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MKTG 187 > chapter 2 > Flashcards

chapter 2 Flashcards

1
Q

3 steps to opp identification systematic process

A
  1. ongoing marketing planning
  2. ongoing corporate planning
  3. special opportunity analysis
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2
Q

example of ongoing marketing planning

A

line extensions to meet a competitors cheaper price

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3
Q

example of corporate planning

A

own market or get out of it

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4
Q

example of special opportunity

A

one or more people take inventory of firms resources to find if there is an underutilized resource

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5
Q

4 opportunity categories

A
  1. underutilized resource
  2. new resources (ex: discovered a new material)
  3. external mandate (ex: new competition, market crash)
  4. internal mandate (ex: sales targets, upper management desires, laws/policies)
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6
Q

existing products require ___, new products require ___

A

forecasts, market size information

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7
Q

how to assess product market?

A
  1. market potential
  2. available market
  3. target market
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8
Q

what is market potential?

A

pool of all customers for whom the product holds of some relevance

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9
Q

what is available market?

A

Prospective consumers with interest, income, and access to the product.

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10
Q

what is target market?

A

The part of the available market the company decides to pursue with marketing activities

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11
Q

what is the goal of the build-up method?

A

Estimate market size and forecast demand. Start broad, narrow down.

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12
Q

steps to build-up method

A
  1. Upper Bound: Total potential customers.
  2. Reduce by disqualifying factors.
  3. Determine purchase frequency and quantity.
  4. Estimate average price to calculate total sales dollars.
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13
Q

what is the main goal of the concept generation phase?

A

Translate opportunity into a product concept, Identify problems customers or businesses have and suggest solutions.

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14
Q

where do ideas come from in the concept generation phase?

A

existing customers, partners, suppliers

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15
Q

what is the main question to ask in concept testing?

A

what do customers think about it?

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16
Q

what are the two parts to phase 3?

A
  1. evaluating, screening, sorting
  2. project evaluation
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17
Q

what phase is “protocol” in?

A

phase 3

18
Q

what phase is most of the “fuzz” removed?

A

phase 3

19
Q

what is protocol development

A

Define product benefits (not just features).

20
Q

key aspects of phase 4: development

A

item is formed, marketing plan is sketched, prototype is formed, business/financial plan is formed, considerations like special training needed are brought up

21
Q

key aspect of phase 5: launch

A

it is a phase not a point in time

22
Q

T or F: It’s too late to decide to pull the plug in phase 5

A

false

23
Q

what phase includes a pre-announcement?

A

5

24
Q

what phase would a press release plan be needed?

A

5

25
Q

at which phase is the market value of the product the most in?

A

5

26
Q

what is the goal of agile product development?

A

provide customer satisfaction by continuous software improvement and delivery

27
Q

what are “sprints” or “scrum” used in?

A

agile product development

28
Q

what type of development is speed and reducing risks key factors of?

A

agile product development

29
Q

agile-stage-gate

A

blend of agile and traditional product development

30
Q

3 pros to speeding up time from product to market

A
  1. product will be on market for long period of time
  2. attract customers early and block competitors
  3. build up firms reputation
31
Q

what is PIC?

A

A Product Innovation Charter (PIC) is like a roadmap or plan that helps a company stay on track while developing new products. It outlines the who, what, why, and how of the product development process.

32
Q

5 methods to accelerate time to market

A
  1. PIC
  2. 3rd gen product process
  3. portfolio management
  4. quality at every phase
  5. support smooth perfect development by utilizing cross functional teams
33
Q

goal of minimum viable product

A

version of product with just enough core features to satisfy customers and gather feedback for future development

34
Q

pros of MVP

A
  1. quick to launch
  2. cost efficient testing
  3. quick insights
  4. produce whichever features matter most to customers
35
Q

prioritizing speed sacrificies ___

A

flexibility and accuracy

36
Q

prioritizing flexibility sacrifices ___

A

accuracy

37
Q

prioritizing accuracy sacrifices __

A

flexibility

38
Q

What kind of product have higher failure rates but higher profits and revenues when they succeed

A

new to world products

39
Q

what are disruptive innovations?

A

innovations that create a new market

40
Q

Disruptive innovations are most often created by…

A

Small firms targeting overlooked market segments

41
Q
A

MKTG 187 (4 decks)

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