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

The Stage-Gate process, developed by Robert Cooper, divides product development into distinct stages with management decision gates between them, ensuring only viable projects advance.

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

VOC is a systematic research process using interviews, surveys, and ethnographic methods to deeply understand customer needs, which then translate into product specifications.

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

An MVP, central to the Lean Startup methodology, is a basic product version with core features that enables learning about customers through real-world feedback with minimal investment.

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

Ideation is the creative phase of generating as many product ideas as possible using brainstorming, mind mapping, and other divergent thinking methods before applying evaluation criteria.

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

Rogers' diffusion model describes five adopter segments: Innovators (2.5%), Early Adopters (13.5%), Early Majority (34%), Late Majority (34%), and Laggards (16%).

(CMA) Certified Market Analyst Practice Test

(CMA) Certified Market Analyst Practice Test

CMA CMA Product Development & Innovation