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1) What are the two ways in which a company can obtain new products?

A) rebranding and brand management

B) internal development and product audits

C) new-product development and acquisition

D) market development and product extension

E) market mix modification and integrated marketing

2) Toby's specialized in producing a wide range of clothes and accessories for newborns and infants up to the age of 1 year. Pink is a market leader in the industry for clothes and accessories for toddlers and children up to age four. Recently, Pink and Toby's reached an agreement by the terms of which Pink will be able to sell all of Toby's products and thus target a larger market of children ranging from newborns to toddlers. Which of the following statements would explain this increase in Pink's product offerings?

A) Pink and Toby's are competing in different market segments in the same industry.

B) Pink acquired Toby's and thus has new products that it can sell in the market.

C) Pink commercialized its existing products for children between the ages of two and four.

D) Toby's purchased 51% of the shares of Pink and its holdings.

E) Toby's and Pink have engaged in an internal marketing strategy in this scenario.

3) Which of the following statements is true with regard to the new-product development process?

A) The first stage in the new-product development process is an idea-reducing step.

B) When developing new-product ideas, firms restrict the process to internal sources of ideas.

C) Intrapreneurial programs are an external source of new-product ideas.

D) Crowdsourcing is an internal source of new-product ideas.

E) The first stage in this process involves a systematic search for new-product ideas.

4) New-product development starts with the step of ________.

A) idea generation

B) idea screening

C) concept development

D) concept testing

E) test marketing

5) Which of the following represents an internal source of new-product ideas?

A) customers

B) distributors

C) suppliers

D) employees

E) competitors

6) Which of the following represents an external source of new-product ideas?

A) executives

B) salespeople

C) engineers

D) manufacturing staff

E) suppliers

7) Felix Solutions is a market leader in designing ergonomic interiors and furnishings for office spaces of all sizes and needs. Some of the largest corporate offices are clients of Felix Solutions and the company is witnessing a steady rise in its market share. The success enjoyed by the company is difficult for competitors to imitate because Felix Solutions always has the products that the market needs. Which of the following, if true, would most likely explain the ability of Felix Solutions to stay in touch with the market needs?

A) The marketing team at Felix Solutions has the ability to determine the exact duration of the stages of the product lifecycle as it applies to their company.

B) The marketing team at Felix Solutions uses brainstorming as the only idea generation technique.

C) The marketing team at Felix Solutions regularly visits all the local, national, and international trade seminars that hold some relevance to its business.

D) The marketing team at Felix Solutions bases its product development plans solely on secondary data and organizational history.

E) The marketing team at Felix Solutions uses a product-orientation and avoids focusing on market trends.

8) Felix Solutions is a market leader in designing ergonomic interiors and furnishings for office spaces of all sizes and needs. Some of the largest corporate offices are clients of Felix Solutions and the company is witnessing a steady rise in its market share. The success enjoyed by the company is difficult for competitors to imitate because Felix Solutions always has the products that the market needs. Which of the following, if true, would strengthen the fact that Felix Solutions encourages open innovation programs in addition to intrapreneurial programs?

A) The marketing team at Felix Solutions is organized on the lines of the traditional marketing manager model, rather than a brand manager model.

B) The marketing team at Felix Solutions uses brainstorming as the only idea generation technique.

C) The marketing team at Felix Solutions offers a quarterly monetary award to the most innovative employee and his/her product idea is considered for the new product development process.

D) The marketing team at Felix Solutions runs a feature on its web site called Your-Call which enables every recent customer to call in with new ideas.

E) The marketing team at Felix Solutions considers acquisitions and mergers to be the only ways of making additions to its product mix.

9) Through ________, broad communities of people (customers, employees, independent scientists and researchers, and even the public at large) are invited into the new-product innovation process.

A) outsourcing

B) sole sourcing

C) brainstorming

D) crowdsourcing

E) test marketing

10) The R-W-W framework is used in the second step of the new-product development process which involves ________.

A) idea generation

B) idea screening

C) concept testing

D) test marketing

E) commercialization

1

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