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NEW QUESTION # 29
In a bubble chart Bread and Butter are the smaller, simpler projects with high likelihood of success and low reward, so they are conservative bets.
- A. True
- B. False
Answer: A
Explanation:
In a bubble chart used for portfolio management, projects are often categorized based on their risk and reward profiles. "Bread and Butter" projects are described as smaller, simpler projects with a high likelihood of success but relatively low reward. These projects are considered conservative bets because they are less risky and usually focus on incremental improvements or well-understood market needs. This categorization helps in balancing a portfolio with projects of varying risk levels and potential rewards.
Thus, the correct answer is A: True.
References:
Cooper, R. G., Edgett, S. J., & Kleinschmidt, E. J. (2001). Portfolio Management for New Products.
Basic Books.
Wheelwright, S. C., & Clark, K. B. (1992). Revolutionizing Product Development. Free Press.
NEW QUESTION # 30
What types of consumer is most likely to purchase a product in ist introduction stage?
- A. Early adopters
- B. Early majority
- C. Innovators
- D. Laggards
Answer: C
Explanation:
In the introduction stage of a product life cycle, the most likely consumers to purchase the product are
"Innovators." Innovators are the first individuals to adopt a new product. They are characterized by their willingness to take risks, their higher social status, financial liquidity, and close contact to scientific sources and interaction with other innovators. These consumers are often seen as trendsetters and are crucial for the initial traction of the product. They provide essential feedback and help in the diffusion of the product to the next category of adopters, which are the Early Adopters. References: Rogers, E. M. (2003). Diffusion of Innovations (5th ed.). Free Press.
NEW QUESTION # 31
In the management of product portfolio, it is important to:
- A. Place significant emphasis on products in the growth and maturity steges of the product life cycle
- B. Focus strongly on products in the introduction and growth stages of the product lige cycle
- C. Have a good mix of products across the introduction, growth and maturity stages of the product life cycle
- D. Place significant emphasis on the product in the maturity stage of the product life cycle
Answer: C
Explanation:
In managing a product portfolio, it is important to maintain a balanced mix of products at various stages of their life cycle. This diversification ensures that a company has:
New products (Introduction Stage): These products can become future revenue drivers and provide a competitive edge.
Growing products (Growth Stage): These products are experiencing increasing sales and profitability, helping to drive growth for the company.
Mature products (Maturity Stage): These products generate steady revenue and profits, providing stability and supporting investments in new products.
A balanced portfolio helps mitigate risks, sustain growth, and ensure long-term profitability. Focusing only on one stage of the life cycle can lead to gaps in revenue and profit over time. References: Cooper, R. G.
(2001). Winning at New Products: Accelerating the Process from Idea to Launch (3rd ed.). Basic Books.
NEW QUESTION # 32
Which of the following is incorrect?
- A. CAD (Computer-Aided Design) - A technology that allows designers and engineers to use computers for their design work
- B. FMEA (Failure Mode and Effect Analysis)- Method to detect failure modes during the development phase, capture their effects, and raise awareness of each failure mode
- C. DFX (Design For Manufacturing, Assembly, Servicing) - Methods to improve design performance by proactively taking into account manufacturing, assembly, and servicing capabilities during the initial design process
- D. CE (Concurrent Engineering)- When product design and manufacturing process development occurs concurrently or simultaneously rather than sequentially
Answer: B
Explanation:
The incorrect option here is D. While the description provided is accurate regarding the purpose of FMEA, the correct and full definition should also include the process of prioritizing failure modes based on their severity, occurrence, and detectability, which helps in taking corrective actions to mitigate risks. This added detail is crucial in understanding the comprehensive role of FMEA in product development. References:
Stamatis, D. H. (2003). Failure Mode and Effect Analysis: FMEA from Theory to Execution. ASQ Quality Press.
NEW QUESTION # 33
When considering the responsibilities of Heavyweight core team members, Team Hat accountabilities include which of the following?
I. Ensuring functional expertise on the project
II. Sharing responsibility for team results
III. Establishing reporting and other organizational relationships
IV. Sharing responsibility for ensuring effective team processes
- A. II, IV
- B. II, III, IV
- C. II
- D. I, II, III, IV
Answer: A
Explanation:
Heavyweight core team members, often in cross-functional project teams, have specific responsibilities, particularly when they wear their "Team Hat" which refers to their role as team members rather than functional experts. These responsibilities include:
II. Sharing responsibility for team results: Ensuring that the team meets its objectives and goals collectively.
IV. Sharing responsibility for ensuring effective team processes: Contributing to the smooth functioning and collaboration within the team.
