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- 9 YOUR LEARNING: 1. Why is your generation of ideas difficult task? How do magazines and journals help? 2.How can competitors be a source of product ideas for the company? 3.How does variety in colors help create new products? 4.Explore the concept of Do- it yourself concept? See how many products you can find are find are do it yourself.Given that newbies are not allowed to engage in sales yet, what 5 objectives could prepare them for their sales function in the future? how can you measure these objectives as well?Put yourself in the shoes of the VP for Marketing and develop a marketing plan for the next step for Nitro Snowboards. Overview: Nitro has been designing, building and distributing snowboards for almost 30 years. Recently through extensive R&D, our engineers have designed a new board that will revolutionize backcountry boarding for years to come. As the VP, you need to analyze and understand how to best market the company’s new innovation and craft a Marketing Plan. As you craft your plan, consider the iconic status of existing snowboards, and the lack of any recent radical innovations in the category, which pose major challenges in securing consumer adoption. If the company continues along the same distribution channels as their other board lines, Nitro potentially lacks the market penetration and sales that is forecasted for this new innovation. You will need to consider a cohesive and innovative plan for all 4 P’s of this product launch. Based on this information, create a…
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- INSTRUCTION: Please answer the following questions in no lesser than one (1) paragraph and not exceeding three (3) paragraphs. (10 points each). 1. How can an organization implement the marketing concept? 2. What is customer relationship management? What is it so important to "manage" this relationship?Which step is not a part of the Connect Model? Select one: A.Track It B.Optimize safety C.Change one’s own behaviour D.Expand to more than one issue E.Neutralize defensivenessPromising new product ideas should be identified and impractical ones eliminated in the this stage, allowing maximum use of the company's resources. Select one: a. Idea Stage b. Product Development Stage c. Concept Stage d. Test Marketing Stage Finally, these are very important in decision to form a company. An area with an entrepreneurial pool and a meeting place where entrepreneurs and potential entrepreneurs can discuss ideas, problems, and solutions spawns more new companies than an area where these are not available. Select one: a. Family b. Peers c. Cultural/subcultural d. Teachers Which of the following proactive strategies pushes your product into the take-off stage? Select one: a. Increasing the price range of your product b. Developing a marketing message c. Leaving the features of your product as is d. Getting the testimonials from future customers
- 1. It is entirely impossible that an opportunity is out in the environment for the entrepreneurs to recognize or discover. True False 2. Examples of impulse goods and services include stopping at a car wash on the way home, or buying a pack of gum while standing in the checkout line. True False 3. Market research shall help you to fit the product to the needs and wants of the customers. True False 4. Opportunities may sprout within an individual. True False 5. When innovating, an entrepreneur should stop getting ideas to the market. True False 6. Emergency goods are purchased after careful reflection on whether they are really needed. True False 7. A product idea is an idea for a possible product a company can offer the market, while a product concept is a detailed version of the idea stated in meaningful consumer terms. True False 8. One of the reasons for undergoing product development is to offer something new and keep up with the latest fashion trend. True False 9. An example of a…Suppose you are a consultant for an organization with the intention to launch a new brand of energy drink - "LAKAS", discuss how the 10 major external forces affect your intention using Porter's 5 forces model.Name and discuss 3 primary types of objections customers typically raise: 1. Price objection: Customer believes quoted price is too high. 2. Product Objection: Customer voices concerns about some element of product or service or customer might not be familiar with the product. 3. Time objection: Customer considering buying, but needs more time or customer has no intention of buying and wants to get rid of salesperson. Imagine you are newly employed as an Assistant Vice President (AVP) of Corporate Sales at a marketing organization. In the upcoming week, your team will be hosting a presentation for a new line of Tennis Rackets for 75 prospects. As you are aware, prospects are going to raise objections about this product. Using the compensation technique (admits the objection is valid but also discusses other benefits). and the acknowledgment technique (admits the objection is valid) discuss how one can apply these techniques to overcome objections. Why? Please be mindful to use…