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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?
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What is an example of a new-to-the-firm product?
What is an example of a new-to-the-firm product?
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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?
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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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