Marketing Final BCOR 2201 exam with answers

Marketing Final BCOR 2201 exam with |\ |\ |\ |\ |\ |\




answers

skew - CORRECT ANSWERS ✔✔Barcode on products
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innovation - CORRECT ANSWERS ✔✔Identify a need |\ |\ |\ |\ |\ |\ |\



(reason), a match between a need and a solution, usually
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a companies top priority - create new products to fulfill
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needs


How we classify new products - CORRECT ANSWERS
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✔✔Convenience, shopping, specialty, unsought |\ |\ |\




convenience - CORRECT ANSWERS ✔✔Inexpensive, many |\ |\ |\ |\ |\ |\



outlets, promo: price availability and awareness stressed,
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frequent purchases |\




Ex: toothpaste, cake mix, soap, detergent
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shopping - CORRECT ANSWERS ✔✔often has alternative
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prices, fairly expensive, large # of selective outlets,
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promo: differentiation from competitors stressed,
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customers prefer specific brands but will switch,
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infrequent purchases |\




Ex: tv, computers, Jeans
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,specialty - CORRECT ANSWERS ✔✔To seek out, very
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expensive, very limited, promo: uniqueness of |\ |\ |\ |\ |\



brand/status stressed, very brand loyal, infrequent
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purchases
Ex: rolls-Royce, Rolex watches
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continuous innovation - CORRECT ANSWERS ✔✔requires|\ |\ |\ |\ |\ |\



no new learning by consumers; gain consumer awareness
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and wide distribution
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Ex: new improved shaver or detergent (old)
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dynamically continuous innovation - CORRECT ANSWERS |\ |\ |\ |\ |\ |\



✔✔disrupts consumer's normal routine but does not |\ |\ |\ |\ |\ |\ |\



require totally new learning, advertise points of
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difference/benefits to consumers |\ |\




Ex: electric toothbrush, CDs (new but not too new)
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discontinuous innovation - CORRECT ANSWERS |\ |\ |\ |\ |\



✔✔requires new learning and consumption patterns by |\ |\ |\ |\ |\ |\ |\



consumers, educate consumers through product trial and |\ |\ |\ |\ |\ |\ |\



personal selling |\




Ex: VCR, digital video recorder, electric car (that new
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new)

, Why do we need a development process? - CORRECT
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ANSWERS ✔✔Helps us to mitigate risk by prioritizing
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products with a greater chance of market success
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New Product Development - CORRECT ANSWERS
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✔✔refers to original products, product improvements,
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product modifications, and new brands developed from
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the firm's own research and development
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New Product Development Process - CORRECT ANSWERS
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✔✔A seven-phase process for introducing products
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1. New-product strategy
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2. Idea generation
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3. Screening and evaluation
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4. Business analysis
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5. Development
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6. Market testing
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7. Commercialization
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1. new-product strategy - CORRECT ANSWERS ✔✔why
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new products? - SBU Investment
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links the new-product development process with the
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objectives of the marketing department, the business
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unit, and the corporation
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