Responsibilities such as ensuring functional expertise (I) and establishing reporting relationships (III) are more related to their roles within their respective functions rather than their responsibilities as team members.
References: Clark, K. B., & Wheelwright, S. C. (1992). Managing New Product and Process Development:
Text and Cases. Harvard Business Review Press.
NEW QUESTION # 34
The first step in the classic waterfall process is requirements. The last step is known as:
- A. Development
- B. Verification
- C. Maintenance
- D. Implementation
Answer: C
Explanation:
In the classic waterfall process, the first step is requirements gathering, and the last step is known as
"Maintenance". The waterfall model is a sequential design process, often used in software development processes, in which progress is seen as flowing steadily downwards (like a waterfall) through several phases such as requirements, design, implementation, verification, and maintenance. Maintenance involves making necessary changes, corrections, and updates after the product has been deployed to ensure its continuous proper functioning.
NEW QUESTION # 35
Gates are defined as decision points based on deliverables, criteria and outputs. Outputs include:
- A. The highs and lows of impact and propability
- B. Go, kill, hold, recycle decisions
- C. Financial statements
- D. Yes or no decisions
Answer: B
Explanation:
Gates in the context of project management are defined as decision points based on deliverables, criteria, and outputs. The outputs at these gates include go, kill, hold, and recycle decisions. This gating process is a key component of the Stage-Gate methodology, where projects are reviewed at each stage to determine whether they should proceed (go), be terminated (kill), put on hold, or sent back for further development (recycle).
These decisions help ensure that only viable projects move forward, optimizing resource allocation and project success rates (Cooper, 2001; PMI, 2013).
NEW QUESTION # 36
The purpose of the Business Case Stage is a detailed investigation of the project and involves primary research on the market and technology.
- A. True
- B. False
Answer: A
Explanation:
The Business Case Stage is indeed a detailed investigation phase in the new product development process. It involves extensive research and analysis to justify the project's viability and align it with strategic objectives.
This stage includes primary research on both the market and technology to ensure that the proposed product can meet market needs and is technically feasible.
Thus, the correct answer is A: True.
References:
Cooper, R. G. (2011). Winning at New Products: Creating Value Through Innovation. Basic Books.
Kahn, K. B., Castellion, G., & Griffin, A. (2005). The PDMA Handbook of New Product Development. John Wiley & Sons.
NEW QUESTION # 37
Secondary research should be conducted __________.
- A. When ethnographic research cannot be conducted
- B. Mainly during the late stages of a project
- C. After primary research
- D. Before primary research
Answer: D
Explanation:
Secondary research should be conducted "before primary research". Secondary research involves gathering existing data from various sources such as industry reports, academic journals, and online databases. It is a preliminary step that helps to understand the existing knowledge, identify gaps, and formulate hypotheses.
Conducting secondary research before primary research saves time and resources by leveraging existing information and providing a foundation for designing effective primary research studies.
NEW QUESTION # 38
What type of team structure should be chosen when the challenge is to break entirely from the past, enter a new market, or do something radically different technically or commercially?
- A. Lightweight
- B. Functional
- C. Heavyweight
- D. Tiger
Answer: D
Explanation:
When the challenge is to break entirely from the past, enter a new market, or do something radically different technically or commercially, the appropriate team structure should be one that provides autonomy, focus, and the ability to innovate freely. Here are the types of team structures:
A. Functional: Teams organized by functional specialties (e.g., marketing, engineering) which might not be suitable for radical innovation due to potential siloed communication.
B. Lightweight: Matrix structures with a project manager coordinating across different functions but with limited authority over the team members.
C. Tiger: A team structure where members are taken out of their functional roles and dedicated full-time to the project. This structure is ideal for radical innovation as it allows for a high degree of autonomy and focus.
D. Heavyweight: A stronger matrix where the project manager has significant authority and dedicated resources but the team members still report to their functional managers.
Thus, the correct answer is C: Tiger.
