BUS 343 chapter 8 Exam Questions and Answers Graded A+ Latest 2025

BUS 343 chapter 8 Exam Questions and Answers Graded A+ Latest 2025 idea generation idea screening concept development and testing marketing strategy development business analysis product development test marketing commercialization - Answers new product development process systematic search for a new product idea internal or external - Answers idea generation inviting broad communities of people (customers, employees, researchers, public) to new product innovation process - Answers crowdsourcing keep good idea, scrap bad ideas describe product, target market, competition - Answers idea screening detailed version of the new idea stated in meaningful consumer terms - Answers product concept designing an initial marketing strategy for a new product based on the product concept how? when? where? - Answers 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 - Answers factors to consider for success anything that can be offered to a market that will satisfy a want or need. - Answers product 1) core cx value 2) actual product 3) augmented product - Answers levels of products 1) consumer product 2) convenience product 3) specialty product 4) shopping product 5)unsought product 6) industrial product - Answers types of products (6) bought by consumers for personal use - Answers consumer product products purchased frequently, immediately with minimum comparison - Answers convenience product less frequently purchased and cx compares - Answers shopping