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.
can expand through marketing ideas and ways the company can save money by not stocking up on as
b. They meet the needs of their target market by building their stores in closer proximity.
1. Focus your response to this component of the SLP specifically on the main marketing challenges that the organization faces.
d) Deliver high quality, great design from emerging designers and fashion houses at an affordable price and a brand promise "Expect More, Pay Less".
Porter (1997) suggests in order to gain competitive advantages in the changing business environment, it is essential to design a generic strategy for the business: product differentiation or cost leadership. The competitive strategy is determined at round 2, when recognised our rivals held whole product profile which was the product differentiation strategy. To differentiate our strategy from rivals for competitive advantages, Digby designed to imply the cost
of a firm to attain new forms of competitive advantage (Müller, 2011). It is due to these
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...
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
“Marketing is a vital part of any organization’s success in fulfilling its mission and reaching those whom it exists to serve.”
5. Business is business and every firm has to find ways to produce and market its goods. Why, then, might managers be unable to successfully apply the techniques and concepts they have learned in
The term "product" refers to tangible, physical products as well as services. It also means defining the characteristics of your product or service to meet the customers' needs. AirAsia’s philosophy is girded by the fact that they have been seen as a small airline competitor for many years. Therefore, in order to win more customers and return customers, they need to ensure that their primary products and services are up to par and meet the defining needs of customers. AirAsia offered (product) tangible and (services) intangible good to increase the demand of customer. (AIR ASIA MARKETING PLAN, 2015)
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)