MKT 4356 TTU EXAM 1 WITH ALL CORRECT &
100% VERIFIED ANSWERS|ALREADY GRADED A+
Why is the topic of new product development important? ✔Correct Answer-big business - billions of dollars
annually on technical development alone.
radical innovation - (i.e., totally new product categories) ~> "the most important business issue of our time."
Accelerating innovation, and business growth through innovation, are top business challenges
Top innovators stay focused and commit to innovation as a long-term strategic goal.
Biggest success factor ~> a unique, superior product that adds value for the customer.
-Value = Benefits/Price (money, time, effort, etc.)
Why is it important to understand - and "formalize" - the product development process? ✔Correct Answer-
•Establish a "pipeline of [innovation] opportunity"...
- Keep product teams alert to market needs or potential solutions
- Capture a wealth of internally- or externally-generated ideas
•Choose and advance the most promising in context of:
- Feasibility (Timing,Resources)
- Strategic or financial objectives
•Manage challenges... task and team coordination and management in context of:
- Complexity
- Time
- Uncertainty / lack of desired information
true product innovation: ✔Correct Answer-• a methodical, ongoing process to convert an "invention" into
commercially successful product
• essential to uncover new-to-the-world products or really new product lines
List and explain the various reasons that new products fail ✔Correct Answer--The new product or service
does not fit with the customers' perceptions of the core capabilities of the customer.
-Lack of basic market understanding.
-The product is sold to a different buyer in the customer than the current product line.
-The product is too new to the market.
-Lack of adequate promotion.
Should The New Product Failure Rate Be Zero? ✔Correct Answer-Not really, Risk aversion to failure might
mean playing it too safe.
The goal is to minimize dollar losses on failures and learn from them.
Keep in mind that amount at stake and risk of failure are high in new product development.
What is the value/importance of having a global innovation culture? ✔Correct Answer-
What, exactly, is a new product? Define/discuss the various "new product" categories suggested by your text.
Which category presents the most risk, and why? ✔Correct Answer-New to the world, new to the firm,
, additions to existing product lines, improvements and revisions to existing products, repositionings, and cost
reductions
New to the world Product ✔Correct Answer-(Really new): inventions that create a whole new market.
EX: iPod, Febreeze, etc.
New to the firm Product ✔Correct Answer-Products that take a firm into a category new to it.
Ex: AT&T credit card
Additions to existing product lines ✔Correct Answer-"Flanker" brands or line extensions designed to flesh out
the product line as offered to the firm's current markets
EX: Tide Liquid
Improvements and revisions to existing products ✔Correct Answer-Current products made better.
EX: Ivory soap
Repositionings ✔Correct Answer-Products that are retargeted for a new use or application. Also includes
retargeting to new users or new target markets.
EX: Baking soda as a refrigerator deodorant
Identify and explain the three strategic elements that are the focus of this text. What is their value?/How do
they work in tandem? ✔Correct Answer-New Products Process, Product Innovation charter, and Product
Portfolio
Cost reductions ✔Correct Answer-New products that provide the customer similar performance but at a lower
cost. May be more of a "new product" in terms of design or production.
New Products Process ✔Correct Answer-A phased process that takes the new product idea through concept
development, evaluation, development, launch, and post-launch.
Product Innovation Charter ✔Correct Answer-A strategy for new products that ensures that the team
develops products in line with firm objectives and marketplace opportunities.
- provides strategic context / direction
- without it, firm's attempts at product development will be unfocusedwasted resources
Product Portfolio ✔Correct Answer-A way to assess which new products would be the best ones to add to the
existing line, given financial and strategic objectives.
- helps the firm decide whether a new product opportunity adds financially and strategically to the current line
- avoids spreading scarce financial and human resources too thinguides priorities
What is a "fuzzy gate"? What role does this concept serve?/What is the value of it? ✔Correct Answer-This is a
"conditional Go" so as not to slow down the process in analysis.
