surveying reflects the target market and intended audience. This means that conducting surveys helps to gather information about the preferences, needs, and characteristics of the specific group of people that a product or service is intended for. By surveying the target market and intended audience, businesses can gain valuable insights that can inform their marketing strategies, product development, and overall decision-making process.

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  • 16. 

    What are the prefered methods of surveying?

    • A.

      Face to face contact

    • B.

      Email surveying

    • C.

      Postal Mail

    • D.

      Telephone surveying

    • E.

      Simulation studies

    • F.

      Focus groups

    • G.

      A,B,C,&D

    • H.

      B,C,D,& E

    • I.

      C,D,E,&A

    • J.

      None of the above

    • K.

      All of the above

    Correct Answer
    G. A,B,C,&D
    Explanation
    The preferred methods of surveying include face to face contact, email surveying, postal mail, and telephone surveying. These methods allow for direct interaction with participants and can provide more in-depth responses. Simulation studies and focus groups can also be used, but they are not mentioned as preferred methods in the question. Therefore, the correct answer is A, B, C, & D.

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  • 17. 

    Which of these combines the richness of video and still images of a product simultaneously?

    • A.

      Simulation

    • B.

      Physical appearance models

    • C.

      Interactive Multimedia

    Correct Answer
    C. Interactive Multimedia
    Explanation
    Interactive multimedia combines the richness of video and still images of a product simultaneously. This means that it allows users to interact with the product while viewing both video and still images, providing a more immersive and engaging experience. This can be useful for showcasing products in a dynamic and visually appealing way, allowing potential customers to have a better understanding of the product's features and benefits.

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  • 18. 

    If a prototype os not fully developed, it is called:

    • A.

      An unfinished prototype

    • B.

      Testing prototype

    • C.

      Working prototype

    Correct Answer
    C. Working prototype
    Explanation
    A working prototype refers to a prototype that is functional and able to perform its intended tasks or demonstrate its core features. Unlike an unfinished prototype, which implies that the prototype is incomplete or lacking certain functionalities, a working prototype indicates that the prototype is in a state where it can be tested and evaluated to determine its effectiveness and suitability for further development. Therefore, the term "working" signifies that the prototype is more advanced and closer to the final product compared to an unfinished or testing prototype.

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  • 19. 

    What types of quantitative statistical scale is generally used to intiiate responses in an order/ranking?

    • A.

      Pierson coefficient

    • B.

      Likert

    • C.

      Factor analysis

    • D.

      Discriminant analysis

    Correct Answer
    B. Likert
    Explanation
    Likert scale is a type of quantitative statistical scale that is generally used to initiate responses in an order/ranking. It is a commonly used rating scale that allows individuals to express their level of agreement or disagreement with a statement. The scale typically consists of a series of statements or questions, and respondents are asked to indicate their level of agreement or disagreement on a numerical scale (e.g., strongly agree, agree, neutral, disagree, strongly disagree). The Likert scale provides a way to measure attitudes, opinions, or perceptions in a quantitative manner.

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  • 20. 

    Test-prep kitchen meals were an example of:

    • A.

      Customer oriented products

    • B.

      Product oriented products

    • C.

      Both

    • D.

      None of the above

    Correct Answer
    B. Product oriented products
    Explanation
    Test-prep kitchen meals are an example of product-oriented products because they are specifically designed and created to meet the needs and preferences of customers who are preparing for tests or exams. These meals are focused on providing the necessary nutrition and energy to support the studying and test-taking process, rather than catering to the individual preferences or tastes of the customers. Therefore, they are more aligned with a product-oriented approach rather than a customer-oriented approach.

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  • 21. 

    When you interpret the results and reflection process, you should:

    • A.

      Seek to determine the availability and awareness of the product

    • B.

      Consider alternative strategies for cost refinement

    • C.

      Get feedback from other entrepreneurs

    • D.

      Reflect on the demographics and culture of the market

    Correct Answer
    A. Seek to determine the availability and awareness of the product
    Explanation
    In order to interpret the results and reflection process, it is important to seek to determine the availability and awareness of the product. This means understanding if the product is easily accessible to the target market and if potential customers are aware of its existence. This information is crucial for evaluating the success and potential of the product. By considering alternative strategies for cost refinement, getting feedback from other entrepreneurs, and reflecting on the demographics and culture of the market, one can further enhance their understanding and make informed decisions regarding the product.

