ADM 1313 Test #2 Study Set
With Complete Solution
What are the 7's P's? - Answer -product, price, promotion, place, process, people,
physical evidence
Explain how companies find and develop new product ideas - Answer companies can
gain new products through acquisition. Buying a company, a patent or license to
produce someone else's product or through new product development
What is new product development strategy? - Answer developing new products through
the firm's own research and development efforts (improvements/ modifications/ new
products)
What does creating successful products require? - Answer understanding consumer,
market and competitors
- developing products that deliver superior value to customers
How do companies develop new product ideas? - Answer - own research and
development efforts
- competitor's offerings, ideas from: distributors, suppliers and customers
- crowdsourcing or open innovation
What is idea generation? - Answer where new ideas are formed
2 types of idea generation - Answer internal idea source and external idea source
Internal idea sources - Answer Internal social networks
Intrapreneurial programs
External idea sources - Answer distributors and suppliers, competitors, customers
What is crowdsourcing? - Answer the dynamic social media process of employing users
to participate in product design or product redesign
What is Idea Screening? - Answer screening new product ideas to spot good ones and
drop poor ones as soon as possible
Product Idea - Answer an idea for a possible product that the company can see itself
offering to the market
Product Concept - Answer a detailed version of the new product idea stated in a
meaningful consumer term
, Product Image - Answer the way consumers perceive an actual or potential product
Concept Development - Answer developing a new product into alternative product
concepts
Concept testing - Answer testing new product concepts with groups of target
consumers
3 parts of the marketing strategy - Answer 1. describes the target market, proposed
value, sales, market share and profit goals
2. products planned price, distribution and marketing budget
3. developing long run sales, profit goals and marketing mix strategy
Business analysis - Answer Evaluating the business attractiveness. Review sales, costs
and profit for a new product
Product development - Answer developing concept into a physical product
Test Marketing - Answer introduce the product and its proposed marketing program
Commercialization - Answer introducing a new product into the market
Things to consider when launching a new product - Answer when and where
Products Life - Answer product development, introduction, growth, maturity, decline
Styles - Answer enduring, social economic impact
Fad - Answer growth spikes and falls (example: fidget spinners)
What is the only thing in marketing mix that produces revenue? - Answer price
Price - Answer the amount of money charged for a product or service, determines a
firm's market share and profitability
Price floor - Answer no profits below this price
Price ceiling - Answer no demand above this price
Cost-based pricing - Answer setting prices based on the costs of producing,
distributing, and selling the product plus a fair rate of return for effort and risk
Value-based pricing - Answer setting the price depending on customers needs and
value perceptions
Good value pricing - Answer offers just the right combination of quality and good service
at a fair price (store brand)
Everyday Low Pricing - Answer Walmart
With Complete Solution
What are the 7's P's? - Answer -product, price, promotion, place, process, people,
physical evidence
Explain how companies find and develop new product ideas - Answer companies can
gain new products through acquisition. Buying a company, a patent or license to
produce someone else's product or through new product development
What is new product development strategy? - Answer developing new products through
the firm's own research and development efforts (improvements/ modifications/ new
products)
What does creating successful products require? - Answer understanding consumer,
market and competitors
- developing products that deliver superior value to customers
How do companies develop new product ideas? - Answer - own research and
development efforts
- competitor's offerings, ideas from: distributors, suppliers and customers
- crowdsourcing or open innovation
What is idea generation? - Answer where new ideas are formed
2 types of idea generation - Answer internal idea source and external idea source
Internal idea sources - Answer Internal social networks
Intrapreneurial programs
External idea sources - Answer distributors and suppliers, competitors, customers
What is crowdsourcing? - Answer the dynamic social media process of employing users
to participate in product design or product redesign
What is Idea Screening? - Answer screening new product ideas to spot good ones and
drop poor ones as soon as possible
Product Idea - Answer an idea for a possible product that the company can see itself
offering to the market
Product Concept - Answer a detailed version of the new product idea stated in a
meaningful consumer term
, Product Image - Answer the way consumers perceive an actual or potential product
Concept Development - Answer developing a new product into alternative product
concepts
Concept testing - Answer testing new product concepts with groups of target
consumers
3 parts of the marketing strategy - Answer 1. describes the target market, proposed
value, sales, market share and profit goals
2. products planned price, distribution and marketing budget
3. developing long run sales, profit goals and marketing mix strategy
Business analysis - Answer Evaluating the business attractiveness. Review sales, costs
and profit for a new product
Product development - Answer developing concept into a physical product
Test Marketing - Answer introduce the product and its proposed marketing program
Commercialization - Answer introducing a new product into the market
Things to consider when launching a new product - Answer when and where
Products Life - Answer product development, introduction, growth, maturity, decline
Styles - Answer enduring, social economic impact
Fad - Answer growth spikes and falls (example: fidget spinners)
What is the only thing in marketing mix that produces revenue? - Answer price
Price - Answer the amount of money charged for a product or service, determines a
firm's market share and profitability
Price floor - Answer no profits below this price
Price ceiling - Answer no demand above this price
Cost-based pricing - Answer setting prices based on the costs of producing,
distributing, and selling the product plus a fair rate of return for effort and risk
Value-based pricing - Answer setting the price depending on customers needs and
value perceptions
Good value pricing - Answer offers just the right combination of quality and good service
at a fair price (store brand)
Everyday Low Pricing - Answer Walmart
