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TOP 10 Learning Questions for
Chapter 20: Introducing New Market offerings
KimDec/23/2010
1. Which does not belong to the Categories of New Products?
A. New-to-the-worldB. New product linesC. New partnersD. ImprovementsE. Cost reductions
Question
Categories of New Products
New-to-the-world
Cost reductions
New product lines
Additions
Improvements
Repositionings
Concept
4
Categories of New Products
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Explanation of Concept
There are 6 factors of the Categories of New Products Which are New-to-the-world, New product lines, Additions, Improvements, Repositionings and Cost reductions.
New Partners is NOT involved to the Categories of New Products.
1. Which does not belong to the Categories of New Products?
A. New-to-the-worldB. New product linesC. New partnersD. ImprovementsE. Cost reductions
Answer
2. Which does not cause the Market/Marketing failure?
A. Small size of the potential marketB. No clear product differentiationC. Poor positioningD. Misunderstanding of customer needsE. Late in the market
Question
Causes of New-Product failure
Market/marketing failure Financial failure Timing failure Technical failure Organizational failure Environmental failure
Concept
The factors of Market/marketing failure
A to D are the reason of Market/marketing failure.
Late in the market is the reason of timing failure not Market/marketing failure.
Reference: Text book P.611
Explanation of Concept
2. Which does not cause the Market/Marketing failure?
A. Small size of the potential marketB. No clear product differentiationC. Poor positioningD. Misunderstanding of customer needsE. Late in the market
Answer
3. One of the following is not a stage in new- product development process?
A. Business analysisB. Mass customization C. Product developmentD. Market testingE. Commercialization
Question
New Product Development Decision Process
Commercialization
Business Analysis
Product Development Marketing Testing
Idea Generation
Idea ScreeningConcept Development and Testing
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Concept
• Idea Generation – is the idea worth considering?• Idea Screening – is the product idea compatible
with company objectives, strategies, and resources?
• Concept development and testing – can we find a good concept consumers say they would try?
• Marketing strategy development – can we find a cost-effective, affordable marketing strategy?
• Business analysis – will this product meet our profit goal?
• Product development – have we got a technically and commercially sound product?
• Market testing – have product sales meet expectations?
• Commercialization – are product sales meeting expectations?
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Explanation of Concept
New Product Development Decision Process
3. One of the following is not a stage in new- product development process?
A. Business analysisB. Mass customization C. Product developmentD. Market testingE. Commercialization
Answer
4. What is the individual’s decision to become a regular user of a product?
A. AwarenessB. InterestC. EvaluationD. TestE. Adoption
Question
The Consumer-Adoption Process
Adoption – is an individual’s decision to become a regular user of a product.
After which, the adopters of new products move trough the 5 stages in adoption process.
An innovation is any good, service, or idea that someone perceives as new, no matter
how long its history. leareyes.blogspot.com
Concept
Awareness Interest Evaluation
Trial Adoption
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Stage in the Consumer-Adoption Process
Explanation of Concept
4. What is the individual’s decision to become a regular user of a product?
A. AwarenessB. InterestC. EvaluationD. TestE. Adoption
Answer
5. What is NOT in the Concept Development?
A. Product ideaB. Product conceptC. Category conceptD. Concept testingE. Mapping
AnswerQuestion
Concepts in Concept Development
Concept to Strategy: Attractive ideas must be refined into testable product concepts. A product idea is a possible product the company might offer to the market.
Concept Development: This is a product idea, but consumers don’t buy product ideas; they buy product concepts.
Concept
Concepts in Concept Development
Product idea Product concept Category
concept Brand concept Concept testing
Explanation of Concept
5. What is NOT in the Concept Development?
A. Product ideaB. Product conceptC. Category conceptD. Concept testingE. Mapping
Answer
6. What is the right step of the Consumer-Adoption Process?A. Awareness->Interest->Evaluation-
>trial->AdoptionB. Adoption ->Awareness->Interest-
>Evaluation->trialC. Interest->Evaluation-> Awareness->
trial->AdoptionD. Interest-> Awareness->Evaluation-
>trial->AdoptionE. Awareness->trial->Interest-
>Evaluation-> Adoption
Question
The Consumer-Adoption Process
Adoption: An individual’s decision to become a regular use of a product.
The consumer-adoption process is followed by the consumer-loyalty process, which is the concern of the established producer.
