Podcast
Questions and Answers
What is a new-to-the-world product?
What is a new-to-the-world product?
- A product that takes a firm into a new category
- A product that creates a new market (correct)
- A product that is an addition to an existing product line
- A product that replaces an existing product at a lower cost
What is the difference between new-to-the-world products and new-to-the-firm products?
What is the difference between new-to-the-world products and new-to-the-firm products?
- New-to-the-world products take a firm into a new category, while new-to-the-firm products create a new market.
- New-to-the-world products create a new market, while new-to-the-firm products take a firm into a new category. (correct)
- New-to-the-world products and new-to-the-firm products are the same thing.
- New-to-the-world products and new-to-the-firm products do not exist.
What is a repositioning of a product?
What is a repositioning of a product?
- A product that targets a new use or application (correct)
- A product that takes a firm into a new category
- A product that replaces an existing product at a lower cost
- A product that creates a new market
What are line extensions?
What are line extensions?
What is an example of a new-to-the-firm product?
What is an example of a new-to-the-firm product?
Which of the following is an example of a new-to-the-firm product?
Which of the following is an example of a new-to-the-firm product?
Study Notes
- New products can be categorized based on how new they are to the world or the firm.
- New-to-the-world products create a whole new market.
- New-to-the-firm products take a firm into a new category.
- Additions to existing product lines are line extensions.
- Improvements and revisions make current products better.
- Repositionings retarget products for a new use or application.
- Cost reductions replace existing products at a lower cost.
- Examples of new-to-the-world products include Polaroid camera, iPod, and iPad.
- Examples of new-to-the-firm products include P&G's first shampoo or coffee.
- Examples of additions to existing product lines include P&G's Tide Liquid detergent and Bud Light.
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Description
Take this quiz to test your knowledge on the different types of new products and their examples. Learn about new-to-the-world products that create a whole new market, new-to-the-firm products that take a firm into a new category, line extensions, improvements, repositionings, and cost reductions. Challenge yourself to identify examples of each type of new product, including popular products like the Polaroid camera, iPod, and Tide Liquid detergent. Are you ready to become a product expert? Start the quiz
