MKTG 3340 Orosy SMU Exam 2 (2 part) with Complete Solutions.

How does idea generation play a role in the new product development process - ANSWER-it is stage 2 in the new product development process the new product development process stages - ANSWER-1. new product strategy development 2. idea generation 3. screening and evaluation 4. business analysis 5. development 6. market testing 7. commercialization defines the role of new products in terms of the firm's overall objectives. This stage utilizes SWOT and environmental scanning to determine opportunities to exploit in the marketplace. - ANSWER-New Product Strategy Development: systematic search/the development of a pool of ideas and concepts that are candidates for new products - ANSWER-Idea Generation: What are the sources of new product ideas? - ANSWER-internal and external company's own formal research and development, management and staff, and intrapreneurial programs. - ANSWER-internal sources sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms. - ANSWER-external sources inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process. - ANSWER-crowdsourcing Is crowdsourcing an internal or external source for new product ideas? - ANSWER-external the internal and external evaluation of new product ideas to identify good ideas and drop poor ideas - ANSWER-Screening and Evaluation: What is the R-W-W screening framework? - ANSWER-Is it real? Can we win? Is it worth doing?