A. Test marketing
B. Idea generation
C. Idea screening
D. Commercialization
E. Feasibility testing
Choose the correct answer from the options given below:
New Product Development Sequence
The development of a new product involves a series of strategic steps. Understanding the correct order is essential for effective product management.
NPD Process Steps Explained
The new product development (NPD) process typically follows a logical progression:
- B. Idea Generation: This is the foundational stage where diverse ideas for new products are conceived.
- C. Idea Screening: Following idea generation, this step involves critically evaluating each idea to filter out those that are not viable or strategically misaligned.
- E. Feasibility Testing: Once ideas pass screening, feasibility testing assesses their technical, market, and financial viability. This ensures the product concept is practical and has potential.
- A. Test Marketing: Products that clear feasibility testing may then undergo test marketing. This involves introducing the product in a limited market environment to gauge real-world customer reaction and refine marketing strategies.
- D. Commercialization: This is the final phase, encompassing the full-scale launch of the product into the market, including production, marketing, and distribution.
Correct Step Order
Arranging the provided steps in their standard order yields the sequence:
Idea Generation (B) $\rightarrow$ Idea Screening (C) $\rightarrow$ Feasibility Testing (E) $\rightarrow$ Test Marketing (A) $\rightarrow$ Commercialization (D).
Thus, the correct sequence is B, C, E, A, D.
Important Questions from Product Life Cycle
Technical feasibility analysis will include which of the following?
A. Crucial technical specifications with respect to the design and product safety
B. Engineering requirements
C. Product development
D. Product testing
E. Plant location
Choose the correct answer from the options given below:
Out of the following, which are the CORRECT forms of Product Life Cycle:
A. Bell-shaped PLC
B. Scalloped PLC
C. Cycle-Recycle PLC
D. Growth-Slump PLC
Choose the correct answer from the options given below:
The product hierarchy stretches from basic needs to particular items in some sequence. Identify the CORRECT sequence or levels of the product hierarchy
A. Product type
B. Product family
C. Product class
D. Need family
E. Product line
Choose the correct answer from the options given below
Which of the following statements characterise the growth phase of product life-cycle?
(A) Build intensive distribution
(B) Maximize profit while defending market share
(C) Build awareness and interest in the mass market
(D) Diversify brand and items models
(E) Price to penetrate market
Choose the most appropriate answer from the options given below:
Following are two statements with regard to product life cycle (PLC) :
Statement I : Product sales pass through distinct stages of PLC, each posing different challenges, opportunities and problems to the seller.
Statement II : A company's positioning and differentiation strategy must change as its product, market and competitors change over the product life cycle.
Which of the following options is correct ?
