Essay_Questions_for_studing_for_Final_07 - AEM 240...

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AEM 240 Fall 2007 Marketing Prof. McLaughlin FINAL EXAM ESSAY QUESTIONS 2 of these will be on the final 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. Consumer goods are goods purchased by ultimate consumers. There are four different types of consumer goods and they consist of convienience ,shopping, specialty, and unsought products They differ depending on 1 effort the consumer spends on decision,2 attributes used in purchase. Convenience goods are everyday frequent purchases with minimal effort. Shopping goods where consumer compares different alternatives to product such as style or price. Specialty goods are goods that the consumer makes special effort to search out and buy. Unsought goods are goods that the consumer doesn’t know about or knows about but doesn’t initially want. b. Identify and describe the stages in the new product development process . There are 7 stages to new the new product development process. The new-product process consists of seven stages a firm uses to develop a salable good or service: (1) New-product strategy development involves defining the role for the new product within the firm's overall objectives. (2) Idea generation involves developing a pool of concepts from consumers, employees, basic R&D, and competitors to serve as candidates for new products. (3) Screening and evaluation involves evaluating new product ideas to eliminate those that are not feasible from a technical or consumer perspective. (4) Business analysis involves defining the features of the new product, developing the marketing strategy and marketing program to introduce it, and making a financial forecast. (5) Development involves not
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AEM 240 Fall 2007 Marketing Prof. McLaughlin only producing a prototype product but also testing it in the lab and on consumers to see that it meets the standards set for it. (6) Market testing involves exposing actual products to prospective consumers under realistic purchasing conditions to see if they will buy the product. (7) Commercialization involves positioning and launching a product in full- scale production and sales with a specific marketing program 1 New Product Strategy Development -first stage in process that defines the new product in terms of the companies overall objectives. Identify market and strategic roles. Enviornmental scanning and identifying strengths, weaknesess and opportunities 2 Idea Generation Develop pool of concepts or ideas for new product. Get ideas from employees, coworkers,costomers Research and Development and Competitiors and their products. 3 Screening and Evaluation
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This note was uploaded on 04/29/2008 for the course AEM 2400 taught by Professor Mclaughlin,e. during the Fall '07 term at Cornell University (Engineering School).

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Essay_Questions_for_studing_for_Final_07 - AEM 240...

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