CMA CMA Product Development & Innovation

Question 1

What is the 'Stage-Gate' process in new product development?

Accepted Answer

A structured framework with sequential stages and decision checkpoints (gates) that filter projects before advancing them

Answer

A manufacturing quality control system for assembled products

Answer

A pricing model for products at different stages of their lifecycle

Answer

A legal review process for regulatory product approvals

Question 2

The 'voice of the customer' (VOC) in product development refers to:

Accepted Answer

A research process that captures customers' needs, preferences, and expectations to guide product design

Answer

Customer service call recordings used to train support staff

Answer

Social media comments and reviews about a product

Answer

Customer complaints submitted through formal channels

Question 3

What is a 'minimum viable product' (MVP)?

Accepted Answer

A version of a product with just enough features to gather validated learning from early customers

Answer

The least expensive product in a company's product lineup

Answer

A prototype created solely for investor presentations

Answer

A product that meets minimum regulatory requirements for market entry

Question 4

In new product development, what does 'ideation' involve?

Accepted Answer

Generating a wide range of product concepts and creative solutions before narrowing options down

Answer

Converting a product idea into detailed engineering specifications

Answer

Calculating the financial projections for a new product launch

Answer

Conducting focus groups to evaluate existing product concepts

Question 5

Diffusion of innovation theory, by Everett Rogers, identifies which five adopter categories in order of adoption?

Accepted Answer

Innovators, Early Adopters, Early Majority, Late Majority, Laggards

Answer

Leaders, Followers, Mainstream, Late Adopters, Non-adopters

Answer

Pioneers, Champions, Mainstream, Skeptics, Resisters

Answer

First Movers, Early Movers, Mid Market, Late Market, Non-buyers

Question 6

What is a 'product roadmap' used for in product development?

Accepted Answer

A strategic document that outlines a product's vision, direction, and planned features over time

Answer

A step-by-step manufacturing guide for production teams

Answer

A legal document outlining product liability and warranties

Answer

A pricing schedule for different product versions and upgrades