Ch 8_NEW! Mini Sim_New Product Development 2023 Questions and Answers 2023

Ch 8_NEW! Mini Sim_New Product Development 2023 Questions and Answers 2023 The R-W-W Framework is used to screen new products. R-W-W stands for: Is it Real? Can we Win? Is it Worth doing? R: Is it Real? -Research shoes that 85% of high school students enjoyed playing the new game. -The results of the last market survey showed only 35% of consumers were interested in the new product. W: Can we win? -A smaller ergonomic mouse was used by 57% of data entry clerks who participated in the survey. -To manufacture the new product, the company may need to hire 10 more assemblers. W: Is it worth doing? -The new product would cost $12.50 to manufacture, and similar products sell for $9.00. Based on the marketing research findings, which of the three products positively answered all three R-W-W framework questions? -Anti-aging cream Based on this desire, the team has come up with three product concepts for the anti-aging cream. Before you decide on a concept, they want to do product testing, which is the next phase in the product development process. The team has decided that focus groups with potential customers that fit the three different concepts will be conducted for product testing. Choose the product concept that you think will test the best. -Mid-tier product This product received glowing reviews from all three men and five of the women. The other two women felt that they would be more drawn to a product with a nice scent. Based on this feedback, what is the next step to move this product forward? -Begin marketing strategy development The client is a cosmetics company that has been in business for five years and has distribution relationships with several large department stores. The company wants to increase overall company market share by 10% with this product within the next two years.