New Product Development Flashcards
Primary Research
New original information
Qualitative
Not numbers
Advertising Specialties
anything with the advertisers name given as a gift to consumer
Jack daniels shot glass when purchasing jack Daniel bottle
Product Line Filling
Adding more options to the product line
What 3 things does Sweet Spot combine
Human Values
Technology
Business
What are 3 examples of Brand Identity
Name
Logo
Tag line
Product Mix Depth
Number of versions of each product
What does AIDA stand for?
Attention
Interest
Desire
Action
What is an example of Product Mix Depth
Different flavors of COKE
Sales Promotion
short term incentive to encourage purchase of product
Point of Purchase Promotion
Promotion that happens when product is purchased
Quantitative
Numbers
What 6 things are included in the Introductory Stage?
high failure rates frequent modifications limited distribution personal selling high advertising costs high personal selling costs
What 4 things does Design Thinking include
Human centered
Collaborative
Experimental
Optimistic
Non Random Sample
Samples are selected by convenience
What 2 things does Product mix width do?
Lowers risk
capitalizes on established reputation
Brand Equity = ————- + ————–
Brand Awareness + Brand Image
Product mix width
Number of product lines
Perishable
Cannot be stored or cannot make up for lost time
Random Samples
Every sample as the equal chance of being selected
What are 4 ways how services differ from goods?
Intangible
Inseparable
Variable
Perishable
Rebates
Cash Refund
Brand Equity =
Total Earnings -Earnings from Tangible Assets
Premium
Buy one get one free
Secondary Research
Using existing information
What are the 3 types of product modifications
Quality
Functional
Style
Product item
A version of a product that is distinct
What are the adopter categories
Innovators Early adopters Early majority Late Majority Laggers
Brand Equity = PBP (-) PG x TUS
Price of Branded Product - Price of Generic x Total Units sold
Representative Sampling
Reflects everyone’s view
Value Proposition
Benefits the customer will receive
