MKTG 3340 EXAM 2 QUESTIONS WITH COMPLETE SOLUTIONS

how does idea generation play a role in the new product development process? correct answer: new product development process: strong new product planning, systematic and customer driven for finding and growing new products STEPS: 1. idea generation 2. idea screening 3. concept development and testing 4. marketing strategy development 5. business analysis 6. product development 7. test marketing 8. commercialization idea generation: starts new product development, the systematic search for new product ideas. company generates hundreds/thousands of ideas to find a few good ones. major sources of ideas include internal and external like customers, competitors, distributors, suppliers, etc. -internal sources: new ideas thru formal R&D, innovation center. pick the brains of its people, social networks, hackathons. -external sources: distributors, suppliers, competitors, magazines, shows, websites, gov agencies, advertising agencies, marketing research firms. MOST IMPORTANT SOURCES OF NEW PRODUCT IDEAS = CUSTOMERS: questions and complaints to solve problems, suggestions + ideas -crowdsourcing: company invites broad communities of people (customers, employees, independent scientists and researchers, public) into innovation process, can produce unexpected and powerful new ideas.