Business School 101: New Product Development Process Quiz

What is the primary goal of the New Product Development process?

• To eliminate competition

• To reduce production costs

• To bring innovative products or services to market

• To increase employee satisfaction

Which stage involves generating ideas from various sources like employees and customers?

• Screening

• Commercialization

• Concept Testing

• Idea Generation

During which stage are ideas evaluated based on market potential and company strategy?

• Test Marketing

• Product Development

• Screening

• Business Analysis

What is the purpose of concept testing in the NPD process?

• To finalize the product design

• To gather consumer feedback on product concepts

• To launch the product in the market

• To conduct financial analysis

Which stage involves creating prototypes and collaborating with cross-functional teams?

• Idea Generation

• Screening

• Commercialization

• Product Development

What is the main objective of test marketing?

• To increase production speed

• To assess product performance in a limited market

• To conduct a financial audit

• To finalize the marketing strategy

Which stage marks the official launch of a new product into the market?

• Business Analysis

• Concept Testing

• Commercialization

• Screening

What was a major reason for the failure of New Coke?

• Negative consumer reaction to taste change

• Technical issues

• High production costs

• Lack of marketing

What challenge did Google Glass face that contributed to its failure?

• Technical malfunctions

• Insufficient marketing

• Privacy concerns and high price

• Lack of brand recognition

What is crucial for the success of the NPD process according to the summary?

• Increasing production speed

• Eliminating competition

• Effective communication and collaboration

• Reducing costs