100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
OSU BUSML 3250 Exam 2 Questions and Answers $15.49   Add to cart

Exam (elaborations)

OSU BUSML 3250 Exam 2 Questions and Answers

 1 view  0 purchase
  • Course
  • BUSML 3250
  • Institution
  • BUSML 3250

OSU BUSML 3250 Exam 2 Questions and Answers

Preview 2 out of 11  pages

  • October 29, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSML 3250
  • BUSML 3250
avatar-seller
lectknancy
OSU BUSML 3250 Exam 2 Questions and
Answers
Where Do Firms Get New Products? and WHY - Answer-Acquisition
New Product Development

Enhances product mix

- Competition
- Uncertain returns
- Availability of finance

if you don't you will loose market share

Overestimation of market size
Design problems
Incorrect pricing or positioning
High development costs
Competitor reaction - Answer-Risks of innovation

existing product category, existing brand name - Answer-line extension

new product category, existing brand name - Answer-brand extension

existing product category, new brand name - Answer-multibrands

new product category, new brand name - Answer-new brands

Creating successful new products requires: - Answer-Understanding consumers,
markets, and competitors

Superior value to customers

Crowd-sourcing (Open Innovation Programs) - Answer-using consumers to develop and
market products

"Could your innovation be the next game-changer?"

The first filter in the product development process, which eliminates ideas that are
inconsistent with the organization's new-product strategy or are inappropriate for some
other reason - Answer-Idea Screening

A test (with consumers) to evaluate a new-product concept (idea), usually *before* any
prototype has been created - Answer-Concept test

, Expresses the key idea in the concept - Answer-Headline

Expresses the target consumer's unmet need - Answer-Accepted Consumer Belief
(ACB)

The concept's promise that answers the target consumer's question: What's in it for me?
- Answer-Benefit

The portion of the concept that gives credibility to the product promise - Answer-Reason
to Believe (RTB)

creation and testing of one or more physical versions

increase in investment

workable physical product: prototype - Answer-Product development

Test Market?

New product with large investment
Uncertainty about product or marketing program - Answer-Yes

Test Market?

Simple line extension
Copy of competitor product
Low costs
Management confidence - Answer-No

Explains how features change over the life of a product

Concept that seeks to describe a product's sales, competitors, customers, and
marketing emphasis from its beginning until it is removed from the market. - Answer-
The Product Life Cycle (PLC)

Marketing strategies must change and evolve as a product moves through the ____ -
Answer-The Product Life Cycle (PLC)

The Product Life Cycle - Answer-

Stage in PLC?

Promotion focused on product awareness and to stimulate primary demand

Intensive personal selling to retailers and wholesalers - Answer-Introduction

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82215 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.49
  • (0)
  Add to cart