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GE5113 (Week-4 & 8) final quiz

 

Question 1

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According to the product-portfolio proposed by the Strategic Decision Group (SDG), white elephants represent projects with high expected commercial value.
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Question 2

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An ideal new products team is essentially self-directed with limited or no cross-functionality.
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Question 3

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Cross-functional diversity often leads to information overload and can act as a barrier to firm creativity.
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Question 4

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Letting customers' stated wants drive product innovation is most likely to fail when in a market with enormous unmet needs and very slow-reacting competitors.
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Question 5

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Radical innovation that displaces or obsoletes current products and creates totally new product categories is critical to the future growth and survival of a firm.
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Question 6

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The closed innovation model allows for inputs to come exclusively from internal sources but not from external ones.
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Question 7

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The term "product innovation" usually applies to functions, especially those of manufacturing or distribution.
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Question 8

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_____ is defined as the process a company employs to externally search for and source research, new technologies, and products.
Select one:
a.
T-P-M linkage
b.
Creative abrasion
c.
Open innovation
d.
Leveraged creativity

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Question 9

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_____ refers to the overall process whereby an invention is transformed into a commercial product that can be sold profitably.

Select one:
a.

Innovation

b.

Attribution

c.

Pricing

d.

Brainstorming

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Question 10

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One of the complicated issues a firm must manage in an open innovation policy is:
Select one:
a.
restrict the knowhow a company develops internally.
b.
complete outsourcing of a company's R&D.
c.
intellectual property protection.
d.
top management support.

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Question 11

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The objective of a firm using open innovation is to:
Select one:
a.
allow for inputs purely from external sources by keeping the internal sources on hold for a later point in time.
b.
get tolerant to some aberrations and thereby allow innovation at the cost of rule violations.
c.
to reach out beyond its familiar research partners and to access R&D carried out globally.
d.
completely outsource its R&D.

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Question 12

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Well-known business writer, Gary Hamel, has described _____ as "the most important business issue of our time."
Select one:
a.
product line extensions
b.
the creation of radical innovation
c.
advertising and marketing of services
d.
product distribution

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Question 13

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Which of the following statements is true regarding invention?
Select one:
a.
There are far more innovations than inventions.
b.
An invention refers to the overall process whereby an innovation is transformed into a commercial product.
c.
An invention is usually patentable.
d.
To managers, invention is a dimension of complexity.

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Question 14

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What are the various advantages of using quality function deployment? 

Answer text

Advantages:

The valuable feature of Quality function deployment is that this is a customer-driven operation instead of an innovation one. Whenever it comes to setting up current innovations, the Quality function deployment is a vital planning tool. It enhances coordination and operational performance.

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Comment:

Correct!

Question 15

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Discuss the terms "product innovation" and "process innovation." 

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Product Innovation:

Product innovation is a kind of technology which is more obvious to the client and is connected either to refinement of a firm's existing models or the introduction of innovative manufactured goods that are centered on the concepts technology or that address new customers' requirements.


Process Innovation:

Process innovation is focused on the development of amenities, capabilities, and innovations for the creation and distribution of goods and services.


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Comment:

Correct!

Question 16

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Discuss the advantages and risks of open innovation. 

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Advantages:

  • New goods and services are developed.
  • Traditional goods and services are being reimagined.
  • Creates an intense sense of society.
  • Employees are more productive.
  • Lowers the expense of investigation.

Risks:

  • Expenses of adoption and operational management have increased.
  • There are more flaws in everyday processes
  • There is a strong reliance on contextual factors
  • There is a shortage of continuity for new responsibilities


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Comment:

Partially Correct


Answer:

The advantages of open innovation are:

• Importing new ideas multiplies innovation building blocks—ideas and expertise, resulting in more total sales generated from new products.
• Exporting ideas raises cash, and improves employee retention, since creative types know that good ideas will be exported and not buried.
• Exporting signals true worth of an innovation.
• Exporting clarifies core business.

The risks of open innovation are:

• Deal is not structured in a way that captures the financial value of your innovation.
• Proprietary secrets can be lost to a partner, even inadvertently.
• Theft of technology, or poaching of top researchers, is a concern.


WEEK 8


Question 1

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The value of an established brand is called its brand equity.
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Question 2

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As opposed to goods, services are mass produced.
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Question 3

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By definition, new products are limited to significant technological innovations.

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Question 4

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New products can be tangible goods or services.
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Question 5

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The number one reason for new product success is a unique superior product.
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Question 6

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One of the benefits of accelerating time to market is that the product will be on the market for a longer period of time before becoming obsolete.
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Question 7

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Business firms expect, and get, a high percentage of their sales and profits from new products.
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Question 8

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_____ refer to those products that are retargeted for a new use or application.
Select one:
a.
New-to-the-world products
b.
Repositionings
c.
Line extensions
d.
"Flanker" brands

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Question 9

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A "me-too" product is most likely a:
Select one:
a.
repositioned product.
b.
reduced cost product.
c.
new-to-the-world product.
d.
new-to-the-firm product.

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Question 10

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A new product:
Select one:
a.
when launched is still in a tentative form.
b.
if successful can be termed a concept.
c.
comes into being the moment its potential benefits are identified.
d.
comes into being the moment its prototype is ready.