Concept
Adopters of new products move through 5 stages
1. Awareness: The consumer becomes aware of the innovation but lacks information about it
2. Interest: The consumer is stimulated to seek information about the innovation
3. Evaluation: The consumer considers whether to try the innovation
4. Trial: The consumer tries the innovation to improve his or her estimate of its value
5. Adoption : The consumer decides to make full and regular us of the innovation
Explanation of Concept
6. What is the right step of the Consumer-Adoption Process?A. Awareness->Interest->Evaluation-
>trial->AdoptionB. Adoption ->Awareness->Interest-
>Evaluation->trialC. Interest->Evaluation-> Awareness->
trial->AdoptionD. Interest-> Awareness->Evaluation-
>trial->AdoptionE. Awareness->trial->Interest-
>Evaluation-> Adoption
Answer
7. Which statement is Not correct in Marketing Strategy Development?
a. Marketing strategy is a three-part plan for introducing new-product in the market.
b. Marketing strategy should outline the planned price, distribution strategy, and marketing budget for the first year.
c. Marketing strategy describes the long-run sales and profit goals.
d. Marketing strategy does not consider the target market’s size, structure, and behavior.
e. None of the above
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Question
leareyes.blogspot.com leareyes.blogspot.com
Describes the target market’s size, structure, and
behavior.
Outlines the planned price, distribution strategy, and marketing budget for the
first year.
Describes the long-run sales and profits goals and
marketing-mix strategy over time.
First Part
Second Part
Third Part
Concept
THREE-PART PLAN MARKETING STRATEGY DEVELOPMENT
MARKETING STRATEGY DEVELOPMENT!
Marketing Strategy is a three-part plan for introducing new-product in the market.
After the company has segmented the market, chosen its target customers and identified their needs, next is to determine its desired marketing position.
After the concept test, comes the introduction of the new product into the market with the 3 part marketing plan.
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Explanation of Concept
a. Marketing strategy is a three-part plan for introducing new-product in the market.
b. Marketing strategy should outline the planned price, distribution strategy, and marketing budget for the first year.
c. Marketing strategy describes the long-run sales and profit goals.
d. Marketing strategy does not consider the target market’s size, structure, and behavior.
e. None of the above
7. Which statement is not true in Marketing Strategy Development?
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Answer
8. Which is NOT related to the Creativity Techniques?
a. Attribute listingb. Morphological analysisc. New contextsd. Mind mappinge. Flexible relationships
Question
Definition of the Creativity techniques
Creativity techniques are methods that encourage creative actions, whether in the arts or sciences. They focus on a variety of aspects of creativity, including techniques for idea generation and divergent thinking, methods of re-framing problems, changes in the affective environment and so on. They can be used as part of problem solving, artistic expression, or therapy.
Concept
List of the Creativity techniques
Attribute listing: List the attributes of an object
Forced relationships: List several ideas and consider each in relation to each other idea
Morphological analysis: By listing every possible combination, you can generate many new solutions
New contexts: Take familiar processes Mind mapping: Start with a thought
Explanation of Concept
8. Which is NOT related to the Creativity Techniques?
a. Attribute listingb. Morphological analysisc. New contextsd. Mind mappinge. Flexible relationships
Answer
a. Early Adoptersb. Late Adoptersc. Early Majorityd. Late majoritye. Laggards
9. Which is NOT included the Time of Adoption of Innovations?
Question
Factors Influencing the Adoption process
Differences in individual readiness to try new products
The Effect of personal influence Differing rates of adoption Differences in organizations’ readiness
to try new products
Concept
Time of Adoption of Innovations
Innovators Early Adopters Early majority Late majority Laggards
Explanation of Concept
a. Early Adoptersb. Late Adoptersc. Early Majorityd. Late majoritye. Laggards
9. Which is NOT included the Time of Adoption of Innovations?
Answer
10. Which is not related with Commercialization?
a. Whenb. Wherec. To whomd. Howe. Why
Question
Definition of Commercialization
Commercialization is the process or cycle of introducing a new product into the market. The actual launch of a new product is the final stage of new product development, and the one where the most money will have to be spent for advertising, sales promotion, and other marketing efforts.
Concept
The factors of Commercialization
When: In commercializing a new product, market-entry timing is critical.
Where: The company must decide to launch the new product.
To whom: The company must target its initial distribution and promotion to the best prospect groups.
How: The company must develop an action plan for introducing the new product.
Explanation of Concept
10. Which is not related with Commercialization?
a. Whenb. Wherec. To whomd. Howe. Why
Answer
TOP 10 Learning Questions for
Chapter 20: Introducing New Market offerings
KimDec/23/2010