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Pricing Schools Business

Features Pricing Schools Business

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Product Mix Adjustments Quiz

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Questions and Answers

Which of the following is a key benefit of introducing new products through disruptive innovation?

Increased sales and profits (correct)

Lower costs and tighter security

Establishment of a distribution system

Reduced risk of product failure

What is the purpose of concept testing in the product development process?

To evaluate ideas for their contribution to sales, costs, and profits

To convert an idea into a prototype for testing

To gauge potential buyers' reactions to a product idea (correct)

To estimate potential sales, costs, and profits

What is one disadvantage of test marketing as a strategy to assess the viability of a new product?

Limited feedback from potential customers

Increased advertising and promotion costs

Interference from competitors (correct)

Inability to measure potential sales

What are the advantages of simulated test marketing compared to traditional test marketing?

Greater speed, lower costs, and tighter security (D) Signup and view all the answers

What is the purpose of the commercialization phase in the product development process?

To decide on changes to the marketing mix (A) Signup and view all the answers

True or false: The development of new products is a key part of any business's growth strategy.

True (A) Signup and view all the answers

True or false: Test marketing is a strategy used by many companies to assess the potential success of a new product or service.

True (A) Signup and view all the answers

True or false: Simulated test marketing is more expensive and vulnerable to interference from competitors compared to traditional test marketing.

False (B) Signup and view all the answers

_______ innovation can provide a firm with a competitive edge, while also creating new markets or reshaping existing ones.

Disruptive Signup and view all the answers

Test marketing is a strategy used by many companies to assess the potential success of a new _______.

product or service Signup and view all the answers

Rather than launching a product nationwide overnight, companies may opt for a ______ strategy, whereby the product is initially introduced in one geographic area and gradually expanded to adjacent areas.

rollout Signup and view all the answers

What are the steps involved in developing a new product?

The steps involved in developing a new product include idea generation and screening, concept testing, business analysis, product development, test marketing, and commercialization. Signup and view all the answers

Explain the advantages and disadvantages of test marketing as a strategy to assess the viability of a new product.

The advantages of test marketing include assessing potential customer response, identifying product weaknesses, and experimenting with marketing mix variations. The disadvantages include high costs and vulnerability to interference from competitors. Signup and view all the answers

What is the purpose of a rollout strategy in product launch?

The purpose of a rollout strategy is to initially introduce the product in a specific geographic area and gradually expand to adjacent areas, reducing the risk of introducing a new product, establishing a distribution system, and allowing for marketing mix fine-tuning. Signup and view all the answers