Podcast
Questions and Answers
What is the recommended action for a product in the decline stage of its life cycle?
What is the recommended action for a product in the decline stage of its life cycle?
What are the external sources of a company?
What are the external sources of a company?
What is one of the reasons for new product failure?
What is one of the reasons for new product failure?
What are the three questions included in the R-W-W screening framework?
What are the three questions included in the R-W-W screening framework?
Signup and view all the answers
Do companies make profits during the Product Development phase?
Do companies make profits during the Product Development phase?
Signup and view all the answers
What does business analysis involve?
What does business analysis involve?
Signup and view all the answers
What are the types of test markets?
What are the types of test markets?
Signup and view all the answers
What are the advantages of simulated test markets?
What are the advantages of simulated test markets?
Signup and view all the answers
When do firms test the market?
When do firms test the market?
Signup and view all the answers
What are fads?
What are fads?
Signup and view all the answers
Study Notes
- External sources refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms.
- The R-W-W screening framework includes three questions: Is it real? Can we win? Is it worth doing?
- Business analysis involves a review of the sales, costs, and profit projections to find out whether they satisfy the company objectives.
- The types of test markets include standard, controlled, and simulated.
- Simulated test markets are less expensive, faster, and restrict access by competitors.
- Firms test the market when there is a new product with a large investment or uncertainty about a product or a marketing program.
- Fads are temporary periods of unusually high sales driven by consumer enthusiasm and immediate or product brand popularity.
- The three Maturity Stage Modifying Strategies are market modifying, product modifying, and marketing mix modifying.
- Additional product and service considerations include determining what products and services to introduce in which countries, standardization versus customization, packaging and labeling, customs, values, laws.
- The major stages in new-product development include idea generation, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Are you looking to test your knowledge on key concepts related to product development and marketing strategy? Look no further! This quiz covers a range of topics, including external sources, R-W-W screening, business analysis, test markets, fads, product modifying, and more. With ten questions, you'll have the chance to demonstrate your understanding of the major stages in new-product development, product and service considerations, and maturity stage modifying strategies. Sharpen your skills and challenge yourself with this informative quiz.
