Chapter 1
Intuition has no place in the scientific process of new product- False
Major obstacle of innovation is fear of change and certainty it brings- True
Strategy and the identification is the first stage- True
Basic task of a business is consumer satisfaction / profit
Newness of a product is determined by consumer
Product includes: All of the above
Short Answer:
1) What is a new product and who decides if a product is new?
a.Good or service that is perceived b the target market as different and better than others- the consumer decides if the product is new. When the product has sold enough, made enough profit, established a strong toehold in a new market, and effectively thwarted a particular competitor.
Chapter 2
New product development process ends at the evaluation process- True
Best ideation comes from identifying problems for business and consumers - True
Comprehensive business analysis emphasizes profitability- True
Benchmarking as guidelines – True
Every new product starts out as a concept
The development phase is concerned with all of the above
Important consideration with product development must be the consumer
1) Why must the marketing department’s new product efforts be supported by the firm’s corporate strategy?
a. Make sure the product fits the company’s mission- make sure they are going in the same direction
Chapter 3
Platform concept cannot be used successfully with services or brands- False
PIC - allows delegation, permits financing, and calls for personal assignments- True
Core compacies serve as a logical starting point- True
Technology is the single most important factor in new product development- False
Goals are long term targets, objectives are short term – True
The PIC should flow from and be consistent with mission statement
McDonalds uses golden arches in order to add tangibility
PIC utilizes all the following except employment policies
Which of the following categories would a firm want to dominant its portfolio- pearls
1) What’s the purpose and value of product platform planning?
Chapter 4
Common thread in providing a unique safe environment where criticism is not allowed- T
New product only comes into being when it’s successful- True
Technology is always a starting point for new product- False
An inventor tends to be all of the above
New product is born when successful in the market place
Marketing perspective, new product development efforts should be begin- benefit
Useful development in user orientated ideation involves identifying lead users
1) Who are lead users and why are they important?
a. Out in front, trendsetters- at the leading edge of the trend, have the best understanding of the problems faced, and expect to gain significantly from solutions to those problems.
4 company’s skills and objectives, the customers they were trying to attract, the competitors they
Expansion in product line: diversifying its product line will open a new set of opportunities while at the same time it can differentiate itself from the competitors.
However, this vision generates an overlapping problem between the marketing department and the product development department. The marketing department, among other duties, is responsible for the identification of new opportunities and also to assure the development of new products. Unless these activities are extremely well coordinated with the product development department, there will be misalignment in the strategy of the EPD. Ultimately, this misalignment will affect a third department, i.e. the manufacturing department, since it is directly involved in the product development process.
It can consist of a product being endorsed by peers or even celebrities. In short, this means if such people like a particular product, then it must be a good product. It can carry weight and persuade a particular audience this it is a product or service is of high quality.
“Marketing is a vital part of any organization’s success in fulfilling its mission and reaching those whom it exists to serve.”
Pricing. Our product is priced lower than our competitors in our industry. Even though our competitors have a different kind of product compared to us.
With the rise of the economy, consumers have become more and more knowledgeable on selecting their favourable product as a result the organization cannot focus on what it sells but on the side focus on what the customer wants to buy.
In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...
of a firm to attain new forms of competitive advantage (Müller, 2011). It is due to these
According to this, it is obvious that the objective of marketing is to satisfy demand of customers by those ‘individual and organizational activities’ like promotion or pricing of goods, which are all just means to achieve that. Additionally, organizations could stand out from their competitors once they meet the needs of customers better than others. Thus, it can be said that the successful marketing is to provide competitive advantages for organizations by doing better in satisfying customers’ desires through products and other marketing activities.
b. Its focuses on increasing its efficiency in its existing products and services and thus improving its financial performance
Product. Companies that follow this approach try to create a consumer product or service that is supposed to be unique or better than that of the competitor 's. Uniqueness or some upgrades in the product were believed
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
products they want. The goal is to not only provide consumers with what they know they