chapter 11

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What are the six categories of new products?

Answer:
a)  1. New-to-the-world-products - these products create an entirely new market, also the smallest category of new product; 2. New Product lines- these products which the firm has not previously offered, allow it to enter an established market; 3. Additions to existing product lines - new products that supplement a firms established line; 4. Improvements or revisions of existing products- “new and improved” product may be significantly or slightly changed; 5. Repositioned products – These are existing products that target a new market or market segment, or ones repositioned to change the current market’s perception of the product; 6. Lower-priced products – refers to products that provide performance similar to competing brands at a lower price
b)  1. Complexity- degree of difficulty involved in understanding a new product; 2 Compatibility - degree the new product is consistent with existing values and past experience; 3. Relative advantage- a product is perceived as superior to existing substitutes; 4 Observability- the degree the benefits or other results of using the product can be observed and communicated to the target customer; 5 “Trialability” – degree a product can be tried on a limited basis; 6. Lower-priced products – refers to products that provide performance similar to competing brands at a lower pric
c)  1. Innovators- eager to try new ideas and products, first 2.5 percent who adopt the product; 2 Early Adopters – not the first, but adopt the product early in the life cycle the next 13.5 percent; 3 Early Majority – weighs the pros and cons before adopting a new product the next 34 percent; 4 Late Majority- adopts a product because most of their friends adopted it already the next 34 percent; 5. Laggards – do not rely on group norms, by the time they adopt a product it had probably already been replaced by something else the final 16 percent; 6. Lower-priced products – refers to products that provide performance similar to competing brands at a lower price
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  • bc shiman
    Answered in chapter 11
    What are the steps of the new product development process?
    a)1.Make the long term commitment needed to support innovation and new product development; 2. Use a company-specific approach, driven by corporate objectives and strategies, with a well-defined new-product strategy at its core; 3. Capitalize on experience to achieve and maintain competitive advantage; 4. Establish an environment, a management style, organizational structure, and degree of top management support
    b)1. Make a product- make a product that people will want to buy; 2. Find a business- find a business wanting to sell your product; 3. Sell your product- Give your product to the company and have them sell it and make profits
    c)1. Complexity- degree of difficulty involved in understanding a new product; 2 Compatibility - degree the new product is consistent with existing values and past experience; 3. Relative advantage- a product is perceived as superior to existing substitutes; 4 Observability- the degree the benefits or other results of using the product can be observed and communicated to the target customer; 5 “Trialability” – degree a product can be tried on a limited basis
    a)1. Complexity- degree of difficulty involved in understanding a new product; 2 Compatibility - degree the new product is consistent with existing values and past experience; 3. Relative advantage- a product is perceived as superior to existing substitutes; 4 Observability- the degree the benefits or other results of using the product can be observed and communicated to the target customer; 5 “Trialability” – degree a product can be tried on a limited basis
  • bc shiman
    Answered in chapter 11
    What is new product strategy?
    a)The process of getting a group to think of unlimited ways to vary a product or solve a problem
    b)A test to evaluate a new-product idea, usually before any prototype has been created
    c)A plan that links the new product development process with the objectives of the marketing department, the business unit, and the corporation
    c)A plan that links the new product development process with the objectives of the marketing department, the business unit, and the corporation
  • bc shiman
    Answered in chapter 11
    What are the sources for idea generation?
    a)Customers, employees, distributors, vendors, competitors, research and development, and consultants
    b)Customers, innovators, employees, laggards
    c)1. Innovators- eager to try new ideas and products, first 2.5 percent who adopt the product; 2 Early Adopters – not the first, but adopt the product early in the life cycle the next 13.5 percent; 3 Early Majority – weighs the pros and cons before adopting a new product the next 34 percent; 4 Late Majority- adopts a product because most of their friends adopted it already the next 34 percent; 5. Laggards – do not rely on group norms, by the time they adopt a product it had probably already been replaced by something else the final 16 percent
    a)1. Innovators- eager to try new ideas and products, first 2.5 percent who adopt the product; 2 Early Adopters – not the first, but adopt the product early in the life cycle the next 13.5 percent; 3 Early Majority – weighs the pros and cons before adopting a new product the next 34 percent; 4 Late Majority- adopts a product because most of their friends adopted it already the next 34 percent; 5. Laggards – do not rely on group norms, by the time they adopt a product it had probably already been replaced by something else the final 16 percent
  • bc shiman
    Answered in chapter 11
    What is brainstorming?
