Marketing Final BCOR 2201 Questions And Answers 100% Pass
skew - ✔✔✔Barcode on products
innovation - ✔✔✔Identify a need (reason), a match between a need and a solution, usually a companies top priority - create
new products to fulfill needs
How we classify new products - ✔✔✔Convenience, shopping, specialty, unsought
convenience - ✔✔✔Inexpensive, many outlets, promo: price availability and awareness stressed, frequent purchases
Ex: toothpaste, cake mix, soap, detergent
shopping - ✔✔✔often has alternative prices, fairly expensive, large # of selective outlets, promo: differentiation from
competitors stressed, customers prefer specific brands but will switch, infrequent purchases
Ex: tv, computers, Jeans
specialty - ✔✔✔To seek out, very expensive, very limited, promo: uniqueness of brand/status stressed, very brand loyal,
infrequent purchases
Ex: rolls-Royce, Rolex watches
continuous innovation - ✔✔✔requires no new learning by consumers; gain consumer awareness and wide distribution
Ex: new improved shaver or detergent (old)
dynamically continuous innovation - ✔✔✔disrupts consumer's normal routine but does not require totally new learning,
advertise points of difference/benefits to consumers
Ex: electric toothbrush, CDs (new but not too new)
discontinuous innovation - ✔✔✔requires new learning and consumption patterns by consumers, educate consumers through
product trial and personal selling
Ex: VCR, digital video recorder, electric car (that new new)
Why do we need a development process? - ✔✔✔Helps us to mitigate risk by prioritizing products with a greater chance of
market success
, New Product Development - ✔✔✔refers to original products, product improvements, product modifications, and new brands
developed from the firm's own research and development
New Product Development Process - ✔✔✔A seven-phase process for introducing products
1. New-product strategy
2. Idea generation
3. Screening and evaluation
4. Business analysis
5. Development
6. Market testing
7. Commercialization
1. new-product strategy - ✔✔✔why new products? - SBU Investment
links the new-product development process with the objectives of the marketing department, the business unit, and the
corporation
protocol statement - ✔✔✔identifies target market, customer's needs, product description, and product benefit before product
development begins
Ex: Apple Watch (makes products for specific groups, connected throughout, off phone)
2. Idea Generation - ✔✔✔Seeking ideas/brainstorming: Customer and supplier suggestions, employee suggestions, R&D
breakthroughs, competitive products, universities, small tech firms, inventors, many internal/external sources (open
innovation), utilizing technology enables platform to obtain ideas (crowdsourcing)
3. Screening and Evaluation - ✔✔✔internally and externally evaluates new-product ideas to eliminate those that warrant no
further effort, pick the best, do analysis/testing, review purchase intent/performance expectation/immediacy off purchase
Ex: brand idea, brand/product persona, emotional benefits, functional benefits, features and attributes
AWARENESS IS CRITICAL
4. Business Analysis - ✔✔✔Detailed financial projections, specifies the features of the product and the marketing strategy
needed to bring it to market and make financial projections
5. Development - ✔✔✔turns the idea on paper into a prototype
Ex: consumer packaging, Digiorno
skew - ✔✔✔Barcode on products
innovation - ✔✔✔Identify a need (reason), a match between a need and a solution, usually a companies top priority - create
new products to fulfill needs
How we classify new products - ✔✔✔Convenience, shopping, specialty, unsought
convenience - ✔✔✔Inexpensive, many outlets, promo: price availability and awareness stressed, frequent purchases
Ex: toothpaste, cake mix, soap, detergent
shopping - ✔✔✔often has alternative prices, fairly expensive, large # of selective outlets, promo: differentiation from
competitors stressed, customers prefer specific brands but will switch, infrequent purchases
Ex: tv, computers, Jeans
specialty - ✔✔✔To seek out, very expensive, very limited, promo: uniqueness of brand/status stressed, very brand loyal,
infrequent purchases
Ex: rolls-Royce, Rolex watches
continuous innovation - ✔✔✔requires no new learning by consumers; gain consumer awareness and wide distribution
Ex: new improved shaver or detergent (old)
dynamically continuous innovation - ✔✔✔disrupts consumer's normal routine but does not require totally new learning,
advertise points of difference/benefits to consumers
Ex: electric toothbrush, CDs (new but not too new)
discontinuous innovation - ✔✔✔requires new learning and consumption patterns by consumers, educate consumers through
product trial and personal selling
Ex: VCR, digital video recorder, electric car (that new new)
Why do we need a development process? - ✔✔✔Helps us to mitigate risk by prioritizing products with a greater chance of
market success
, New Product Development - ✔✔✔refers to original products, product improvements, product modifications, and new brands
developed from the firm's own research and development
New Product Development Process - ✔✔✔A seven-phase process for introducing products
1. New-product strategy
2. Idea generation
3. Screening and evaluation
4. Business analysis
5. Development
6. Market testing
7. Commercialization
1. new-product strategy - ✔✔✔why new products? - SBU Investment
links the new-product development process with the objectives of the marketing department, the business unit, and the
corporation
protocol statement - ✔✔✔identifies target market, customer's needs, product description, and product benefit before product
development begins
Ex: Apple Watch (makes products for specific groups, connected throughout, off phone)
2. Idea Generation - ✔✔✔Seeking ideas/brainstorming: Customer and supplier suggestions, employee suggestions, R&D
breakthroughs, competitive products, universities, small tech firms, inventors, many internal/external sources (open
innovation), utilizing technology enables platform to obtain ideas (crowdsourcing)
3. Screening and Evaluation - ✔✔✔internally and externally evaluates new-product ideas to eliminate those that warrant no
further effort, pick the best, do analysis/testing, review purchase intent/performance expectation/immediacy off purchase
Ex: brand idea, brand/product persona, emotional benefits, functional benefits, features and attributes
AWARENESS IS CRITICAL
4. Business Analysis - ✔✔✔Detailed financial projections, specifies the features of the product and the marketing strategy
needed to bring it to market and make financial projections
5. Development - ✔✔✔turns the idea on paper into a prototype
Ex: consumer packaging, Digiorno
