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chapter 11

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Question:
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 Laggards – do not rely on group norms, by the time they adopt a product it had probably already been replaced by something else the final 16 percent; 6.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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Last Updated By bc-shiman on 04/10/2012
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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