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OSU BUSML 3250 Exam 2 Questions and Answers
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OSU BUSML 3250 Exam 2 Questions and Answers
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OSU BUSML 3250 Exam 2 Questions andAnswers
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
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