Knapp5 - Homework for Week 5

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WEEK 5 CH9, Q6 – Is there any difference between a brand name and a trademark? If so, why is this difference important, ( P. 236 )? Yes, a brand name is a word, letter, or a group of words or letter, while a trademark includes only those words, symbols, or marks that are legally registered for use by a single company. It is very important to business firms that spend a lot of money to protect and promote their brands. CH10, Q8 – Explain the importance of an organized new-product development process, ( Pages 273-278 ). To move quickly and also to avoid expensive new product failures, companies should follow an organized new product development process. An important element in the new product development process is continued evaluation of a new idea’s likely profitability and return on investment. This process has 5 steps to follow: (1) Idea Generation – Ideas from customers and users, marketing research competitors, and other market company people intermediaries, etc. (2) Screening – Strengths and weaknesses, fit with objectives, market trends, and rough ROI estimate. (3) Idea evaluation – Concept testing, reactions from customers, rough estimates of costs, sales, and profits. (4) Development (of product and marketing mix) – R & D, develop model or service prototype, test marketing mix, revise plans as needed, ROI estimate. (5) Commercialization – Finalize product and marketing plan, start production and
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Knapp5 - Homework for Week 5

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