References:
Clark, K. B., & Wheelwright, S. C. (1992). Organizing and Leading "Heavyweight" Development Teams. California Management Review.
Wheelwright, S. C., & Clark, K. B. (1992). Revolutionizing Product Development: Quantum Leaps in Speed, Efficiency, and Quality. Free Press.
NEW QUESTION # 39
New products include:
I. New to the world products or breakthroughs, e.g. personal computer
II. New category entries or platforms, e.g. Intel 386
III. Additions to product lines or enhancements, e.g. Pentium 500mhz
- A. I, II, and III
- B. I and II
- C. I and III
- D. II and III
Answer: A
Explanation:
New products can be classified into several categories:
I. New to the world products or breakthroughs: Innovations that create entirely new markets, such as the personal computer.
II. New category entries or platforms: Products that introduce a company into a new category or market segment, such as Intel's 386 processors.
III. Additions to product lines or enhancements: Incremental improvements or extensions of existing products, such as the Pentium 500MHz processor.
All three categories represent different types of new product development. References: Kotler, P., & Keller,
K. L. (2016). Marketing Management. Pearson; Crawford, C. M., & Di Benedetto, C. A. (2011). New Products Management. McGraw-Hill Education.
NEW QUESTION # 40
Secondary research should be conducted...
- A. after primary research.
- B. when ethnographic research cannot be conducted.
- C. before primary research.
- D. mainly during the late stages of a project.
Answer: C
Explanation:
Secondary research should be conducted before primary research. Secondary research involves gathering existing data from various sources such as academic journals, market reports, and online databases. It helps to understand the existing knowledge on the topic, identify gaps, and refine the focus for primary research, which involves collecting new, original data directly from sources like surveys, interviews, or experiments.
References:
Malhotra, N. K. (2010). Marketing Research: An Applied Orientation. Pearson.
Hox, J. J., & Boeije, H. R. (2005). Data Collection, Primary vs. Secondary. Encyclopedia of Social Measurement, 1, 593-599.
NEW QUESTION # 41
Which type of team has the following characteristic: Each functional organization designates a liaison person to "represent" it on a project coordination committee?
- A. Lightweight
- B. Functional
- C. Tiger
- D. Heavyweight
Answer: A
Explanation:
In the context of team structures for new product development, the characteristic described in the question fits a Lightweight team. Here are the key features of different team types and how they relate to the given characteristic:
A. Functional: Teams are organized strictly by functional areas, with limited coordination across functions.
B. Lightweight: In this structure, each functional organization designates a liaison person to "represent" it on a project coordination committee. This setup facilitates communication and coordination between different functional areas without removing team members from their primary functional roles.
C. Tiger: This involves forming a dedicated, cross-functional team taken out of their functional areas to work full-time on the project, providing high focus and autonomy.
D. Heavyweight: A stronger matrix where the project manager has significant authority, but team members are still functionally aligned and involved.
Thus, the correct answer is B: Lightweight.
References:
Clark, K. B., & Wheelwright, S. C. (1992). Organizing and Leading "Heavyweight" Development Teams. California Management Review.
Wheelwright, S. C., & Clark, K. B. (1992). Revolutionizing Product Development: Quantum Leaps in Speed, Efficiency, and Quality. Free Press.
NEW QUESTION # 42
A company is developing a product thst is basically a realtively simple line extension of existing products. I knows the market well and the risks associated with product failure are low. What type of Stage-Gate process would be most likely appropriate for this development
- A. A 3-stage process with a strong emphasis on pre-launch test test marketing
- B. A 5-stage process with significant market reaserch research built into the decision-making
- C. A relatively short 3-stage process focusing on speed to market
- D. A 5-stage process with heavy emphasis on initial business analysis
Answer: C
Explanation:
For a product that is a relatively simple line extension of existing products, where the market is well known, and the risks associated with product failure are low, a "relatively short 3-stage process focusing on speed to market" is most appropriate. This streamlined process allows the company to quickly develop and launch the product by focusing on essential stages such as idea screening, development, and commercialization, without the need for extensive business analysis or market research typical in more complex or riskier projects.
NEW QUESTION # 43
Strategic platform and/or driving decisions, usually under the control of the new product marketing manager, include which of the following?
