L9 Marketing innovation Flashcards
1
Q
how do you categorise innovations as solutions or new offers in a marketplace
A
- products; goods = nondurable or durable(more risk)
- products; tangible(product) or intangible(service or idea)
2
Q
explain the significance of ‘newness’ as related to the degree of consumer learning required for innovation acceptance
A
- continuous (to many features can be disadvantageous) to dynamically continuous to discontinuous levels of innovation require increasing levels of consumer learning.
3
Q
what are the stages of the product life cycle and what does each line represent?
A
- stages= introduction, growth, maturity, decline
- red higher line= total industry sales revenue
- blue lower line= total industry profit
4
Q
what is the role of innovation in organisations in the modern world
A
5
Q
What is the new product development strategy?
A
- idea generation eg suggestions, open innovation, competitive products
- screening and evaluation eg internal approach new product development strategy, external approach using concept tests
- business analysis eg prototype, financial projections, data
- development eg turn ideas into product, lab and consumer tests
- test marketing eg standard, controlled and simulated test markets
6
Q
what does SWOT refer to
A
- Strengths
- Weaknesses
- Opportunities
- Threats
