Chapter 10 | Developing Products & Services

Question 1

Classify the 4 types of Consumer Products

Answer 1

1. Convenience
2. Shopping
3. Specialty
4. Unsought

Question 2

Convenience Products

Answer 2

Purchased quickly with little effort. (examples: Staples, Impulse Products, Emergency Products)

Question 3

Product Comparisons are made with what type of product

Answer 3

Shopping Products — compares several alternatives; quality, price, + style

Question 4

How a consumer product is classified affects ____ and ____

Answer 4

affects which products the consumers buy and the marketing strategies used.

Question 5

Business Products | name 3

Answer 5

Derived Demand, Components, & Support Products

Question 6

What percentage of new products that reach the marketplace fail?

Answer 6

about 35%

Question 7

Marketing reasons for New-Product Failures

Answer 7

1. Insignificant Points of Difference
2. Incomplete Market & Product Protocol
3. Not satisfying Customer Needs on Critical Factors
4. Bad Timing
5. Poor product quality
6. poor execution of the marketing mix
7. No Economical Access to Buyers

Question 8

Seven Stages in the new-product process leading to success

Answer 8

1. New-Product Strategy Development
2. Idea Generation
3. Screening and Evaluation
4. Business Analysis
5. Development
6. Market Testing
7. Commercialization (commercialized products)

Question 9

Stage 2 of the New-Product Process

Answer 9

Idea Generation
- open innovation
- customer and supplier suggestions
-employee and co-worker suggestions
-research and development laboratories
-competitive products
-universities, inventors, & small tech firms

Question 10

Stage 3 of the New-Product Process

Answer 10

Screening and Evaluation!
-CEM (customer experience management)
-internal approach
-external approach (concept tests)

Question 11

Stage 4 of the New-Product Process

Answer 11

Business Analysis
-prototype
-business fit
-capacity management
-capacity management
-off-peak pricing

Question 12

Stage 5 of New Product Process

Answer 12

Development
-brainstorming
-service encounters
-safety tests

Question 13

Stage 6 of new product process

Answer 13

Market Testing
-test marketing
-simulated test markets (STMs)
-when test markets don’t work

Question 14

Stage 7 of New product process

Answer 14

Commercialization

Question 15

Name the Consumer Product Type:
Rolls-Royce Cars

Answer 15

Specialty

Question 16

Name Consumer Product Type:
Burial Insurance

Answer 16

Unsought

Question 17

Name Consumer Product Type:
Toothpaste

Answer 17

Convenience

Question 18

Name Consumer Product Type:
Cameras

Answer 18

Shopping