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MAR ELECTIVE > Module 1 > Flashcards

Module 1 Flashcards

1
Q

It means the development or gradual advance of the market from an initial position to one that is more critical

A

MARKET EVOLUTION

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2
Q

Four stages of Market Evolution

A

Emergence, Growth, Maturity, Decline

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3
Q

The market for such products is termed as latent. “A latent market consists of people who share a similar
need or want for something that does not yet exist.

A

EMERGENCE STAGE OF MARKET

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4
Q

A market that consists of people who share a similar
need or want for something that does not yet exist.

A

Latent Market

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5
Q

Marketing Strategies

A

Single-Niche
Multiple Niche
Mass Market

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6
Q

If the marketer decides to develop the product to satisfy one of the corners of the market, it is termed
as ?

A

Single-Niche

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7
Q

If the marketer decides to develop and launch more than one new product
aiming at more than one corner or segment of the total market, we call it a ?

A

multiple-niche strategy

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8
Q

Under this strategy, the marketer aims at the
middle portion of the market where concentration is heavy.

A

Mass Market Strategy

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9
Q

begins as new firms
enter the market and compete with the pioneer firm. Since this is the era
of extreme competition, new firms will immediately enter the market if they
see the market is profitable to operate

A

Growth Stage

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10
Q

When most of the corners/parts/segments of a
product’s total market are tapped and served by different competing
firms, the market reaches what stage?

A

Maturity Stage

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11
Q

When all of the major segments are covered, marketers find it
unprofitable operating in one or a few segments

A

Maturity Stage of Market

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12
Q

When the demand of the market will start reducing, this stage begins

A

Decline Stage

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13
Q

Two common reasons for decline of a business/ product

A
  • First, society’s need level for a particular product may decline, which reduces the need for a specific product.
  • Second, new technology may emerge capable of producing better products.
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14
Q

means making new
products and offering new services, or adding new value to existing ones

A

Innovation

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15
Q

is the implementation
and the application of a new idea related to a new product or service, a new marketing method, a new organizational methods in business practices, workplace organization or external relations

A

Innovation

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16
Q

5 areas in which companies can introduce innovation
(GIDDR)

A
  1. Generation of new or improved products.
  2. Introduction of new production process
  3. Development of new sales market
  4. Development of new supply market
  5. Reorganization and/ or restructing of the company
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17
Q

Types of Innovation (PMO)

A

Process innovation, Marketing, Organizational

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18
Q

The adoption of new or
significantly improved
production methods. These
methods may involve changes in equipment or production
organization or both

A

Process information

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19
Q

An innovation that satisfies
customer needs and develops a competitive advantage through
implementation of new marketing method involving significant changes in product design or
packaging, product placement, product promotion or pricing.

A

Marketing Innovation

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20
Q

The implementation of a new
organizational method in the firm’s business practices, workplace organization or external relations

A

Organizational innovation

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21
Q

Creating new Market + Improving existing knowledge = ?

A

Market innovation

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22
Q

Creating new Market + creating new knowledge = ?

A

Basic Innovation

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23
Q

Retaining Existing Market + improving existing knowledge = ?

A

Incremental Innovation

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24
Q

Retaining Existing Market + Creating new knowledge = ?

A

Technological Subsitution

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25
Q

is the set of activities
beginning with the perception of a
market opportunity and ending in the production, sale, and delivery of
a product. It includes also new service development (NSD).

A

New Product Development (NPD)

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26
Q

What is a new product?

A
  1. A product that OPENS an entirely new market
  2. A product that ADOPTS or REPLACES an existing product
  3. An OLD PRODUCT introduced in a NEW market
  4. An old product PACKAGED IN DIFFERENT WAY
  5. An old product MARKETED in a different way
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27
Q

FUNDAMENTAL ELEMENTS NEW PRODUCT DEVELOPMENT

A

Variant Generation Process
Selection Process
Transformation Process
Coordination Process

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28
Q

which converts (‘develops’)
opportunities into economic goods and codified knowledge (embodied in a design) – products or services to be offered to
customers

A

Transformation Process

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29
Q

process which ensures the information flow,
collaboration, and cooperation among multiple parties, involved in the NPD activities

A

Coordination Process

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30
Q

which identifies new
combinations of technologies, processes, and market opportunities with the potential to create economic value

A

Variant Generation Process

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31
Q

which chooses the most promising among
the new combinations for further investment according to consistent criteria.

A

Selection Process

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32
Q

New product can be used to:

A
  1. Increase/defend market share by offering more choices or updating older products
  2. Improve relationship with
    distributors
  3. Maintain the firm’s reputation a leading brand
  4. Make better use of the
    organization’s resources
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33
Q

Why develop a new product?

A
  1. To maintain/ increase market
    share
  2. To fill gap in the market
  3. To take advantage of new
    technology
  4. To replace declining product
  5. To maintain competitive
    advantage
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34
Q

True or false:

A MARKETER CAN RARELY
SATISFY EVERYONE IN
A MARKET

A

True

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35
Q

Identify and profile distinct
groups of buyers who might
prefer or require varying products

A

Market segmentation

36
Q

can be identified by examining demographic, psychographic, and behavioral differences
among buyers

A

Market segments

37
Q

For each chosen target market, the firm develops a ?

