6 Questions
What is a new-to-the-world product?
A product that creates a new market
What is the difference between new-to-the-world products and new-to-the-firm products?
New-to-the-world products create a new market, while new-to-the-firm products take a firm into a new category.
What is a repositioning of a product?
A product that targets a new use or application
What are line extensions?
Additions to existing product lines
What is an example of a new-to-the-firm product?
P&G's first shampoo or coffee
Which of the following is an example of a new-to-the-firm product?
P&G's first shampoo or coffee
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.
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
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