MarketingFinal

MarketingFinal - New Product Development 1 Differentiate...

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1 New Product Development
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2 Differentiate between the three dimensions of a product (core, branded, and augmented). Augmented Return & Recycling, Delivery, Branded Styling, Quality, Brand Name, Features, Packaging Core Generic/ product or service
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3 Explain the Boston Consulting Group Matrix, and explain how the matrix can help a manager’s decision making (pages 29 – 31 in the book). ? Hig h Low High Low Industry Growth Rate Market Share
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4 Identify characteristics that distinguish services from tangible goods Intangibility Inseparability Heterogenity Perishability More emphasis on an experience, less emphasis on what the senses detect. Ongoing linkage among the service provider, the customer, and other involved customers. Variation in consistency among service transactions. Unable to save and sell at a later time.
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5 Describe different revenue growth options based on a market-product matrix (page 31 in book). Market penetration Market strategy of increasing sales of present products in existing markets Market development Market strategy of selling existing products to new markets Product development Marketing strategy of selling new products to existing markets Diversification Marketing strategy of developing new products and selling them in new markets
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6 Differentiate between product line width and product line depth. Line Width # of different product categories a company competes in Depth # products in one category Can apply to: Stores and portfolios
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7 Explain a standard approach for new product development New Product Strategy Idea Generation Idea Screening Business Analysis Prototype Product Development Test Marketing Commercialization
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8 Describe the new product adoption curve (called “diffusion Early Adopters Early Majority Late Majority Laggards Product Acceptance
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9 Describe the product adoption process . Awareness Interest Evaluation Trial Reduces risk Adoption/Rejection
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10 Understand criteria we discussed in class for predicting new product success (relative advantage, compatibility, etc) Relative Advantage Differences from competitor Compatibility- With consumers lifestyle and desires Complexity- Observability- Trialability-
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11 Product Life Cycle
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12 Diagram and explain the Product Life Cycle, including its limitations. Introduction Growth Maturity Decline Sales and Profits Time
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13 Compare and contrast business conditions for each stage of the PLC . Introductory Growth Maturity Decline Conditions: High expenses, low revenues Cash flow challenges Limited competition Limited consumer awareness Conditions: Operations becoming more efficient Cash flow remains a challenge Competition growing Markets are growing Prices soften Conditions: Slowing market growth Efficient operations
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MarketingFinal - New Product Development 1 Differentiate...

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