Tuesday, October 1, 2019
New Products :: essays research papers
Chapter 1 Intuition has no place in the scientific process of new product- False Major obstacle of innovation is fear of change and certainty it brings- True Strategy and the identification is the first stage- True Basic task of a business is consumer satisfaction / profit Newness of a product is determined by consumer Product includes: All of the above Short Answer: 1)Ã Ã Ã Ã Ã What is a new product and who decides if a product is new? a.Good or service that is perceived b the target market as different and better than others- the consumer decides if the product is new. When the product has sold enough, made enough profit, established a strong toehold in a new market, and effectively thwarted a particular competitor. Chapter 2 New product development process ends at the evaluation process- True Best ideation comes from identifying problems for business and consumers - True Comprehensive business analysis emphasizes profitability- True Benchmarking as guidelines Ã¢â¬â True Every new product starts out as a concept The development phase is concerned with all of the above Important consideration with product development must be the consumer 1)Ã Ã Ã Ã Ã Why must the marketing departmentÃ¢â¬â¢s new product efforts be supported by the firmÃ¢â¬â¢s corporate strategy? a.Ã Ã Ã Ã Ã Make sure the product fits the companyÃ¢â¬â¢s mission- make sure they are going in the same direction Chapter 3 Platform concept cannot be used successfully with services or brands- False PIC - allows delegation, permits financing, and calls for personal assignments- True Core compacies serve as a logical starting point- True Technology is the single most important factor in new product development- False Goals are long term targets, objectives are short term Ã¢â¬â True The PIC should flow from and be consistent with mission statement McDonalds uses golden arches in order to add tangibility PIC utilizes all the following except employment policies Which of the following categories would a firm want to dominant its portfolio- pearls 1)Ã Ã Ã Ã Ã WhatÃ¢â¬â¢s the purpose and value of product platform planning? Chapter 4 Common thread in providing a unique safe environment where criticism is not allowed- T New product only comes into being when itÃ¢â¬â¢s successful- True Technology is always a starting point for new product- False An inventor tends to be all of the above New product is born when successful in the market place Marketing perspective, new product development efforts should be begin- benefit Useful development in user orientated ideation involves identifying lead users 1)Ã Ã Ã Ã Ã Who are lead users and why are they important? a.Ã Ã Ã Ã Ã Out in front, trendsetters- at the leading edge of the trend, have the best understanding of the problems faced, and expect to gain significantly from solutions to those problems.