Which of the following statements about new product development strategy is correct?

Q: Which of the following statements is the definition for market development strategy?

Market Development Strategy Definition A market development strategy is a kind of growth strategy that enables companies to bring their current products into the new market.” A market development strategy is called a business growth strategy which focuses on introducing existing products to new markets.

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What are the product development strategies?
Which of the following is considered a stage of the new product development process?
Which of the following statements is the definition for market development strategy?
Which of the following best describes the first stage of the new product development process?

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Question	Answer
Which of the following correctly defines the consumer market	Individuals and households that buy goods and services for personal consumption
What are the four general characteristics that influence consumer purchases?	Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics
The buyer decision process starts with __________.	recognizing a need
What determines whether the buyer is satisfied or dissatisfied with a purchase?	The relationship between the consumer's expectations and the product's perceived performance
What are the five stages of the consumer adoption process in the correct sequence?	awareness, interest, evaluation, trial and adoption
What are the five characteristics that are especially important in influencing an innovation's rate of adoption?	Relative advantage, complexity, compatibility, divisibility, and communicability
Which of the following statements regarding the business market is correct?	Many sets of business purchases are made for one set of consumer purchases.
Which type of business buying situation offers marketers the greatest opportunity but also the greatest challenge?	a new task situation
In which step of the buying decision process is the final order with the chosen supplier developed?	order routine specification
A large manufacturing company needs to upgrade its computer system to include more up-to-date software for its production line scheduling. Which type of buying situation would the manufacturing company most likely be involved in?	modified buy
The local university often purchases copy paper for the student computer labs. This type of purchase would most likely be considered a _____________.	straight buy
The consumer demand for leather shoes directly affects the demand for leather from a shoe manufacturer. This type of demand is known as _________.	derived demand
In business buying situations, the objectives, strategies, and procedures are important factors that affect buying decisions. These are collectively known as __________ factors.	organizational
The local university needs to replace all of its computers in the classrooms. Not confident to stay with current supplier, the university invites qualified suppliers to submit proposals. This stage of the buying decision process is known as ________.	proposal solcitation
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes	market segmentation
Evaluating each market segment's attractiveness and selecting one or more market segments to enter is called _____.	market targeting
What are the four major variables used to segment consumer markets?	Geographic, demographic, psychographic, and behavioral
Which of the following are additional variables marketers use to segment business markets but not consumer markets?	Operating characteristics, purchasing approaches, situational factors, and personal characteristics
Which structural factor would make a market segment attractive to enter?	very few actual or potential substitute products
In which targeting strategy does a firm go after a large share of one or a few smaller segments?	concentrated marketing
A _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments.	value proposition
The way a product is defined by consumers on important attributes	products position
Dividing a market into different age and life-cycle groups segments is known as __________ segmentation.	demographic
Marketers of sunscreen tend to market the product more heavily in the Midwest during summer months. This group of buyers is most likely being segmented by __________.	occasion segmentation
Marketers market competitive ATV's differently than to those who use ATV's for other purposes, such as farming. On which type of market segmentation is this based?	benefit segmentation
After marketers divide a market into distinct groups of buyers who have different needs, characteristics, or behaviors, they then perform _________________, identifying different ways to segment the market and selecting one or more markets to serve.	market targeting
Marketers who choose to segment consumers with similar needs but who are located in different countries have chosen __________________ segmentation.	intermarket segmentation
is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.	a product
What are the two broad classifications of products?	consumer products and industrial products
Which of the following correctly identifies the five important decisions marketers must make when developing individual products and services?	Product attributes, branding, packaging, labeling, and product support services
The major product line decision involves the line's ______, or the number of items in the product line.	length
Services are characterized by four key aspects: ______________________.	services are intangible, inseparable, variable, and perishable.
Which of the following statements is true regarding the marketing of services?	For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image.
The four major brand strategy decisions involve brand ________.	positioning, name selection, sponsorship, and development
What are the four choices a company has for developing brands?	Line extensions, brand extensions, multibrands, and new brands
Your favorite candy bar, that you purchase often, is most likely considered which type of product?	convenience
Suppose you are moving to a new college dorm and need to buy a new piece of furniture. Which type of product is the furniture you purchase?	shopping
You have decided to take your family on a vacation to the Bahamas. Which type of product is your vacation?	services
After a recent health scare, you decide that you should purchase life insurance. Life insurance is which type of product?	unsought
After your big promotion at work, you decide to purchase a Rolex watch for yourself. Which type of product is your new watch?	specialty
What are the two ways a firm can obtain new products?	acquisitions and new product development
To create successful new products, a company must _______.	understand its consumers, markets, and competitors, and develop products that deliver superior value
What is the first step in the new product development process?	generating new product ideas
Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal, which involves ___________.	conducting a business analysis
During the introductory stage of the product lifecycle, ______________.	sales are slow and profits nonexistent
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management?	maturity
Which of the following statements regarding socially responsible product decisions is correct?	The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
Which of the following statements regarding the marketing of international products and services is correct?	Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Your company decides to use broad communities of people in its new product innovation process. Which step of the new product process is the company most likely in?	idea generation
A marketer is determining how much advertising should be spent on a potential new product and where and when to introduce the product to the market. Which stage of the new product process is this product most likely in?	commercialization
While on vacation, you notice a product in the grocery store that you've never seen before. After doing some research, you find that the product is only temporarily available in the geographic location where you were. Which stage of product process	test marketing
The stage of the new product development process in which a marketer will determine the product's planned price, distribution, and marketing budget is the ______________ stage.	marketing strategy development
Your boss has asked you and your marketing team to read through hundreds of new product ideas and separate those that are feasible from those that are not. Which stage of the new product development process are you most likely engaged in?	idea screening

What are the product development strategies?

Product development strategy relies on developing new products or modifying existing products so they appear new, and offering those products to current or new markets. When executed successfully, it can lead to growth in sales and market share.

Which of the following is considered a stage of the new product development process?

Although the product development process differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization.

Which of the following statements is the definition for market development strategy?

Market Development Strategy Definition “A market development strategy is a kind of growth strategy that enables companies to bring their current products into the new market.” A market development strategy is called a business growth strategy which focuses on introducing existing products to new markets.

Which of the following best describes the first stage of the new product development process?

Stage 1: Brainstorming and ideation. The first stage of the product development process is focused on idea generation. Assemble your team and get product ideas out on the floor.

Which of the following statements about new product development strategy is correct?

What are the product development strategies?

Which of the following is considered a stage of the new product development process?

Which of the following statements is the definition for market development strategy?

Which of the following best describes the first stage of the new product development process?

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