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Achieving NPDP certification is a significant accomplishment for product development professionals. It signals to employers, peers, and clients that the individual has demonstrated a mastery of product development principles and practices. Additionally, NPDP Certification provides individuals with access to PDMA's network of product development professionals, as well as a variety of professional development resources.
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NEW QUESTION # 55
Launching a new product can be one of the most exciting but challenging tasks that a new product team and most directly, the marketing manager assigned to the new product will ever experience. To assure that a new product launch is successful, which of the following is most important?
Answer: A
Explanation:
Launching a new product successfully requires meticulous planning and execution. Among the various factors that contribute to a successful product launch, the launch management system is the most important.
This system helps identify and track potential problems with the new product launch, ensuring that issues are addressed promptly and do not derail the launch. It involves detailed planning, monitoring, and adjusting strategies based on real-time feedback. The continued involvement of the development team and market testing are also important but secondary to the overall management and tracking of the launch process.
Thus, the correct answer is B: A launch management system used to identify and track potential problems with the new product launch.
References:
Kotler, P., & Keller, K. L. (2015). Marketing Management. Pearson.
Cooper, R. G. (2011). Winning at New Products: Creating Value Through Innovation. Basic Books.
NEW QUESTION # 56
In which of the following scenarios is it most important to use net present value rather than payback period for financial analysis of a new product's potential?
Answer: C
Explanation:
Net present value (NPV) is most important in scenarios where a high level of capital expenditure is required, the product has a long potential life cycle, and interest rates are high. NPV considers the time value of money, providing a comprehensive assessment of a project's profitability by discounting future cash flows to their present value. This method is particularly critical in projects with substantial initial investments and long-term cash flows, as it accurately reflects the financial viability and helps in comparing investment opportunities. Reference: "Principles of Corporate Finance" by Richard A. Brealey, Stewart C. Myers, and Franklin Allen details the application and importance of NPV in financial analysis.
NEW QUESTION # 57
A strategy can be dfined as ____.
Answer: A
Explanation:
A strategy is defined as a company's game plan for achieving its long-term objectives. It involves setting goals, determining actions to achieve those goals, and mobilizing resources to execute the actions. A strategy outlines how a company will compete in its market, manage its resources, and navigate challenges to reach its desired future state. It is a comprehensive plan that integrates the company's vision, mission, and competitive actions. This definition aligns with strategic management theories and frameworks, which emphasize strategy as a roadmap for long-term success (Porter, 1980; Mintzberg, 1987).
NEW QUESTION # 58
According to a study by Robert Cooper and IRI (Industrial Research Institute) of 205 member companies, the most popular tools for managing the NPD portfolio were which of the following?
Answer: B
Explanation:
According to the study by Robert Cooper and the Industrial Research Institute (IRI), the most popular tools for managing the New Product Development (NPD) portfolio among 205 member companies are the Financial method and Business strategy. The Financial method involves evaluating projects based on their expected financial returns, such as net present value (NPV) or internal rate of return (IRR). Business strategy involves aligning NPD projects with the company's strategic goals and priorities to ensure that new products support the overall business direction. References: Cooper, R. G., Edgett, S. J., & Kleinschmidt, E. J. (2001).
Portfolio Management for New Products: Picking the Winners. Basic Books.
NEW QUESTION # 59
Advantages of product use testing include which of the following?
I. Testing in real customer situations can uncover product strengths and weaknesses that testing in more controlled situations may miss II. Successful product use tests can lead to generate positive word-of-mouth III. Product use testing includes evaluating commercial success IV. Product use testing can be designed to test internal processes like installation and customer service
Answer: A
Explanation:
Product use testing has several advantages:
I. Testing in real customer situations can uncover product strengths and weaknesses that testing in more controlled situations may miss: Real-world testing reveals how the product performs in actual use conditions, highlighting practical issues and benefits that controlled environments might not show.
II. Successful product use tests can lead to generate positive word-of-mouth: When customers have a positive experience with a product during testing, they are likely to share their experiences, which can build early market enthusiasm.
IV. Product use testing can be designed to test internal processes like installation and customer service: This ensures that the entire customer experience, not just the product performance, meets expectations.
Evaluating commercial success (III) is not typically part of product use testing; it's more about assessing usability and functionality before full market launch. References: Crawford, C. M., & Di Benedetto, C. A.
(2011). New Products Management. McGraw-Hill Education
NEW QUESTION # 60
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