Reasons to be knowledgeable about new product development... the reasons for/value of
studying new product development ✔Correct Answer-
Challenges in product development ✔Correct Answer-• It's all about teams... cross-functional teams:
- Marketing
- R&D- Engineering
- Manufacturing
- Production
- Design
- Other areas
100% VERIFIED ANSWERS|ALREADY GRADED A+
Why is the topic of new product development important? ✔Correct Answer-big business - billions of dollars
annually on technical development alone.
radical innovation - (i.e., totally new product categories) ~> "the most important business issue of our time."
Accelerating innovation, and business growth through innovation, are top business challenges
Top innovators stay focused and commit to innovation as a long-term strategic goal.
Biggest success factor ~> a unique, superior product that adds value for the customer.
-Value = Benefits/Price (money, time, effort, etc.)
Why is it important to understand - and "formalize" - the product development process? ✔Correct Answer-
•Establish a "pipeline of [innovation] opportunity"...
- Keep product teams alert to market needs or potential solutions
- Capture a wealth of internally- or externally-generated ideas
•Choose and advance the most promising in context of:
- Feasibility (Timing,Resources)
- Strategic or financial objectives
•Manage challenges... task and team coordination and management in context of:
- Complexity
- Time
- Uncertainty / lack of desired information
true product innovation: ✔Correct Answer-• a methodical, ongoing process to convert an "invention" into
commercially successful product
• essential to uncover new-to-the-world products or really new product lines
List and explain the various reasons that new products fail ✔Correct Answer--The new product or service
does not fit with the customers' perceptions of the core capabilities of the customer.
-Lack of basic market understanding.
-The product is sold to a different buyer in the customer than the current product line.
-The product is too new to the market.
-Lack of adequate promotion.
Should The New Product Failure Rate Be Zero? ✔Correct Answer-Not really, Risk aversion to failure might
mean playing it too safe.
The goal is to minimize dollar losses on failures and learn from them.
Keep in mind that amount at stake and risk of failure are high in new product development.
What is the value/importance of having a global innovation culture? ✔Correct Answer-
What, exactly, is a new product? Define/discuss the various "new product" categories suggested by your text.
Which category presents the most risk, and why? ✔Correct Answer-New to the world, new to the firm,
, additions to existing product lines, improvements and revisions to existing products, repositionings, and cost
reductions
New to the world Product ✔Correct Answer-(Really new): inventions that create a whole new market.
EX: iPod, Febreeze, etc.
New to the firm Product ✔Correct Answer-Products that take a firm into a category new to it.
Ex: AT&T credit card
Additions to existing product lines ✔Correct Answer-"Flanker" brands or line extensions designed to flesh out
the product line as offered to the firm's current markets
EX: Tide Liquid
Improvements and revisions to existing products ✔Correct Answer-Current products made better.
EX: Ivory soap
Repositionings ✔Correct Answer-Products that are retargeted for a new use or application. Also includes
retargeting to new users or new target markets.
EX: Baking soda as a refrigerator deodorant
Identify and explain the three strategic elements that are the focus of this text. What is their value?/How do
they work in tandem? ✔Correct Answer-New Products Process, Product Innovation charter, and Product
Portfolio
Cost reductions ✔Correct Answer-New products that provide the customer similar performance but at a lower
cost. May be more of a "new product" in terms of design or production.
New Products Process ✔Correct Answer-A phased process that takes the new product idea through concept
development, evaluation, development, launch, and post-launch.
Product Innovation Charter ✔Correct Answer-A strategy for new products that ensures that the team
develops products in line with firm objectives and marketplace opportunities.
- provides strategic context / direction
- without it, firm's attempts at product development will be unfocusedwasted resources
Product Portfolio ✔Correct Answer-A way to assess which new products would be the best ones to add to the
existing line, given financial and strategic objectives.
- helps the firm decide whether a new product opportunity adds financially and strategically to the current line
- avoids spreading scarce financial and human resources too thinguides priorities
What is a "fuzzy gate"? What role does this concept serve?/What is the value of it? ✔Correct Answer-This is a
"conditional Go" so as not to slow down the process in analysis.
Reasons to be knowledgeable about new product development... the reasons for/value of
studying new product development ✔Correct Answer-
Challenges in product development ✔Correct Answer-• It's all about teams... cross-functional teams:
- Marketing
- R&D- Engineering
- Manufacturing
- Production
- Design
- Other areas