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  • 22. 

    Matching the survey format is a part of which process?

    • A.

      Testing and refinement

    • B.

      Interactive marketing

    • C.

      The product and concept development process in general

    • D.

      Branding awareness

    Correct Answer
    C. The product and concept development process in general
    Explanation
    The product and concept development process in general includes various steps and activities aimed at creating and refining a product or concept. One of these steps is matching the survey format. This involves designing and conducting surveys to gather feedback and data from potential customers or target audience. By matching the survey format, the development team ensures that the questions and format of the survey are appropriate and aligned with the goals of the development process. This helps in collecting accurate and relevant information, which can then be used to make informed decisions and refine the product or concept further.

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  • 23. 

    The goal of identifying customer needs is to:

    • A.

      Identify hidden or latent needs

    • B.

      Develop an uncommon understanding of customer needs among members of the team

    • C.

      Justify intuitive changes

    • D.

      Ensure that every customer provides feedback

    Correct Answer
    A. Identify hidden or latent needs
    Explanation
    The goal of identifying customer needs is to uncover hidden or latent needs that may not be immediately obvious. This involves going beyond surface-level feedback and understanding the deeper desires and preferences of customers. By doing so, businesses can gain a competitive advantage by developing products or services that meet these unmet needs. This process also helps in developing a comprehensive understanding of customer needs among team members, enabling them to make informed decisions and prioritize customer satisfaction.

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  • 24. 

    Idntifying customer needs is an integral part of:

    • A.

      Competitve benchmarking and cost reduction

    • B.

      Competitve benchmarking and concept selection

    • C.

      Work breakdown structure and project development time

    • D.

      Project development time and product specifications

    Correct Answer
    C. Work breakdown structure and project development time
    Explanation
    Identifying customer needs is an integral part of work breakdown structure and project development time because understanding what the customer wants and needs is crucial in creating a detailed work breakdown structure and determining the appropriate amount of time needed for project development. By identifying customer needs, project managers can effectively plan and allocate resources, prioritize tasks, and ensure that the final product meets customer expectations.

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  • 25. 

    Raw data allows us to:

    • A.

      Draw inferences and observe product usage

    • B.

      Discuss observations with development team members

    • C.

      Establish the relative importance of the needs

    • D.

      None of the above

    Correct Answer
    A. Draw inferences and observe product usage
    Explanation
    Raw data allows us to draw inferences and observe product usage. By analyzing raw data, patterns and trends can be identified, which can help in making informed decisions and understanding user behavior. This information can be valuable for various purposes such as improving product design, identifying customer needs, and making data-driven decisions.

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  • 26. 

    What are two ineffective interaction techniques with customers you can utilize?

    • A.

      Not have the customer demonstrate the product and not surpress preconceived notions about the product technology

    • B.

      Use a loudspeaker to present the product to other consumers and use visual stimuli and props

    • C.

      Be alert for suprises and latent needs and Not go with the flow

    • D.

      All of the Above

    • E.

      None of the above

    Correct Answer
    A. Not have the customer demonstrate the product and not surpress preconceived notions about the product technology
    Explanation
    The given answer suggests that two ineffective interaction techniques with customers are not having the customer demonstrate the product and not suppressing preconceived notions about the product technology. This means that it is ineffective to not allow the customer to try out or experience the product themselves and to not address any preconceived ideas or biases they may have about the product's technology. These techniques can hinder effective communication and understanding between the company and the customer.

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  • 27. 

    What does watching for nonverbal information tell us?

    • A.

      The customer does not know how to express how they feel about the product

    • B.

      The customer has no interest in the product

    • C.

      Verbal expressions are the only methodology to tell how a customer feels

    • D.

      Comfort, style, and image can all be told from non verbal expression

    Correct Answer
    D. Comfort, style, and image can all be told from non verbal expression
    Explanation
    Watching for nonverbal information can tell us about the customer's comfort, style, and image. Nonverbal expressions such as body language, facial expressions, and gestures can provide insights into a person's preferences, personality, and how they perceive themselves. By observing these nonverbal cues, we can gain a deeper understanding of the customer's needs, desires, and potential interest in a product. Verbal expressions alone may not always accurately convey these aspects, making nonverbal information crucial in understanding the customer's perspective.