- A. Determining how to position the product versus the competition
- B. Determining whether to outsource manufacturing
- C. Determining what issues to track in a launch management system
- D. Determining what customer acceptance measures to use to define success
Answer: A
Explanation:
Strategic platform and driving decisions, typically under the control of the new product marketing manager, focus on market-facing aspects of the product. One of the key responsibilities is determining how to position the product versus the competition. This involves identifying unique selling propositions, understanding competitive strengths and weaknesses, and crafting a positioning statement that highlights the product's value to customers in a way that differentiates it from alternatives. This strategic decision is critical to the product's market success and aligns with the marketing manager's role. References: Kotler, P., & Keller, K. L. (2016).
Marketing Management. Pearson.
NEW QUESTION # 44
You are CEO of company A. Your company has grown organically through lots of acquisitions and you have a wide range of products that have been launched into a variety of markets, and your product teams have ideas to develop new products. You need to opimiize the investment across all of these existing and new products. What would you do?
- A. Establish a portfolio management process
- B. Tell the reams no to develop any new products
- C. Approve proects that cost less than $500K to develop
- D. Give each team the same amount of money and ask them to proceed with development
Answer: A
Explanation:
As the CEO of a company with a wide range of products and new product ideas, the best course of action is to establish a portfolio management process. This process involves evaluating, selecting, and prioritizing projects based on their potential returns, strategic alignment, risk, and resource requirements. By implementing a portfolio management process, you can ensure that investments are optimized across existing and new products, focusing resources on the most promising and strategically significant projects. This approach helps balance risk and reward, ensuring sustainable growth and efficient use of resources (Cooper, Edgett, & Kleinschmidt, 2001; PMI, 2013).
NEW QUESTION # 45
Which of the following are examples of potential secondary research sources?
I. Surveys fielded and published by a trade association
II. Industry data by NAIC code published by the Bureau of Labor Statistics III. An internal customer satisfaction report IV. An internal report on a focus group study
- A. I, II, III
- B. II, III, IV
- C. I, III, IV
- D. I, II, III, IV
Answer: A
Explanation:
Secondary research sources include data that have been collected and published by other entities. Examples of potential secondary research sources include:
I. Surveys fielded and published by a trade association: These are external studies conducted by professional organizations within specific industries, providing valuable insights and benchmarks. II.
Industry data by NAIC code published by the Bureau of Labor Statistics: Government-published data, like those from the Bureau of Labor Statistics, offer reliable and comprehensive industry statistics. III. An internal customer satisfaction report: While this is generated internally, it is still considered secondary data because it involves the analysis of existing information. IV. An internal report on a focus group study:
Similar to internal customer satisfaction reports, these reports analyze existing data collected from specific research activities.
Therefore, the correct answer is A: I, II, III.
References:
Burns, A. C., & Bush, R. F. (2014). Marketing Research. Pearson.
Malhotra, N. K. (2015). Marketing Research: An Applied Orientation. Pearson.
NEW QUESTION # 46
Product design specifications are primarly intended to:
- A. List the tangible features of a product
- B. Translate qualitative design features into quantitative parameteres
- C. Identify customer needs
- D. Indentify the core benefit of product
Answer: B
Explanation:
Product design specifications (PDS) serve as a critical tool in product development by converting qualitative design concepts into quantitative, measurable parameters. This allows for clear communication, testing, and validation of design requirements. By translating subjective design elements into objective criteria, designers can ensure consistency, performance, and manufacturability of the product. Reference: Ulrich, K.T., & Eppinger, S.D. (2016). Product Design and Development. McGraw-Hill Education.
NEW QUESTION # 47
A corporate vision is ____.
- A. A philosphy statement about the beliefs of the company
- B. A NPD project goal
- C. A set of values
- D. A picture of some desired future state that the orgnization hopes to obtain
Answer: D
Explanation:
A corporate vision is a statement that defines the long-term aspirations of an organization. It provides a picture of the desired future state that the organization aims to achieve. This vision serves as a guiding star for the organization, helping to align efforts and strategies towards achieving that future state. Unlike goals or values, which are more specific and actionable, a vision is broad and inspirational, focusing on what the organization ultimately wants to become or accomplish. This is supported by various business and management sources, which emphasize that a vision is about long-term direction and aspirational goals (Collins & Porras, 1996; Kotter, 1996).
NEW QUESTION # 48
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