aem 240 Essay_Questions_for_studing_for_Final_07-1

aem 240 Essay_Questions_for_studing_for_Final_07-1 - 2 of...

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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. 1) convenience goods- items that consumers purchase frequently with minimum  shopping effort and are offered in many outlets(ex toothpaste) 2) Shopping goods- items for which the consumer compares several alternatives on  criteria such as price, quality, and style.  (ex. everyday clothing) 3) Specialty goods- items that a consumer makes a special effort to search out and  buy; usually very expensive with limited distribution (ex. Rolls Royce cars and  rolex watches)  4) Unsought goods- items that the consumer either doesn’t know about ot knows  about but doesn’t initially want. (ex. Thesaurus or burial insurance)  b. Identify and describe the stages in the new product development process. Step 1: New-Product Strategy Development Define role for new product in terms of firm’s overall corporate objectives Step 2: Idea Generation Develop pool of concepts as candidates for new products Step 3: Screening and Evaluation effort Step 4: Business Analysis Step 5: Development Develop actual prototype – demonstratable, producible product Step 6: Market Testing Expose actual products to prospective consumers under realistic  Test marketing – offer product for sale on limited basis in defined area Step 7: Commercialization Companies proceed carefully b/c most expensive stage 2. Professor McLaughlin often returned to several key themes that were interwoven throughout the semester’s lectures. Elaborate on four of them. 1. product- a good, service or idea to satisfy the consumer’s needs 2. price- what is exchanged for the product 3. promotion- means of communication between the seller and the buyer-advertising,  publicity, sales promotion
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4. place- means of getting the product to the consumer 3. Advertising is an important part of communication strategy. a. Some marketers believe that there are two basic purposes to
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This note was uploaded on 03/30/2008 for the course AEM 2400 taught by Professor Mclaughlin,e. during the Fall '07 term at Cornell.

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aem 240 Essay_Questions_for_studing_for_Final_07-1 - 2 of...

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