Use the Following to Answer Questions

question 138

Multiple Choice

Use the following to answer questions
Jonathan Moore, president of Polar Manufacturing Company, has just reviewed the performance reports for the previous year and sees that there are some areas in which the company needs to improve.He specifically feels they could do a better job in managing Polar's product mix.Jonathan calls a meeting of all the managers responsible for each of the product lines that Polar currently manufactures.The group decides that they need to eliminate the complete industrial product line of ice chests; they plan to do so by letting the product decline without any changes in the marketing strategy or product.The group also decides to delete Polar's line of thermal underwear, but this product is to be discontinued within the week due to its unprofitability.While discussing these strategies, the group has also uncovered several customer groups for which new products could be developed.The managers decide to assemble a group of people from all functional areas of the company and give them the responsibility for all aspects of the new-product development.
-Polar's management is currently in which stage of new-product development?

• A)Idea generation
• B)Screening
• C)Concept testing
• D)Product development
• E)Test marketing

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Definitions:

Hedonic Treadmill

A concept suggesting that people consistently return to a relatively stable level of happiness despite major positive or negative events or life changes.

Richard Easterlin

An economist known for the Easterlin Paradox, which posits that people's happiness does not necessarily increase as their country's economy grows.

Wannamaker's Lament

The problem of not knowing which part of one's advertising is effective or how it directly impacts sales.

Marketing Efforts

The actions taken by a company to promote and sell its products or services, encompassing advertising, sales tactics, and public relations strategies.