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MKTG 442 - Week 2 With
Complete Solution
Identify the steps for new product launch management - ANSWER 1. Idea (generation)
- Concept
- Product development
- Testing
- Launch management
define idea generation - ANSWER - the process of evaluating consumer response to an idea before introducing a product to market
- assessment of category + consumer needs
define concept - ANSWER developing concept statements for research
define product development - ANSWER design, engineering, R&D, testing, and manufacturing
define testing - ANSWER - sales + marketing planning
- comprises of retail partnerships, distribution, sales data, sales strategy + marketing plan
define launch/management - ANSWER - analyzing sales
- comprising of flawless execution, optimization, and performance evaluation
identify the criteria for idea generation - ANSWER - company focus
- company objectives
- growth milestones
- brainstorming
- ideas for ne wproducts
- ideas for current products
- consumer needs
- unique offering
- technology
- market orientation
- quality
- cost efficiency
- innovative
identify the 4 factors that cause new products to fail - ANSWER - poor market/industry assessment
- poor category assessment (i.e. shelf space, in-store promotion/ in-store manager)
- incorrect competitive product analysis
- poor launch planning (i.e. marketing plan/distribution)
identify the 2 common corporate issues - ANSWER - stock price dipping/plunging
- falling short of revenue projections
identify the 5 new product drivers - ANSWER - needs + wants change
- leveraging market place trends
- technology enhancements
- retail environmental changes
- product lifecycle changes
identify stages of the business life cycle - ANSWER - introductory
define the introductory stage of the business life cycle - ANSWER - expensive
- lots of money spent on awareness + information
- sales start rising, but profits are still negative until growth stage
define the growth stage of the business life cycle - ANSWER - sales are growing
- profit begins to rise
- competition begins to enter the market
define maturity stage of the business life cycle - ANSWER - sales volume peak
- marketing share begin to decrease
- profits declining
- NEW PRODUCT SEGMENTATIONS BEGIN
define decline stage of the business life cycle - ANSWER - both sales + profits begin to decline
- business as good as gone
- ex. Blackberry
