Topic: Globalization and New Product Development
23.Rules of thumb that firms have found that work for them can be referred to as:
A. heuristics.
B. syntaxes.
C. synergies.
D. charters.
Feedback: Heuristics are general rules of thumb that firms have found that work for them. Heuristics sometimes leave us holding an empty bag; but without them, projects just won't move forward fast enough.
AACSB: Analytic
Blooms: Remember
Difficulty: 1 Easy
Topic: How Product Development is Different
24.Products that are inventions and create a whole new market are called:
A. new-to-the-world products.
B. new-to-the-firm products.
C. "flanker" brands.
D. improvised products.
Feedback: Refer to Figure 1.4. New-to-the-world products are inventions that create a whole new market. Examples include the Polaroid camera, the smartphone and iPad, Hewlett-Packard's laser printer, Rollerblade brand inline skates, P&G's Tide Pods.
AACSB: Analytic
Blooms: Remember
Difficulty: 1 Easy
Topic: What is a New Product, and What Leads to Success?
25.New-to-the-firm products are:
A. inventions that create a whole new market.
B. products that take a firm into a category new to it.
C. products that are new to the world, but are not new to the firm.
D. products that are retargeted for a new use or application.
Feedback: Refer to Figure 1.4. New-to-the-firm products refer to products that take a firm into a category new to it. The products are not new to the world, but are new to the firm. Examples include P&G's first shampoo or coffee, Hallmark gift items, Virgin Atlantic Airlines or Virgin Mobile phone service, and Canon's laser printer.
AACSB: Analytic
Blooms: Remember
Difficulty: 1 Easy
Topic: What is a New Product, and What Leads to Success?
26.New-to-the-firm products:
A. most likely require consumer learning.
B. most likely involve the incorporation of a very new technology.
C. tend to revolutionize existing product categories.
D. are new to a company, but are not new to the world.
Feedback: Refer to figure 1.4. New-to-the-firm products are products that take a firm into a category new to it. These products are not new to the world, but are new to the firm.
AACSB: Analytic
Blooms: Understand
Difficulty: 2 Medium
Topic: What is a New Product, and What Leads to Success?
27._____ are also known as "flanker" brands.
A. Line extensions
B. New-to-the-world products
C. Improvised products
D. Repositionings
Feedback: Refer to Figure 1.4. New products can be categorized in terms of how new they really are to the world, or to the firm. Additions to existing product lines are called "flanker" brands or line extensions. These products are designed to flesh out the product line as offered to the firm's current markets. Examples: Dove Men+Care, Tide Pods with Downy, and Special K line extensions (drinks, snack bars, and crystals).
AACSB: Analytic
Blooms: Remember
Difficulty: 1 Easy
Topic: What is a New Product, and What Leads to Success?
28.When a current product of a company has been enhanced to better serve consumer needs, the product will fall into the new product category of _____.
A. new-to-the-world products
B. repositionings
C. line extensions
D. product improvements
Feedback: Refer to figure 1.4. Improvements and revisions to existing products are usually current products made better. Examples include P&G's Ivory Soap and Tide powder laundry detergent that have been revised numerous times throughout their history.
AACSB: Analytic
Blooms: Remember
Difficulty: 1 Easy
Topic: What is a New Product, and What Leads to Success?
29.Ace Corporation is a manufacturer of powder and liquid dishwashing detergents. Owing to popular demand, the company introduces a single-load, scented, gel detergent encased in water-soluble bags designed to fit dishwasher detergent trays. The firm's new product is best described as a(n):