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Question 11

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Ace Corporation is a manufacturer of powder and liquid dishwashing detergents. Owing to popular demand, the company introduces a single-load, scented, gel detergent encased in water-soluble bags designed to fit dishwasher detergent trays. The firm's new product is best described as a(n):
Select one:
a.
new-to-the-world product.
b.
repositioned product.
c.
improvised product.
d.
line extension.

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Question 12

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Designethic Co. is known for selling cards, gift-wrapping materials, and collectibles. In a bid to compete with its counterparts, Designethic added fresh-cut flower arrangements to its range of product offerings in the year 2015. Into which of the following new product categories would the floral arrangements fall?
Select one:
a.
Repositionings
b.
New-to-the-world products
c.
New-to-the-firm products
d.
Line extensions

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Question 13

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In an attempt to extend the life of its brand of AquaFresh soap, Agate Inc., a soap manufacturer, makes certain enhancements to the characteristics and quality of its soaps. Agate's products would best fit into the new product category of:
Select one:
a.
line extensions.
b.
new-to-the-world products.
c.
new-to-the-firm products.
d.
product improvements.

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Question 14

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Luminos Co., a popular manufacturer of kitchen appliances, decides to enter the manufacturing sector of crockery and dinnerware. It markets a line of dinnerware, Illuminia, for the first time in its history. Its dinnerware will most likely fall into which of the following new product categories?
Select one:
a.
Line extensions
b.
New-to-the-world products
c.
New-to-the-firm products
d.
Product improvements

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Question 15

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Products that are inventions and create a whole new market are called:
Select one:
a.
improvised products.
b.
"flanker" brands.
c.
new-to-the-firm products.
d.
new-to-the-world products.

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Question 16

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To cater to the constant demands of its customers, Roltez Pretzels, a manufacturer of pretzels and extruded corn snacks, introduces honey-mustard pretzels to its product line. The honey-mustard pretzels are examples of:
Select one:
a.
"flanker" brands.
b.
new-to-the-firm products.
c.
new-to-the-world products.
d.
product improvements.

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Question 17

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When a current product of a company has been enhanced to better serve consumer needs, the product will fall into the new product category of _____.
Select one:
a.
product improvements
b.
line extensions
c.
new-to-the-world products
d.
repositionings

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Question 18

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Which of the following categories of new products would present higher risks and uncertainties as well as associated costs of development and launch?
Select one:
a.
New-to-the-world products
b.
Improvised products
c.
Line extensions
d.
Repositionings

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Question 19

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Which of the following is considered to be the most innovative category of new products?
Select one:
a.
New-to-the-world products
b.
Cost-reduced products
c.
Line extensions
d.
New-to-the-firm products

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Question 20

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Which of the following is the least innovative new product category?
Select one:
a.
Cost reductions
b.
Product improvements
c.
Repositionings
d.
Line extensions

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Question 21

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Which of the following products define wholly new product categories and are most likely to require consumer learning or incorporate a very new technology?
Select one:
a.
Repositionings
b.
New-to-the-world products
c.
New-to-the-firm products
d.
Improvised products

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Question 22

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Which of the following statements is true of new product categories?
Select one:
a.
New product categories do not differ with regard to their associated risks and uncertainties.
b.
Additions or revisions to existing product lines do not fall under the domain of new product categories.
c.
The least innovative category of new products is product repositionings.
d.
All new product categories are not necessarily innovations.

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Question 23

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Which of the following statements is true of the importance of new products? 
Select one:
a.
Radical innovation is detrimental to the survival of a firm.
b.
The new products process is exceedingly difficult.
c.
The failure rate for new products is estimated to be around 90 percent.
d.
All the individuals involved in the creation of a new product generally belong to the same department.

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Question 24

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Zooky Inc. is a well-known manufacturer of bubble gums, candies, chewing gums, and edible breath strips. The company recently introduced a new range of sugar-free, antibacterial chewing gum. Zooky's new product can be best described as a(n):
Select one:
a.
line extension.
b.
repositioned product.
c.
new-to-the-firm product.
d.
new-to-the-world product.

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Question 25

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What are the most important reasons for product failure?

Answer text

Some of the important reasons for product failure were listed below:

Product quality is inadequate: A product of bad condition, presumably, can be offered on the marketplace.

Price increase: The price factor is also another element that adds to the downfall with certain businesses. Expenses of manufacture and supply could increase, leading to a higher pricing. A product like this would be supplied in a marketplace where the overwhelming of the customers are mid and bottom incomes.

Intrinsic flaw: There could be an obvious weakness in the item that impacts its commercialization. Even though the fault is eventually corrected, such an item may not have been chosen by consumers.

Intrinsic flaw:

 

There could be an obvious weakness in the item that impacts its commercialization. Even though the fault is eventually remedied, such an item may not have been chosen by consumers.


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Comment:

The most important reasons for product failure are:

• Lack of customer understanding
• Underfunding the required research and development
• Beginning development without doing the required homework
• Lack of attention to quality
• Lack of senior management support
• Chasing a moving target


















































































































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