BUSML 3250 Actual Exam with Questions Solved 100% Correct Already Passed
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Course
BUSML 3250
Institution
BUSML 3250
What are the 6 different types of new products and services? - 1. New to the world
2. New Category products
3. Product line extension
4. Product improvements
5. Product repositioning
6. Cost reductions
BUSML 3250 Actual Exam with Questions
Solved 100% Correct Already Passed
What are the 6 different types of new products and services? - ✔1. New to the world
2. New Category products
3. Product line extension
Factors to help you predict the success of new products - ✔1. Relative advantage
2. Compatibility
3. Complexity
4. Trialability
5. Observability
Why do new product fail? - ✔1. Insignificant point of difference
2. Incomplete market and product protocol before product development starts
3. failure to satisfy customer needs on critical factors
4. Bad timing
5. No economical access to buyers
6. Poor execution of the marking mix: brand name, package, promotion, distribution
7. Too little market attractiveness
8. Poor product quality
,Classification of services - ✔Product Line
Product Mix
What is a "Job To Be Done", how do you find it, and how does it drive marketing strategy? -
✔It is a fundamental problem that your target customer needs to resolve. Watch the
current
customer, watch the compensatory behavior, study the prospective customers, ask why?
Become the springboard for your positioning
Steps within the stage gate process - ✔Develop & Scope
Business Case
Develop
Test and Validate
Launch
Develop & Scope - ✔Stage 1 in Stage Gate
identify new business opportunities, generate and refine new product/service ideas
Business Case - ✔Step 2 in Stage Gate
Validation of new product concepts via research, build financial forecasts and P&Ls
Develop - ✔Stage 3 in Stage Gate
Design the product and process to commercialize the products
Test and Validate - ✔Step 4 in Stage Gate
-test the product in-market
, -develop the marketing plan
Launch - ✔Step 5 in Stage Gate
Execute the production, marketing, and sales plans
begin the lifestyle management process
What are the layers of a product? - ✔(inside to outside)
Core
Augmented
Symbolic
Core layer of a product - ✔The physical anatomy of the solution that solves the basic
benefit or problem that the customer is looking for
EXP: Jeans, Apple Watch, Sandwich
Augmented layer of a product - ✔The additional value that is added to the product.
Creates loyalty
EXP: Customer service, packaging, brand name
Symbolic Later of a product - ✔Captures the psychological and emotional meaning of
a product. creates a relationship with the customer
EXP: pride, empowerment, nostalgia
Nondurable good - ✔item consumed in one or a few uses, such as food products and fuel
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