MKTG 3340 EXAM 2 QUESTIONS AND ANSWERS 100% VERIFIED.

how does idea generation play a role in the new product development process? - 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. don't rely only on one source for new product ideas, develop innovation networks to captures ideas and Inspo from all sources Stacy Taffet's presentation content - ANSWER-Vice President, Brand Marketing for Frito-Lay at PepsiCo ,runs the largest brands in the snack portfolio including Lay's, Doritos, Cheetos, Ruffles and Fritos - role of marketers at Frito lay is to drive growth for brands and move people by connecting with them meaningfully - penetration drives growth, important to retain existing households, reclaim lose households, acquire new households, occasion penetration -how to give brands the most consideration of being purchased: mentally available = noticing, recognizing, thinking of the brand. relevance for category: top of mind need, brand distinction. physically available = visible, doing what it needs to in the store on the shelf, be present, visible, useful. - brand connection with the youth culture, pop culture (ex. Cheetos, commercials) - shift the focus to the culture and get to know the fans better, broaden penetration - brand positioning includes brand purpose: liberate playful mischief, brand strategy: feed the cult (creates ripple effect from the cult and biggest advocates so everyone else wants to be a part and know what's going on) -having a polarizing brand is good, creates tension which creates growth. ex: Cheeto dust on hands, some people love and others hate - strategy to turn flaw into an advantage techniques for new product ideas - ANSWER-idea generation: create a large number of id