Innovation and New Product Development Guaranteed Success
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Course
Innovation and New Product Development Guaranteed
Institution
Innovation And New Product Development Guaranteed
Innovation and New Product Development Guaranteed Success
The _____ strategy seeks to increase sales of existing products in existing markets. ️market
penetration
A _____ strategy concentrates on finding new markets for existing products. ️market development
The strategy of _____ refers...
Innovation and New Product Development Guaranteed Success
The _____ strategy seeks to increase sales of existing products in existing markets. ✔️market
penetration
A _____ strategy concentrates on finding new markets for existing products. ✔️market development
The strategy of _____ refers to the introduction of new products into identifiable or established
markets. ✔️product development
A _____ strategy focuses on developing entirely new products for new markets. ✔️product
diversification
Which of the following terms refers to a series of stages consumers go through in learning about a new
product, trying it, and deciding whether to purchase it again? ✔️Adoption Process
Individuals who purchase new products almost as soon as these products reach the market are called
_____. ✔️innovators
A new product innovation that is consistent with the values and experiences of potential adopters and
attracts new buyers at a relatively rapid rate is said to have high _____. ✔️compatibility
Lean product development encourages __________________ to maximize learning. ✔️minimizing the
total time through the development cycle
Lean product development is a(n) ___________________ approach to developing new products
✔️iterative
The term "product positioning" refers to: ✔️consumers' perceptions of a product's attributes, uses,
quality, as well as advantages and disadvantages relative to competing brands.
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