Question Bank essay

Conducting break even analysis d. All the above 5. Appropriate country to test market a new product – a. India b. Saudi Arabia c. Indonesia Essential for the success of new product concept 6. Product superiority a. B.

Overall company fit c. Offer economic advantage to user 7. Stages in a Product life cycle [PL] – a. Introduction Stage b.

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Growth stage c. Maturity and decline stage 8. Rapid skimming strategy means – a. Charging high price and spending high on promotion b.

Charging low price c. Charging high price and low promotion Rapid penetration strategy means – 9. B.Charging low price and spending high on promotion d. Low promotion 10.

Slow skimming strategy means c. Charging high price and spending low on promotion Tick true or false: [answers marked in green, bold and underlined] 11. New products are a key to growth. True / False 12. Companies that excel in developing and managing new products do not reap big rewards. True / False 13.

New product development is risky and expensive. True / False 14. Idea screening means dropping of poor ideas. True / False 15. New product ideas cannot be generated through interaction with others. True / FalseShort answer questions [For Mid Term and final examination] 16. What are the different formats/categories of a new product? Answer: New product lines Additions to existing lines Improvements to existing products Repositioning Cost reductions 17.

List out the reasons as to why new product development is essential? Answer: New product development essential due to Changing customer needs and wants Evolving of New Technologies Shortened PL Increased domestic and foreign competition 18. List out the hurdles in new product development? Shortage of ideas Fragmented markets Social and Government constraintsIncreased Cost of Development Faster/quicker development time Shorter Product Life Cycles [PL] 19. Bring out the stages in a new product development process? Answer: . Idea generation 2. Idea screening 3. Concept development and testing 4.

Deciding the Marketing strategy 5. Business Analysis 6. Product development 7. Market testing 8.

Centralization 20. List out the essential factors that would lead to the success of a new product concept Answer: 1. Product superiority Economic advantages+0 to user 2.

3. Overall company fit 4. Technological compatibility Familiarity to the company .Market need, growth, and size 7. Competitive situation Defined opportunity 8. 21.

What are the different stages in a Produces life cycle? Answer: Stage 1 – Introduction Stage Stage 2 – Growth stage Stage 3 Maturity stage Stage 4 – Decline stage 22. List out the various marketing strategies that can be used when a product is in its introduction stage. Answer: Rapid-skimming strategy [high price – high promotion] Slow-skimming strategy C high price and low promotion ] Rapid-penetration strategy [low price and high promotion] Slow-penetration strategy [low price & low promotion] 23.

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