New Products

Chapter 1

Intuition has no place in the scientific process of new product- False

Major obstacle of innovation is fear of change and certainty it brings- True

Strategy and the identification is the first stage- True

Basic task of a business is consumer satisfaction / profit

Newness of a product is determined by consumer

Product includes: All of the above

Short Answer:

1) What is a new product and who decides if a product is new?

a.Good or service that is perceived b the target market as different and better than others- the consumer decides if the product is new. When the product has sold enough, made enough profit, established a strong toehold in a new market, and effectively thwarted a particular competitor.

Chapter 2

New product development process ends at the evaluation process- True

Best ideation comes from identifying problems for business and consumers - True

Comprehensive business analysis emphasizes profitability- True

Benchmarking as guidelines - True

Every new product starts out as a concept

The development phase is concerned with all of the above

Important consideration with product development must be the consumer

1) Why must the marketing department's new product efforts be supported by the firm's corporate strategy?

a. Make sure the product fits the company's mission- make sure they are going in the same direction

Chapter 3

Platform concept cannot be used successfully with services or brands- False

PIC - allows delegation, permits financing, and calls for personal assignments- True

Core compacies serve as a logical starting point- True

Technology is the single most important factor in new product development- False

Goals are long term targets, objectives are short term - True

The PIC should flow from and be consistent with mission statement

McDonalds uses golden arches in order to add tangibility

PIC utilizes all the following except employment policies

Which of the following categories would a firm want to dominant its portfolio- pearls

1) What's the purpose and value of product platform planning?

Chapter 4

Common thread in providing a unique safe environment where criticism is not allowed- T

New product only comes into being when it's successful- True

Technology is always a starting point for new product- False

An inventor tends to be all of the above

New product is born when successful in the market place

Marketing perspective, new product development efforts should be begin- benefit

Useful development in user orientated ideation involves identifying lead users

1) Who are lead users and why are they important?

a. Out in front, trendsetters- at the leading edge of the trend, have the best understanding of the problems faced, and expect to gain significantly from solutions to those problems. They are especially helpful in giving new product ideas.

Chapter 5

Non users are rarely in the product analysis phase- False

Focus groups is popular quantitative research techniques - False

Wild cards are low probability, high impact events- True

Most productive method of gathering a list of consumer problems- talk to consumer

Creativity stimulating techniques are all of above

1) Discuss advantages and disadvantages of focus groups?

a. - good for finding problems and the focus group works well by stimulating people to speak out about things they are reluctant on when in one-on-one interviews- Costs can be deceptive (1800 an hour per person) so the info better be good. Outcome is not always successful- provides in depth discussions rather than the power of numbers- qualitative research

Chapter 6

Product attributes include features, functions and benefits- True

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