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Business True or False Set Assignment

True or False

1) A firm can obtain new products through acquisition or new-product development efforts.
( )Page Ref: 262

2) Acquisition involves the purchase of a whole company, a patent, or a license to produce someone else’s product.( )Page Ref: 262

3) New-product development begins with a systematic search for new product ideas through idea generation.( )Page Ref: 263

4) Companies seldomly solicit ideas from customers during the idea generation stage of product development.( )Page Ref: 264

5) A product idea is an idea for a possible product that a company can offer the market.
( )Page Ref: 267

6) Blair Housewares wants to add new products to its existing line of products. Managers are correct in believing that the purpose of idea generation is to create a few ideas, and the purpose of succeeding stages is to increase that number.( )Page Ref: 263

7) Concept testing works best with people who are familiar with the new idea and the new product’s purpose. This generally includes top management, the sales force, and research and development.( )Page Ref: 268

8) GreenTree Lawn and Garden Products is engaged in marketing strategy development. The first part of the marketing strategy statement created by management should outline the product’s planned price, distribution, and marketing budget for the first year.( )Page Ref: 268

9) The business analysis stage represents the first large jump in financial investment in the new-product development process.( )Page Ref: 269

10) GreenTree Lawn and Garden Products is engaged in a review of the sales, costs, and profit projections for some new products to find out whether they satisfy the company’s objectives. This activity is called business product development.( )Page Ref: 269

11) Marketers often involve actual customers in product testing.( )Page Ref: 269

12) A company launching a new product into the market must first decide where to launch the product. ( )Page Ref: 271

13) JumBo Games is in the commercialization stage. The first decision that the firm should make while introducing the product in the market is introduction timing.( )Page Ref: 271

14) Sequential product development has the advantage of not only being a team-oriented approach, but also of being faster in bringing products to market.( )Page Ref: 272

15) To avoid too few new-product ideas and the failure of many good ideas, management should install an innovation management system that collects, reviews, evaluates, and manages new-product ideas.( )Page Ref: 272

16) Using the PLC concept to develop marketing strategy can be problematic because strategy is both a cause and a result of the product’s life cycle.( )Page Ref: 275

17) Profits drop during the growth stage of the PLC because per customer promotion costs are high.( )Page Ref: 276

18) Although products that remain in the maturity stage of the PLC seem unchanged, the most successful ones actually evolve to meet changing consumer needs.( )Page Ref: 276

19) When sales of a product drop during the decline stage of the PLC, a company typically modifies the marketing mix, the product, or the market.( )Page Ref: 277

20) Sales of products decline because of technological advances, shifts in consumer tastes, and increased competition.( )Page Ref: 277

21) Harvesting the product involves reducing various costs such as maintenance, R&D, and advertising to increase sales.( )Page Ref: 277-278

22) The distribution strategy during the decline stage of PLC involves building more intensive distribution networks.( )Page Ref: 277

23) The federal government may prevent a company from adding products through acquisitions if acquisition threatens to lessen competition.( )Page Ref: 279

24) The international growth of many professional and business services such as accounting, consulting, and advertising led to the globalization of the client companies they served.
( )Page Ref: 281

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