Solved

Scenario 11.2 Use the Following to Answer the Questions

question 294

Multiple Choice

Scenario 11.2
Use the following to answer the 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, and 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 personal thermal underwear, however 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.
Refer to Scenario 11.2. The group of people that management has assembled to take on the task of new-product development is best described as

Definitions:

Product Proliferation

The process by which a company increases the variety of products it offers in a specific market to satisfy different consumer needs and compete effectively.

Product Life Cycle

The progression through various stages from introduction to growth, maturity, and decline that most products go through.

Growth Stage

The phase in a product's life cycle characterized by rapid sales growth, increased marketing, and the emergence of competitors.

Repeat Purchasers

Customers who buy a product or service more than once, indicating loyalty or satisfaction with the brand or item.