Study Guide Exam _2

Study Guide Exam _2 - Study Guide Bad 303 Examination#2...

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Study Guide Bad 303: Examination #2 NOTE: To succeed on this exam, the student should do the following: 1) Read each of the four chapters carefully; 2) Study the glossary of terms for the chapter; 3) Study the “figures” included in each chapter; and, 4) Study the “Rest Stops” included at the end of each chapter which review chapter concepts. . Following are suggestions for specific study topics: Stages in New-Product Development: Idea generation Can come from employees, customers, competitors, distributors, suppliers Idea screening Process to spot good ideas and drop poor ones Develop system to estimate: market size, product price, development time and costs, manufacturing costs, and rate of return Evaluate these findings against set of company criteria for new products Concept development and testing Product idea: idea for a possible product that a company can see itself offering Product concept: detailed version of the idea stated in meaningful consumer terms Product image: the way consumers perceive an actual or potential product Marketing strategy and development Part one describes: target market, planned product positioning, sales, market share, and profit goals Part two outlines first year’s: product’s planned price, distribution, marketing budget Part three describes long run: sales and profit goals, marketing mix strategy Business analysis Involves a review of the sales, costs, profit projections, to assess fit with company’s objectives If yes, move to product development phase Product development Develop concept into physical product Calls for large jump in investment Prototypes are made Prototype must have correct physical features and convey psychological characteristics Test marketing Product and program introduced into more realistic market setting Not needed for all products Can be expensive and time consuming, but better than making a major market mistake Commercialization Must decide on timing When to introduce product Must decide on where to introduce the product Single location, state, region, nationally, internationally Must develop a market rollout plan Overview of VALS: classifications, motivations (not discussed in-depth in class – see your chapter on consumer behavior) Values and lifestyles typology Classifies people according to how they spend their time and money
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This note was uploaded on 04/09/2008 for the course SBE 111 taught by Professor Bob during the Spring '08 term at Arizona.

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Study Guide Exam _2 - Study Guide Bad 303 Examination#2...

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