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MKTG 187 > chapter 1 > Flashcards

chapter 1 Flashcards

1
Q

what rate do new products fail at?

A

40%

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2
Q

how many ideas does a top company have to generate in order to get one winning product?

A

4.5

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3
Q

how many ideas does a not top company have to generate in order to get one winning product?

A

11.4

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4
Q

T or F: its a companys goal to have 0 failure

A

F

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5
Q

what is a firms goal when generating ideas and failures

A

minimize the dollar losses on failures

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6
Q

Do the best new product firms have a higher or lower percent of profits from new products, and a higher or lower number of ideas per successful new product?

A

Higher, lower

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7
Q

The best firms have higher success rates and derive ___ sales from new products than other firms

A

2x

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8
Q

what are 8 strategies the best companies use in order to screen out bad ideas earlier?

A
  1. effective process
  2. most likely to use market research tools
  3. use SM/ online communities for information
  4. portfolio analysis for product selection
  5. formal processes for idea generation/concept development
  6. open-innovation approach
  7. involve senior management in decision making
  8. more likely to have global market
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9
Q

what are examples of some market research tools that top firms use to find new succeeding ideas?

A

creativity sessions, tradeoff analysis, concept tests, voice of customer, alpha/beta testing, test markets

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10
Q

why is product development challenging?

A
  1. many decisions need to be made with inadequate facts and under intense pressure
  2. have to apply instead of just research concepts
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11
Q

what is the key feature of new product teams?

A

they are cross-functional

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12
Q

why do firms use global R&D?

A
  1. cheap labor force
  2. talent/idea generation
  3. leverage global resources for other stages of product development
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13
Q

what are heuristics? why do marketers use them?

A

rules of thumb, used to move fast enough in generating ideas

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14
Q

process innovation

A

functions by which something is made, manufactured, and distributed, how its made

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15
Q

product innovation

A

total operations by which a new product is created/marketed, what is made

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16
Q

what products have the highest risks?

A
  1. new to world products
  2. new to firm product
17
Q

what are new to world products?

A

first of their kind, inventions that create a whole new market (ex: first iphone)

18
Q

what are new to the firm products?

A

products that take a firm into a category new to the firm, new to company but not new to the market (ex: starbucks breakfast)

19
Q

what new product type yields the lowest ROI?

A

additions to existing product lines

20
Q

what are all the different new product types?

A
  1. new to world
  2. new to firm
  3. additions to existing product lines
  4. repositions
  5. cost reductions
21
Q

what could be an issue of adding a new product line

A

the new product line could be to similar to an existing product

22
Q

1 reason for new product failure?

A

no need, product didnt meet user need, didnt offer user any value

23
Q

Which level of product innovativeness has the least amount of financial success?

A

medium innovation

24
Q

invention vs innovation

A

invention describes the dimensions of uniqueness from form to formula to function.
innovation is the overall process from invention to product.

25
Q

reason for product success?

A

unique, superior product

26
Q

Most innovative product categories account for many more
_____

A

product successes

27
Q

What is one of the main reasons why new products are critical for companies?

A

To ensure long-term competitive edge and differentiate from competitors

28
Q

what do firms experience pressure to do?

A

accelerate time to market

29
Q

New Products Process (5 steps)

A
  1. opportunity identification
  2. concept generation
  3. concept/project evaluation
  4. development
  5. launch
30
Q

some ideas for firms to speed up the time to market

A
  1. different teams communicate effectively
  2. streamline evaluation tasks
  3. get conditional approvals to move onto development
31
Q

serial innovators are able to…

A
  1. Able to bridge the gap between
    technology and the market
  2. finds the important problems
  3. Understand the problem and current resources/position
  4. Is the customer willing to pay to solve it? Is there a company fit?
  5. inventing a solution and checking for customer acceptance with a prototype
  6. Ensuring product goes into
    development and gaining market
    acceptance

MKTG 187 (4 decks)

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