CH9, Q6 – Is there any difference between a brand name and a trademark? If so,
why is this difference important, (
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
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
(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