Textbook Notes Test 2

Textbook Notes Test 2 - TEST 2 Chapter 10- Developing New...

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TEST 2 Chapter 10- Developing New Products and Services Continuous innovation: low degree of learning, improved shaver or detergent Dynamically continuous innovation: moderate degree of learning, disrupts normal routine, electric toothbrush, CD player Discontinuous innovation: new learning, electric car DVR Having a distinctive point of difference is the single most important factor for a new product New-product process: 7 stages to id a business opportunity (strategy develop, idea generate, screening, business analysis, development, market testing, and commercialization) New-product strategy development: defines the role for a new product in terms of firms overall objectives. Test marketing: offering a product on a limited basis in a defined area. Chapter 11- Managing Successful Products and Brands Product life cycle: introduction, growth, maturity, decline Maturity stage is characterized by a slowing of total industry sales or product class revenue. Focus on holding market share. Aspects of product life cycle: length, shape of sales curve, how they vary w/ different level of products, and the rate which consumer adopt products. Product class: entire product category or industry, such a prerecorded music. Product form: variations in product class (prerecord music…cd, cassettes) Market modification: strategies a company tries to find new customers, increase a products use among existing, or create new use situations. Trading up: adding value through features as opposed to trading down Branding: name, phrease, or symbol to id its product Brand name: any word, device, or combo to distinguish a product. Brand equity: the added value a brand name gives to a product beyond the functional benefits provided. Branding strategy o Multiproduct Toro blowers, Toro mowers, Toro hoses
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One name for all products in class o Multibranding Giving each product a distinct name. When intended for different markets
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This note was uploaded on 09/01/2011 for the course MKTG 3104 at Virginia Tech.

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Textbook Notes Test 2 - TEST 2 Chapter 10- Developing New...

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