MART211: Products to Market

Question 1

What is innovation?

Answer 1

Turning an idea into a solution that adds value from a customers perspective
Involves the application of a novel solution to a specific consumer or commercial need

Question 2

What is marketing roles in innovation (2)?

Answer 2

1. Identifying consumer needs in a marketplace
2. Identifying novel (and superior) means to address these needs

Question 3

What is disruptive innovation?

Answer 3

A combo of speed of uptake and scale of changes makes innovations disruptive - if industry incumbents cannot cope with it

Question 4

Why is innovation essential?

Answer 4

Need to innovate to survive in a free market economy

Question 5

What are the different pressures of innovation and an example?

Answer 5

High - phones
Moderate - Laptops
Low - Phones

Question 6

What are the advantages of NPDP? (4)

Answer 6

1. Regular and governable production
2. Dedicated resources
3. Large population of new ideas form which innovations can be developed
4. An impartial evaluation of any ones ideas ‘fitness; as a particular market innovation

Question 7

What are the drawbacks of NDPD?

Answer 7

1. Expensive
2. Requires large scale to function properly (USA and NZ system are different scales)
3. Usually favour incremental rather than disruptive innovations (brand extensions)
4. Risk of market introversion ‘box ticking’ and product focus - marketing mytopia

Question 8

What is a marketing mytopia?

Answer 8

A focus on the answer instead of the need you’re trying to cater to

Question 9

What is the NPDP system? (6)

Answer 9

1. New product policy development
2. Idea generation/concept development
3. Idea screening
4. Product development
5. Final decision
   Commercial development and launch

Question 10

IS the NPDP used in NZ?

Answer 10

Not really, as most companies are too small but in a more ‘ad-hoc’ opportunistic way

Question 11

What are the NPD Pressure Points? (5)

Answer 11

New Product Policy
Concept Development
Specifications
Financial Analysis
Commercialisation

Question 12

What are the outcomes of the PP Problem (failure)

Answer 12

Lack of direction/resources
No consumer need/revenue
Cannot address consumer need
Incapable of generating profits
Missed Market

Question 13

What is research scoping?

Answer 13

Finding a specific objective and defining the research proposition bu figuring out what questions need to be asked

Question 14

What are the 4 assumptions for research scoping?

Answer 14

1. There is a consumer problem to be addressed
2. The consumer problem is large enough
3. The offer is equipped to address the problem
4. The revenue is accessible