Marketing - final exam essays - Marketing final exam essays...

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Marketing final exam essays sheet 1. Different firms offer different types of products and often offer portfolios of both new and existing products. - a. what are the types of consumer goods and explain how they differ - b. Identify and describe the stages in the new product development process. a. Consumer goods- products purchased by the ultimate consumer. a. 4 kinds : 1) Convenience 2) shopping 3)Specialty and 4) Unsaught b. Differ in terms of 1) effort the consumer spends on the decision, 2) attributes used in the purchase and 3) frequency of the purchase. Convenience goods - like toothpaste, which are bought frequently and with minimum effort. Shopping goods - everyday clothing, items for which the consumer compares sevarl alternatives on criteria like quality, price or style. Specialty goods - like a Rolex, are goods that the consumer makes a special effort to find and buy. Unsought goods - Like life insurance, items that the consumer either doesn’t want or doesn’t know about. b. stages in the new product development process. New-product process - Sequence of activities a firm uses to identify business opportunities and convert them into salable goods or services. Stage of Process Purpose of Stage Marketing Info and Methods Used New product strategy development Identify new-product niches to reach in light of company objectives Company objectives; assessment of firm’s current strengths and weaknesses in terms of market and product Idea generation
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Develop concepts for possible products Ideas from all types of people. Use brainstorming and focus groups Screening and evaluation Separate good product ideas from bad ones inexpensively Screening criteria, concept tests, and weighted point systems Business Analysis Identify product’s features and its marketing strategy and make financial projections Product’s key features, anticipated marketing mix strategy. Analyses of profit, legality, etc. Development Create the prototype and test in labs and on consumers Lab and consumer tests on prototypes Market Testing Test product and marketing strategy in market on limited scale Test markets, simulated Test markets Commercialization Position and offer in marketplace Perceptual maps, product positioning, regional rollouts. 2. Professor McLaughlin often returned to several key themes that were interwoven throughout the semester’s lectures. Elaborate on four of them. 3. Advertising is an important part of communication strategy - a. Some marketers believe that there are two basic purposes to advertising. Illustrate both graphically. - b. Despite its obvious extra costs, proponents of advertising claim that advertising can actually end up lowering costs to consumers. Illustrate graphically. 4. Your grandfather has passed down to you a long held and closely guarded recipe for
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Marketing - final exam essays - Marketing final exam essays...

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