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Questions and Answers
What percentage of commercialized new products are typically successful?
What is the main focus of most people's perception of new products?
What is the primary reason for the success of Nvidia mentioned in the document?
At which stage do fewer than 50 ideas pass evaluation and testing?
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Which one of the following companies is associated with resetting the value of women’s sport?
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What is the estimated commercial success rate for new products in consumer goods?
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What phase follows the concept test in product development?
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Which company is known for unlocking the potential of Ozempic?
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During which phase is the focus primarily on design and prototype development?
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What is the primary challenge associated with new product development?
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What is an important action that might be performed before the immediate roll-out of a product?
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What is one of the key components for optimizing in-market success?
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How is the group project assessed in terms of Creativity?
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What is the due date for the group project written report?
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What percentage of the total assessment is attributed to the group presentation?
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What must be submitted to Canvas by a group member for the presentation?
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What factors are considered more important in participation than the quantity of contributions?
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What is the total percentage value of tutorial quizzes in the overall grading?
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What is the duration of the final exam?
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How should students prepare for the upcoming week according to the guidelines?
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What is the importance of the BRC Research component in the grading structure?
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What is the primary benefit of validating concepts in market research?
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What common mistake led to Juicero's product failure among consumers?
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Which of these groups benefits from concept validation in market research?
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What factor contributed to the failure of a product due to inadequate concept testing?
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How does concept validation enhance a brand's competitive advantage?
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Why is it important for marketers to avoid relying solely on gut instincts?
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Which aspect of Juicero's marketing strategy was problematic?
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Which statement best describes the outcome of effective concept validation?
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What is the purpose of the New Products Process in product development?
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Which element is crucial for aligning new product development with a company's goals?
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What happens to ideas that pass the initial screening in the new product process?
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What role does the Product Portfolio play in new product development?
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Why is concept testing important in the product development process?
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What is a line extension in the context of product development?
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What is the first step in identifying a new product opportunity?
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What type of products are considered 'new to the world'?
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Study Notes
Course Introduction
- MKTG 3114 focuses on New Product Development (NPD).
- Teaching team includes coordinators and lecturers, as well as multiple tutors.
Importance of New Products
- New products are perceived as technological advancements but can be simpler.
- NPD is not always a planned process and is essential for business growth.
Innovative Companies
- Nvidia: AI chip technology.
- Novo Nordisk: Enhancing product potential with Ozempic.
- Microsoft: Integrating AI tools into business.
- Others include United Auto Workers, National Women's Soccer League, Gensler, YouTube, Taco Bell, OpenAI, and KinetX.
New Product Development Process Challenges
- For every 100 ideas:
- Less than 70 pass initial screening.
- Under 50 move past concept evaluation/testing.
- Approximately 30 proceed to development.
- 30 make it through testing.
- 25 get commercialized.
- 15 out of those 25 are successful; success rate varies across sectors.
Types of New Products
- New to the World: Inventions that create new markets.
- New to the Company: Introductions into existing companies.
- Line Extensions: Additions within the same category.
- Product Improvements and Repositioned Products focus on enhancing existing offerings.
Strategic Elements of Product Development
- New Products Process: Structured phases covering concept development to post-launch.
- Product Innovation Charter (PIC): Aligns product development with firm objectives and market opportunities.
- Product Portfolio: Evaluates potential new products based on strategic goals.
Identifying Opportunities
- Opportunities in new markets must align with the firm's mission statement.
- Each opportunity is assessed against the PIC for strategic alignment.
Concept Generation and Evaluation
- Concepts developed from the PIC are evaluated through creative and analytical methods.
- Effective concept testing prioritizes customer needs, saving resources, and enhancing market competitiveness.
Importance of Concept Validation
- Validating concepts leads to better alignment with consumer preferences, improving potential success rates.
- Poor concept testing can lead to product failures, exemplified by cases like Juicero, which overcomplicated juice-making.
Product Development Phase
- Focus on design and prototype development.
- Various consumer testing methods assess product usability.
Launch Strategies
- Strategic planning ensures optimized market success.
- Preliminary market tests may be conducted prior to full rollout.
Assessments Overview
- Group Project Written Report (30%): Develop a new product idea; submission by 31st October.
- Group Presentation (10%): Pitch to management in weeks 11-12; slides due 9th November.
- Participation (10%): Engaging contributions in tutorials, measured on insightful participation.
- Quizzes (20%): Four quizzes throughout the semester.
- Final Exam (30%): Comprehensive covering all chapters discussed; duration of 1.5 hours.
Conclusion
- Active participation and reading ahead are encouraged for a successful learning experience.
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