New Products

New Products

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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.

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They are especially helpful in giving new product ideas.

Chapter 5

Non users are rarely in the product analysis phase- False
Focus groups is popular quantitative research techniques – False
Wild cards are low probability, high impact events- True

Most productive method of gathering a list of consumer problems- talk to consumer
Creativity stimulating techniques are all of above

1)     Discuss advantages and disadvantages of focus groups?
a.     – good for finding problems and the focus group works well by stimulating people to speak out about things they are reluctant on when in one-on-one interviews- Costs can be deceptive (1800 an hour per person) so the info better be good. Outcome is not always successful- provides in depth discussions rather than the power of numbers- qualitative research

Chapter 6

Product attributes include features, functions and benefits- True
Cluster analysis can used to group respondents together- True
Unfilled gap has been discovered assures the product will be successful- False

Dimensionally analysis focuses on features

Chapter 7

Conjoint analysis is most valuable to new world products- False

Concept generating methods requires response of force things together to generate ideas is relationships analysis

Chapter 8

First evaluation occurs when a product opportunity is identified- True
Concept evaluation in discarding a winner is greater than keeping loser- True
Atar model is an anacranym – True

Concept generation stage the goal is to –eliminate the big sure losers

Chapter 9

Concept testing when done properly is equally effective for all types of products- False
The brand closest the consumer’s real brand is most likely to be bought- True

1)     Why is benefit segmentation arguable the most logical method of developing and marketing new products?
a.     A firm may identify unsatisfied market segment and concentrate its efforts on developing concepts suited to the needs of those segments. We can develop products that will be most preferred by key benefit segments.

Chapter 10

Product concepts that do not pass the full screen are eliminated – False

The full screen should be carried out just before the onset of technical development

1)     What is a product champion and why is a product champion important?
a.     The champion within an organization plays a role similar to that of the entrepreneur starting a new business. His role is to push past the roadblocks, bypass corporate hierarchy and persuade other people in the firm to support the innovation. Their task is to see that no product dies without a fight.

Chapter 11

Sales forecasting is the first step- True
New product meet or exceed forecasted sales- False
ATER(?) model may be used for sales forecast- True
Major difficulty stems from firm attempting to forecasting future consumer behavior- True

Sales forecast can be realized as a result of all of the above
Difficult to predict success for New to the market products

1)     Why are Sales forecasting so difficult?
a.     Target users don’t always know what the new product will be, what it will do, what it will cost, and what drawbacks will be, nor will they have had a chance to use it. Market research is often poorly done. Resellers, regulators, and market advisers are in a constant flux. Information about marketing support may be lacking. New products don’t have a history, even forecasting methods that seem free of history use relationships established in the past.
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