1. Which phase is not available in SAVE plan methodology?
Correct : D. Recommendation
2. Value Engineering can be applied in the following area _________.
Correct : D. All of the above
3. What is the sell function of curtain ?
Correct : B. For aesthetic
4. Problem solving consists of
Correct : D. All of the above
5. Which Job plan phase is mostly preferred by Value engineering?
Correct : A. Identification
6. Maximum team size of Value analysis or Value Engineering?
Correct : D. 6
7. Problem solving consists of _________.
Correct : D. All of the above
8. What is the basic function of refrigeration system?
Correct : B. Produce low temperature
9. The cost value includes ________.
Correct : C. Material cost, labor cost and overhead cost
10. The value is ___________.
Correct : A. Same for every one
11. The lowest overall cost of the product also known as _______.
Correct : A. Cost value
12. The value can be increased by ___________.
Correct : C. Both a & b
13. Who will nominate Value Engineering TEAM?
Correct : A. Management
14. Who will participate in VE TEAM?
Correct : C. Individual
15. What is key factor of value engineering?
Correct : A. Identify unnecessary cost
16. Out of the seven types of values as per Aristotle, VA/VE concentrates on
Correct : B. Economic Value
17. Market value at any point of time is the _______.
Correct : B. Esteem value
18. A detailed version of a new idea stated in meaningful customer terms is called a ________.
Correct : D. product concept
19. A manufacturer with a product in the decline stage of the product life cycle might decide to ________ if it has reason to hope that competitors will leave the industry.
Correct : C. maintain the product without change
20. An attractive idea must be developed into a ________.
Correct : D. product concept
21. During which stage of new-product development is management most likely to estimate minimum and maximum sales to assess the range of risk in launching a new product?
Correct : A. business analysis
22. Executives, manufacturing employees, and salespeople are all examples of ________.
Correct : C. external sources for new-product ideas
23. GrayBerry Gifts has just brainstormed a large number of ideas for adding new products and services after visiting several buying fairs. The owners will begin the first idea-reducing stage, called ________ , to arrive at a realistic number to adopt.
Correct : A. idea screening
24. In the ________ stage of new-product development, products often undergo rigorous tests to make sure that they perform safely and effectively or that consumers will find value in them.
Correct : C. product development
25. In the ________ stage, the firm faces a trade-off between high market share and high current profit.
Correct : C. growth
26. In the concept testing stage of new-product development, a product concept in ________ form is presented to groups of target consumers.
Correct : D. physical or symbolic
27. Mattel's Barbie is an example of an age-defying product. Barbie, simultaneously timeless and trendy, is in the ________ stage of the PLC.
Correct : C. maturity
28. Most products in the marketplace are in the ________ stage of the product life cycle.
Correct : D. maturity
29. Sales decline in the decline stage of the PLC because of technological advances, increased competition, and ________.
Correct : B. shifts in consumer tastes and preferences
30. Schmidt Steel Corporation lacks the confidence, capital, and capacity to launch its new steel product into full national or international distribution. Even though test market results look promising, what will be management's next step?
Correct : C. develop a planned market rollout over time
31. The advantages of standardizing an international product include all of the following except ________.
Correct : A. the adaptation of products to different markets
32. The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.
Correct : A. whether to launch the new product
33. The PLC concept can be applied by marketers as a useful framework for describing how ________.
Correct : D. products and markets work
34. The search for new-product ideas should be ________ rather than haphazard.
Correct : D. systematic
35. The second part of the marketing strategy statement outlines the product's planned price, distribution, and ________ for the first year.
Correct : A. marketing budget
36. The team-based new-product development approach is faster because departments work closely together through _______.
Correct : D. cross-functional teams
37. Under what circumstances might it be wise for a company to do little or no test marketing?
Correct : C. When the costs of developing and introducing the product are low.
38. What are the two ways that a company can obtain new products?
Correct : C. new-product development and acquisition
39. Which of the following cannot be described by the PLC concept?
Correct : C. product image
40. Which of the following costs is most likely associated with the commercialization stage of newproduct development?
Correct : C. building or renting a manufacturing facility
41. Which of the following is not a potential cause of the failure of a new product?
Correct : B. an underestimated market size
42. Which of the following is a disadvantage of a team-based approach to new-product development?
Correct : C. The process does not work with the shorter life cycles of many of today's products.
43. Which of the following is necessary for successful new-product development?
Correct : D. a customer-centered, team-based, systematic approach
44. Which of the following is perhaps the most important external source of new-product ideas?
Correct : D. customers
45. Which stage in the PLC normally lasts longer and poses strong challenges to the marketing managers?
Correct : D. maturity
46. Your firm wants to use external sources for new product ideas. After consulting with a friend you learn that all of the following are common external sources except ________.