    a)A test to evaluate a new-product idea, usually before any prototype has been created
    b)The process of getting a group to think of unlimited ways to vary a product or solve a problem
    c)The decision to market a product
    b)The decision to market a product
  • bc shiman
    Answered in chapter 11
    What is a concept test?
    a)A test to evaluate a new-product idea, usually before any prototype has been created
    b)The process of getting a group to think of unlimited ways to vary a product or solve a problem
    c)The decision to market a product
    a)The decision to market a product
  • bc shiman
    Answered in chapter 11
    What issues are investigated during business analysis?
    a)Marketing department, the business unit, and the corporation
    b)Customers, employees, distributors, vendors, competitors, research and development, and consultants
    c)Preliminary figures for demands, cost, sales, and profitability are calculated
    c)Preliminary figures for demands, cost, sales, and profitability are calculated
  • bc shiman
    Answered in chapter 11
    What are some major questions asked during this step? (During Business Analysis)
    a)What is the company logo? Who will the logo attract? What is the likely demand for the product?
    b)What is the likely demand for the product? Would current customers benefit from the product? What impact would the new product probably have on total sales, profit, market share, and return on investment?
    c)What are the sources for idea generation? What is likely demand for the product? How much will people pay for the product? What is the products logo?
    b)What are the sources for idea generation? What is likely demand for the product? How much will people pay for the product? What is the products logo?
  • bc shiman
    Answered in chapter 11
    What is simultaneous product development?
    a)team-oriented approach to new-product development
    b)The decision to market a product
    c)The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
    a)The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
  • bc shiman
    Answered in chapter 11
    What is test marketing?
    a)A team-oriented approach to new-product development
    b)The decision to market a product
    c)The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
    c)The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
  • bc shiman
    Answered in chapter 11
    What are the different alternatives to test marketing?
    a)1. Random surveys; 2. Scanner-based research
    b)1. Scanner-based research; 2. Simulated market testing
    c)1. Scanner-based research; 2. concept tests
    b)1. Scanner-based research; 2. concept tests
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Free Quiz Question From chapter 11
Question: What are the six categories of new products?
Answer:
1. New-to-the-world-products - these products create an entirely new market, also the smallest category of new product; 2. New Product lines- these products which the firm has not previously offered, allow it to enter an established market; 3. Additions to existing product lines - new products that supplement a firms established line; 4. Improvements or revisions of existing products- “new and improved” product may be significantly or slightly changed; 5. Repositioned products – These are existing products that target a new market or market segment, or ones repositioned to change the current market’s perception of the product; 6. Lower-priced products – refers to products that provide performance similar to competing brands at a lower price
1. Complexity- degree of difficulty involved in understanding a new product; 2 Compatibility - degree the new product is consistent with existing values and past experience; 3. Relative advantage- a product is perceived as superior to existing substitutes; 4 Observability- the degree the benefits or other results of using the product can be observed and communicated to the target customer; 5 “Trialability” – degree a product can be tried on a limited basis; 6. Lower-priced products – refers to products that provide performance similar to competing brands at a lower pric
1. Innovators- eager to try new ideas and products, first 2.5 percent who adopt the product; 2 Early Adopters – not the first, but adopt the product early in the life cycle the next 13.5 percent; 3 Early Majority – weighs the pros and cons before adopting a new product the next 34 percent; 4 Late Majority- adopts a product because most of their friends adopted it already the next 34 percent; 5. Laggards – do not rely on group norms, by the time they adopt a product it had probably already been replaced by something else the final 16 percent; 6. Lower-priced products – refers to products that provide performance similar to competing brands at a lower price