1. New-product success results from

2. is the gatekeeper of the brand's reputation, the brand's voice to customers and the media, and the architect of a brand's image.

3. investigates, selects, and drives the development of products for an organization, performing the activities of product management.

4. Long-run consumer welfare (High)

5. Its principal mission is the promotion of consumer protection and the elimination and prevention of anticompetitive business practices, such as coercive monopoly.

6. An ongoing effort to improve products, services or processes. These efforts can seek 'incremental' improvement over time or 'breakthrough' improvement all at once.

7. Pareto chart is named after _______

8. Should be carefully developed - Different markets, different stages - Contribute to the length of the cycle

9. Phasing Out Dying Products considers (2)

10. Effective transition to regular operations results from

11. Are Product Modifications Really New Products?

12. Role of Product Management and New-Product Development in Marketing Strategy (2)

13. is the process of using quantitative methods and qualitative methods to evaluate consumer response to a product idea prior to the introduction of a product to the market. It can also be used to generate communication designed to alter consumer attitudes toward existing products.

14. refers to a manufacturer or seller being held liable for placing a defective product into the hands of a consumer.

15. Don't Ignore Long-Term Competitive Trends!

16. R&D - Develop model or service - Test marketing mix - Revise plans as needed - ROI estimate

17. is a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture.

18. Some Products Move Fast (5)

19. Market Growth Stage (3)

20. Product Management and New-Product Development (5)

21. Products Life Cycles (4)

22. Should Be Related to Specific Markets - May be introduced in market growth or maturity - Not all brands are equally strong

23. Which of the following statements about new-product development are true? a. The process should be informal to encourage innovation. b. The greatest number of product ideas is in the idea evaluation stage. c. The best criteria for evaluating new product ideas in the early stages is return on investment (ROI). d. The process should have top management support. e. All of the above statements are true.

24. The process of comparing one's business processes and performance metrics to industry bests or best practices from other companies.

25. Long-run consumer welfare (Low)