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  • 28. 

    Four methods of documenting interactions include:

    • A.

      Photography, surveying, notes, Physical interaction

    • B.

      Notes, photography, video recording, purchases

    • C.

      Post purchase behavior, video, Pre purchase behavior, surveying

    • D.

      Audio recording, video recording, notes, photography

    Correct Answer
    D. Audio recording, video recording, notes, photography
    Explanation
    The correct answer is audio recording, video recording, notes, and photography. These four methods are commonly used to document interactions. Audio recording allows for capturing conversations and verbal interactions, while video recording can capture both verbal and non-verbal interactions. Notes are written records of the interaction, which can include important details and observations. Photography can capture visual elements and provide visual evidence of the interaction. Together, these methods provide a comprehensive documentation of the interaction.

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  • 29. 

    Xerox's primary strategy is to:

    • A.

      Exploit the telecommunications industry in a rapidly changing market

    • B.

      Make innovative copiers

    • C.

      Exploit technology in a rapidly changing market

    • D.

      Use cost, sharing, and knowledge to accelerate workflow

    Correct Answer
    C. Exploit technology in a rapidly changing market
    Explanation
    Xerox's primary strategy is to exploit technology in a rapidly changing market. This means that Xerox aims to take advantage of advancements in technology to stay competitive and meet the evolving needs of customers in a fast-paced market. By leveraging technology, Xerox can develop innovative products and solutions that cater to the changing demands of the industry. This strategy allows Xerox to stay ahead of the competition and adapt to the dynamic nature of the market, ensuring its continued success.

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  • 30. 

    The produc planning process involves:

    • A.

      Looking at fundamentally new products and then modifying them

    • B.

      Looking at a mix of new products, platforms, and derivative products that should be pursued

    • C.

      Looking at the timing and logistical issues in the project

    • D.

      Looking at competitive benchmarks

    Correct Answer
    B. Looking at a mix of new products, platforms, and derivative products that should be pursued
    Explanation
    The product planning process involves looking at a mix of new products, platforms, and derivative products that should be pursued. This means that when planning for new products, companies should consider a combination of completely new ideas, existing platforms that can be modified or improved, and derivative products that are based on existing products but offer some unique features or variations. This approach helps in diversifying the product portfolio and maximizing the potential for success by exploring different avenues for innovation and market opportunities. Additionally, it allows for leveraging existing resources and knowledge while also exploring new and exciting possibilities.

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  • 31. 

    When constructing a product development plan, one should:

    • A.

      Look at previous patent applications

    • B.

      Look at manufacturing and service constraints

    • C.

      Call a team meeting to go over any strategies

    • D.

      Call the marketing team to determine what strategies would be more favorable, traditional or contemporary

    Correct Answer
    B. Look at manufacturing and service constraints
    Explanation
    When constructing a product development plan, it is important to consider manufacturing and service constraints. This means taking into account any limitations or restrictions in terms of production capabilities, resources, and service requirements. By understanding these constraints, one can develop a plan that is feasible and realistic, ensuring that the product can be manufactured and delivered efficiently and effectively. This step is crucial in ensuring the success of the product development process.

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  • 32. 

    New product development involves:

    • A.

      Efforts to create family legacy values

    • B.

      Efforts to develop unique and novile products based on common platforms

    • C.

      Efforts to address changes to minor flaws in existing products

    • D.

      Efforts to create a new twist on an existing product design

    Correct Answer
    B. Efforts to develop unique and novile products based on common platforms
    Explanation
    New product development involves efforts to develop unique and novel products based on common platforms. This means that companies strive to create innovative and original products that are built upon existing foundations or technologies. By leveraging common platforms, companies can save time and resources while still offering something new and different to the market. This approach allows for faster development and reduces the risk associated with completely starting from scratch. By focusing on developing unique and novel products, companies can stay competitive and meet the ever-changing demands of consumers.

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  • 33. 

    The product planning process involves:

    • A.

      Allocating resources and project timing

    • B.

      Mission statements and brand development

    • C.

      Evaluating projects and DFM strategies

    • D.

      Concept generation and concept selection

    Correct Answer
    A. Allocating resources and project timing
    Explanation
    The product planning process involves allocating resources and project timing. This means that during the planning phase, companies need to determine how to allocate their resources, such as budget, manpower, and materials, to ensure that the project is executed efficiently. Additionally, project timing is crucial in order to set realistic deadlines and milestones for the development and launch of the product. By properly allocating resources and establishing a timeline, companies can effectively plan and execute their product development process.

