WKU MKT 220 Exam 3 Questions And Answers Rated A+

7 Step of New Product Development - 1) Idea Generation 2) Screening 3) Concept testing 4) Business Analysis 5) Product Development 6) Test Market 7) Commercialization Aesthetic Modification - Changes related to the sensory appeal of the product Brand - Name, symbol, design, or other feature, that identify's one sellers' products as distinct from other sellers Brand Equity - marketing and financial value associated with a brand's market strength Brand Insistence - Customers strongly prefers product make significant effort to get it, and will not accept subtitutes Brand Loyalty - Customers favorable attitude to a specific brand Brand Mark - a symbol, design, or other feature associated with the brand Brand Name - Part of brand made of words Brand Preference - Customer prefers more than other produces, but will not make significant effort to get itBrand Recognition - A customer is aware that a brand exists, and view it as an alternative for purchase Business Analysis - Evaluating the potential impact of a product idea on the firm's sales, cost, and profits Business Products - Products that are bought for use within a company or for resale