Valuable To New World Products False Concept example essay topic

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 companies 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- 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. 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- TrueAtar model is an - 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 forecast ed 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.