A

Market Offering

38
Q

is positioned in the
minds of the target buyers as
delivering some central
benefit(s)

A

Offering

39
Q

Benefits of using market segmentation and target market

A
  1. Enhance Market campaign
  2. Improves product development
  3. Helps Locate New Market
    4.Provides Brand Guidance
40
Q

You can create marketing
campaigns that show how the company’s products and services meet your customer’s specific
needs and encourage customers to choose your product over
competing items.

A

Enhance Marketing Campaign

41
Q

Create products they find useful. Opportunities to create new products to meet specific needs.

A

Improves Product Development

42
Q

Improve existing products to
make them more useful to the customers

A

Improves Product Development

43
Q

Targeted product development
can build brand loyalty and help a company acquire a niche market

A

Improves product development

44
Q

Conducting market segmentation research can help a business development team learn about audiences who haven’t received targeted marketing from the company yet.

A

Helps Locate New Market

45
Q

Learning who buys a company’s products can help the company’s leadership team adjust its brand to
appeal to its target audience

A

Provides Brand Guidance

46
Q

Product Development life cycle

A

Conceptualization
Planning
Development
Testing and validation
Launch
Growth and improvement
Maturity
Decline or End-of-life

47
Q

two things you do in Conceptualization

A

Idea generation
Idea screening

48
Q

Gathering and generating potential ideas for new products or improvements to existing products.

A

Idea generation

49
Q

Encouraging brainstorming sessions, innovation competitions, and cross departmental collaborations.

A

Idea generation

50
Q

Evaluating and selecting the s
promising ideas based on various criteria such as feasibility, market potential, and alignment with business goal

A

Idea Screening

51
Q

Using criteria like market potential, feasibility, and strategic fit to evaluate
and prioritize ideas

A

Idea screening

52
Q

2 things you do in planning

A

Feasibility analysis
Market research

53
Q

Assessing the technical, financial, and market feasibility of the selected product concept

A

Feasibility Analysis

54
Q

Employing SWOT analysis
(Strengths, Weaknesses,
Opportunities, Threats), cost-benefit analysis, and risk assessment

A

Feasibility Analysis

55
Q

Conducting detailed market analysis, identifying target demographics, and
understanding consumer needs and preferences

A

Market Research

56
Q

Conducting surveys, focus groups, and competitor analysis to understand market needs and trends

A

Market research

57
Q

2 things you do in development

A

Product design
Prototyping

58
Q

Creating the detailed specifications and
design of the product based on market research and feasibility analysis.

A

Product design

59
Q

Utilizing design thinking methodologies,
rapid prototyping, and agile
development processes to create user centered designs.

A

Product design

60
Q

Building prototypes or minimum viable
products (MVPs) to test the product’s functionalities and gather feedback for refinemen

A

prototyping

61
Q

Emphasizing rapid iteration and feedback loops to refine product features
and functionalities early in the process

A

Prototyping

62
Q

Two things you do in testing and validation

A

Product testing
Validation

63
Q

Conducting rigorous testing to ensure the product meets quality standards
and addresses consumer needs.

A

Product Testing

64
Q

Employing alpha and beta testing, quality assurance protocols, and
usability testing to ensure product reliability and performance.

A

Product testing

65
Q

Verifying the product’s performance, usability, and reliability against predefined criteria.

A

Validation

66
Q

Conducting user acceptance testing (UAT), validating against predefined
success criteria, and incorporating
feedback

A

Validation

67
Q

2 things you do in Launch

A

Market Entry
Launch Strategy

68
Q

Strategically introducing the product to the market through effective marketing
campaigns and distribution channels.

A

Market Entry

69
Q

Using penetration pricing, skimming, or other pricing strategies; selecting
appropriate distribution channels; and creating compelling marketing
campaigns.

A

Market Entry

70
Q

Executing the go-to-market plan, including pricing, promotion, and
distribution strategies

A

Launch Strategy

71
Q

Leveraging social media, influencer marketing, and strategic partnerships
for maximum reach and impact

A

Launch Strategy

72
Q

under Growth and development

A

Market feedback Analysis
Iterative development

73
Q

Collecting and analyzing feedback from initial users/customers to
identify areas for improvement.

A

Market Feedback analysis

74
Q

Utilizing feedback collection tools, customer surveys, and data analytics to gather and analyze user feedback.

A

Market Feedback Analysis

75
Q

Implementing changes or updates based
on feedback to enhance the product’s features, performance, or user
experience

A

Iterative Development

76
Q

Under Maturity

A

Product optimization
Market expansion

77
Q

Optimizing the product based on market trends, technological
advancements, or changing
consumer preferences

A

Product Optimization

78
Q

Conducting periodic reviews, feature enhancements, product bundling,
and cross-selling strategies

A

Product Optimization

79
Q

Exploring new markets or segments to sustain or expand the product’s
market share.

A

Market Expansion

80
Q

Identifying new market segments, geographic expansion, and
diversification of product variants or extensions.

A

Market expansion

81
Q

Under Decline

A

Product Retirement
Disposition

82
Q

Considering product retirement or discontinuation due to declining market
demand, technological obsolescence, or
the introduction of newer products.

A

Product Retirement

83
Q

Implementing phased withdrawal strategies, offering incentives for the
transition to newer products, and responsibly managing inventory or disposal.

A

Product Retirement

84
Q

Planning for the withdrawal of the product from the market, including
inventory management and customer transition strategies.

A

Disposition

85
Q

Providing customer support during the transition, offering discounts for remaining inventory, and communicating transparently about the product’s discontinuation

A

Disposition

MAR ELECTIVE (5 decks)

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