BUS 343 CHAPTER 8 EXAM 2025 QUESTIONS AND ANSWERS

BUS 343 CHAPTER 8 EXAM 2025
QUESTIONS AND ANSWERS



Idea generation
idea screening
concept development and testing
marketing strategy development
business analysis
product development
test marketing

commercialization - ANS new product development process


systematic search for a new product idea



internal or external - ANS idea generation


inviting broad communities of people (customers, employees, researchers, public) to new
product innovation process - ANS crowdsourcing


keep good idea, scrap bad ideas



describe product, target market, competition - ANS idea screening


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, detailed version of the new idea stated in meaningful consumer terms - ANS product
concept


designing an initial marketing strategy for a new product based on the product concept

how? when? where? - ANS marketing strategy development


1)relative advantage: must give advantages other products don't have


2) compatibility: must fit consumers lifestyle


3) observability: ones that are observable spread faster


4) trialability: reduce risk by letting cx try it



5) complexity: lower the better - ANS factors to consider for success



anything that can be offered to a market that will satisfy a want or need. - ANS product


1) core cx value
2) actual product

3) augmented product - ANS levels of products


1) consumer product
2) convenience product
3) specialty product
4) shopping product
5)unsought product

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