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  • 34. 

    Where do opportunities come from?

    • A.

      Manufacturing and operations

    • B.

      The design team and employees

    • C.

      Marketing and sales personnel

    • D.

      Suppliers and media

    Correct Answer
    C. Marketing and sales personnel
    Explanation
    Opportunities come from marketing and sales personnel because they are responsible for identifying and creating demand for a product or service. They are constantly interacting with customers, understanding their needs and preferences, and finding ways to promote and sell the product. Through their efforts, new markets can be discovered, customer feedback can lead to product improvements, and innovative marketing strategies can be implemented. Therefore, marketing and sales personnel play a crucial role in generating opportunities for a business.

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  • 35. 

    Business partners assist in identifying opportunities

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Business partners play a crucial role in identifying opportunities for a business. They bring in their expertise, network, and resources to help identify potential areas for growth, expansion, and innovation. By collaborating with business partners, companies can tap into new markets, access new customer segments, develop new products or services, and explore new business models. Business partners often have a deep understanding of the industry and market trends, which allows them to identify opportunities that may not be apparent to the company alone. Therefore, it is true that business partners assist in identifying opportunities.

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  • 36. 

    Production efficience can fail due to economies of scale

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Production efficiency refers to the ability of a firm to produce goods or services at the lowest possible cost. Economies of scale occur when a firm experiences cost advantages as it increases its level of production. This can be achieved through factors such as increased specialization, bulk purchasing, and spreading fixed costs over a larger output. However, it is possible for economies of scale to fail, leading to a decrease in production efficiency. This could happen if the firm faces diseconomies of scale, which occur when the cost per unit increases as production levels increase. Therefore, the statement that production efficiency can fail due to economies of scale is true.

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  • 37. 

    Carefully designed products do NOT facilitate the rapid development of derivative products with various features and functions

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Carefully designed products are actually more likely to facilitate the rapid development of derivative products with various features and functions. When a product is carefully designed, it often means that it has a well-thought-out architecture and modular components, making it easier to add or modify features. This allows for faster development of derivative products, as the existing design can be leveraged and built upon. Therefore, the statement is false.

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  • 38. 

    One of the criteria for evaluating fundamentally new product include; The fit with a competitor's capabilities

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement "The fit with a competitor's capabilities" is not one of the criteria for evaluating fundamentally new products. The evaluation criteria for new products typically focus on factors such as market demand, customer needs, technological feasibility, and potential profitability. Assessing how a product fits with a competitor's capabilities is not a commonly used criterion in this context. Therefore, the correct answer is False.

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  • 39. 

    Entering a new market is often to rejuvinate a portfolio:

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Entering a new market can help a company rejuvenate its portfolio by expanding its customer base and diversifying its product offerings. By entering a new market, a company can tap into new revenue streams and reduce its dependence on a single market or product. This can help the company stay competitive, adapt to changing market trends, and potentially increase its profitability. Therefore, the statement "Entering a new market is often to rejuvenate a portfolio" is true.

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  • 40. 

    Barriers to competiton include; patents, trade secrets, governmental regulations

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Barriers to competition, such as patents, trade secrets, and governmental regulations, can limit the entry of new competitors into a market and protect the interests of existing businesses. Patents grant exclusive rights to inventors, preventing others from using or selling their inventions without permission. Trade secrets are confidential information that gives a competitive advantage and is protected from disclosure. Governmental regulations, such as licensing requirements or high entry costs, can create barriers that make it difficult for new businesses to enter the market. Therefore, the statement that barriers to competition include patents, trade secrets, and governmental regulations is true.

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  • 41. 

    Aggregate planning is NOT inclusive of projects that can be done in a reasonable time with budgeted resources:

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Aggregate planning is the process of determining the overall production, inventory, and workforce levels required to meet demand over a specified time horizon. It involves making decisions regarding the use of resources such as labor, materials, and equipment to effectively meet customer demand while minimizing costs. Projects that can be done in a reasonable time with budgeted resources are indeed considered in aggregate planning, as they contribute to the overall capacity and resource requirements of the organization. Therefore, the statement that aggregate planning is not inclusive of such projects is false.

