Question 1
What is the main objective of product innovation strategies?
Increase production costsMinimize market risksDefine and implement new product ideasEliminate competition
Increase production costsMinimize market risksDefine and implement new product ideasEliminate competitionQuestion 2
What percentage of new products fail within two years of launch in Europe? A) 10%
10%50%75%90%
10%50%75%90%Question 3
What is the first stage in the New Product Development Process?
CommercializationIdea GenerationBusiness AnalysisProduct Testing
CommercializationIdea GenerationBusiness AnalysisProduct TestingQuestion 4
Which of the following is an internal source for new product ideas?
CustomersCompetitorsCompany R&DSuppliers
CustomersCompetitorsCompany R&DSuppliersQuestion 5
What framework is used during the idea screening stage?
SWOT AnalysisR-W-W (Real-Win-Worth)PEST Analysis4Ps Framework
SWOT AnalysisR-W-W (Real-Win-Worth)PEST Analysis4Ps FrameworkQuestion 6
What is concept testing?
Testing the physical product in the marketEvaluating the cost structure of a new productTesting product concepts with target consumersAnalyzing the marketing strategy
Testing the physical product in the marketEvaluating the cost structure of a new productTesting product concepts with target consumersAnalyzing the marketing strategyQuestion 7
Which step in the New Product Development Process involves a detailed review of sales, costs, and profit projections?
Idea GenerationBusiness AnalysisProduct DevelopmentCommercialization
Idea GenerationBusiness AnalysisProduct DevelopmentCommercializationQuestion 8
What is the purpose of test marketing?
To launch the product globallyTo test the product and marketing program in a real market settingTo increase production speedTo reduce product costs
To launch the product globallyTo test the product and marketing program in a real market settingTo increase production speedTo reduce product costsQuestion 9
What does commercialization involve?
Stopping the development processIntroducing a new product to the marketAnalyzing customer feedbackModifying the initial product idea
Stopping the development processIntroducing a new product to the marketAnalyzing customer feedbackModifying the initial product ideaQuestion 10
Which type of innovation focuses on small, gradual improvements to existing products?
Disruptive InnovationIncremental InnovationTechnological InnovationRadical Innovation
Disruptive InnovationIncremental InnovationTechnological InnovationRadical InnovationQuestion 11
What is a key characteristic of customer-centered new product development?
High focus on reducing costsCentered on solving customer problemsOnly involving top management in the processDelaying product launch
High focus on reducing costsCentered on solving customer problemsOnly involving top management in the processDelaying product launchQuestion 12
What is the goal of team-based new product development?
Increase product costsSave time and increase effectivenessReduce collaboration between departmentsLaunch fewer products
Increase product costsSave time and increase effectivenessReduce collaboration between departmentsLaunch fewer products
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