Chapter 7 Flashcards
What is the next step after moving a product idea through concept testing and prototyping?
Figuring out how to sell the product
Where do most people begin their shopping journey?
On Amazon
What is the law of gravitational marketing?
To successfully introduce a new product, you must disrupt marketplace equilibrium by offering something significantly different, better, and special than current offerings.
Why is it important to have a generous marketing budget set aside for a new product launch?
If consumers don’t know the product exists, then there’s no way they will buy it.
Why is it important to have a generous marketing budget set aside for a new product launch?
If consumers don’t know the product exists, then there’s no way they will buy it.
Why is it important to have a generous marketing budget set aside for a new product launch?
If consumers don’t know the product exists, then there’s no way they will buy it.
What is a line extension?
A line extension borrows the name and brand equity from an existing product to create new products within the same product category.
PF Chang’s offering frozen entrees at the grocery store is an example of:
Brand extension
What is typically the best source of new business, product, and service ideas?
Crowdsourcing