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  • 42. 

    The sooner the product is brought to the market the better, even if quality is sacrificed. We can always improve it.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    This statement is false because it suggests that sacrificing quality for speed is acceptable, with the belief that it can be improved later. However, this approach can lead to negative consequences such as customer dissatisfaction, damage to the brand reputation, and potential financial losses. It is important to prioritize quality in order to meet customer expectations and ensure long-term success in the market.

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  • 43. 

    When adopter buy low end products and trade up it is known as: Segment readiness

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement "When adopter buy low end products and trade up it is known as: Segment readiness" is false. The correct term for this behavior is "Product ladder" or "Product upgrading." Segment readiness refers to the stage in the product life cycle when a particular market segment is ready for a new product or innovation. In this case, the statement is incorrect as it misrepresents the concept of segment readiness.

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  • 44. 

    Three markets you can consider when developing your product plan are the: primary, secondary, and tertiary

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement is true because when developing a product plan, it is important to consider three markets: primary, secondary, and tertiary. The primary market consists of the target customers who are most likely to purchase the product. The secondary market includes customers who may have a need for the product but are not the primary target. The tertiary market comprises customers who may have a minimal need or desire for the product. Considering these three markets helps in understanding the potential demand and developing a comprehensive product plan.

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  • 45. 

    Stakeholders are NOT factors in developing your project plan:

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Stakeholders are indeed factors in developing a project plan. They play a crucial role in providing input, feedback, and requirements for the project. Their involvement helps ensure that the plan aligns with their needs and expectations. By engaging stakeholders, project managers can gather valuable insights and make informed decisions, leading to a more successful project outcome. Therefore, the statement "Stakeholders are NOT factors in developing your project plan" is false.

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  • 46. 

    Joint ventures and partnerships can often be suggested as a creative way of leveraging when one is unsure about the product success outcome:

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Joint ventures and partnerships can be suggested as a creative way of leveraging when one is unsure about the product success outcome. This is because by collaborating with another company or individual, the risks and costs associated with developing and launching a new product can be shared. Additionally, the combined expertise, resources, and networks of both parties can increase the chances of success and help mitigate uncertainties. Therefore, it is true that joint ventures and partnerships can be a valuable strategy when there is uncertainty about the outcome of a product.

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  • 47. 

    Concept selection is the process of:

    Correct Answer
    Evaluating concepts with respect to customer needs.
    Explanation
    Concept selection is the process of evaluating different concepts or ideas in order to determine which ones best meet the needs and expectations of the customers. It involves carefully analyzing and comparing the various options based on how well they align with the specific requirements and preferences of the target audience. By considering customer needs during the concept selection process, businesses can ensure that they are developing products or solutions that will be well-received and valued by their customers.

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  • 48. 

    A product champion is when:

    Correct Answer
    An influential member of the development team chooses a concept based on personal preference.
    Explanation
    A product champion refers to an influential member of the development team who selects a concept or idea based on their personal preference. This means that instead of considering objective factors or data, the decision is driven by the individual's own likes or biases. This approach can be problematic as it may not align with the needs or preferences of the target audience, leading to potential issues in product development and market success.

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  • 49. 

    When a team lists the strengths and weaknesses of each concept it is known as:

    Correct Answer
    Pros and cons
    Explanation
    When a team lists the strengths and weaknesses of each concept, it is known as "pros and cons." This term refers to the process of evaluating the positive and negative aspects of different ideas or options. By identifying the pros and cons, the team can make informed decisions and prioritize the concepts based on their advantages and disadvantages. This approach helps in weighing the potential benefits and drawbacks of each concept, enabling the team to make a well-rounded and informed choice.

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  • 50. 

    Decision matrices rate:

    • A.

      Each criteria against prespecified selected criteria

    • B.

      Each preselected crtieria against alternative solutions

    • C.

      Each criteria against customer responses

    • D.

      None of the above

    Correct Answer
    A. Each criteria against prespecified selected criteria
    Explanation
    The correct answer is "Each criteria against prespecified selected criteria." In decision matrices, each criteria is evaluated against preselected criteria that have been determined as important or relevant to the decision-making process. This helps to assess how well each criteria aligns with the predetermined criteria and allows for a systematic comparison of different alternatives based on these criteria. The evaluation is done to determine the best option or solution based on the selected criteria.

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