MKTG 3340 Exam 2 Questions and Answers 100% Correct.

How does idea generation play a role in the new product development process? - ANSWER-Crowd Sourcing, think of ideas, find a good idea, bring it to life Detailed understanding of Jennifer Pritchard and John Eckhardt's presentation content - ANSWER-Meet needs of airline passengers by creating an experience. AA: Understand the culture and religion SNAP: performance-based marketing: PI-personal identification. 1st person- email and phone #, 2nd person device ID and advertisement ID, 3rd- IP address and generalized information. Use of various techniques for new product ideas - ANSWER-Analysis, Crowdsourcing, test marketing Once a product prototype is developed, what comes next in the new product development process? - ANSWER-Chevron chart and test marketing, only test market when you are unsure The optimal pricing strategy is based upon a fundamental principle - ANSWER-Accounting pricing strategy, cost based, or Value based strategy, how much people will pay for it. Value based assesses needs and wants What are the specific types of pricing strategies? - ANSWER-Cost plus, value-added, and break even Apple uses a specific type of pricing strategy for new products...don't they? - ANSWER-Good value pricing, everyday low pricing, hi low pricing, break even pricing, penetration pricing, price skimming (starting high then go low) How to distinguish between upstream and downstream in the supply chain - ANSWER-Upstream: partners or firms that come together to create product Downstream: Customer or consumer or business Role of supply chain intermediaries - ANSWER-Efficiency of the process, reach more customers, reduce number of contact points,