Reference no: EM133438902

Question

1. The performance of a product over time in terms of sales and profits is called the

Boston Consulting Group matrix

product life cycle

degree of product performance

battle of the brands

2. In terms of the product life cycle, the introduction stage is

when products are rapidly losing ground to new technologies or product alternatives, and consequently sales and profits are rapidly declining

characterized by increasing competition, with new product variants offered to the market, as well as rapid product adoption by the target market

characterized by a slowdown in sales growth as the product is adopted by most target consumers, and by a leveling or decline in profits primarily due to intense price competition

when the product is available for purchase for the first time

3. In terms of new product adoption, laggards are consumers who

have limited means and are likely to adopt products only if the products are widely popular and the risk associated with buying them is minimal

are successful, sophisticated, and receptive to new technologies; their purchases reflect cultivated tastes for upscale products

are the last to adopt new products and who do so only in the late maturity stage of the product life cycle

are more risk averse but enjoy the status of being among the first in their peer groups to buy what will be a popular product

4. The first step in the new product development process is

generating new product ideas

developing and evaluating new product ideas

performing a product business analysis

screening new product ideas