This is the last step before launching a product or service. What new product development process is mentioned? O a. Developing a product or service description O b. Creating a prototype O c. Validating the market O d. Testing the prototype
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- Which of the following is the most important factor in successful new-product introduction? a. The features of the new product should be similar to its substitutes in the market. b. The new product should be priced lower than the other products in the same category. c. The new product should deliver a meaningful and perceivable benefit to a sizable number of people. d. The product should not be developed using crowdsourcing.When considering the new-product development process, which of the following statements is true of idea screening? a. It eliminates ideas that are inconsistent with an organization's new-product strategy. b. It calculates preliminary figures for demand, cost, sales, and profitability. c. It involves getting consumer reactions to visual representations of a proposed product. d. It involves making cosmetic or functional changes to existing products.13- Which one of the following statements is correct about personal selling? a. All of the statements given b. Company reaches the sales target c. Customer gets the value of the product d. Customer gets personal attention
- Which of the following Statement is /are correct with regard to Test marketing? Statement-I model products will provide the ground for final selection of the most promising model for mass production and mass distribution. Statement-II Customer reactions can be tested under normal market conditions. a. Only Statement-I b. Both Statement-I and II c. None of these. d. Only Statement-IIThis is not a WRITING ASSIGNMENT • Generate a UNIQUE BUSINESS IDEA using one of the methods/ tools in business idea generation discussed in the given image. After coming up with a final business idea, conduct an ENVIRONMENTAL SCANNING using the following techniques: 1.SWOT Analysis 2.PESTLE AnalysisStep 1: You are a salesperson trying to sell a product at a store or kiosk and you are met with the following objectives lack of budget - “It’s a bit expensive though” Step 2: Use the Specialized Method substitution to address the objection Substitution: Sometimes a customer is looking for a specific brand or model of a product that you do not carry. Or maybe the customer does not like the product you show. In any of those cases, you may want to use the substitution method, which involves recommending a different product that would still satisfy the customer's needs . Assume a customer says, "I don't like the way this dress looks on me" In this case , you may want to suggest a different style that is more becoming on your customer. Step 3: 1) What objection are you facing as a salesperson ? 2) What method are you using for answering the objection ? 3) Write out a short script of you (salesperson) and the prospect(buyer) of how that interaction would occur.
- 26- Which one of the following options is the most common mistake a salesperson makes? a. Allow potential buyer to try the demo b. Get too close to customer c. Let buyer handle the product d. Do the demo himselfThe business analysis stage generates extremely important information for new product development as: a. collecting information from different sources to generate new ideas. b.verifying if the product will perform well in a real-life environment. c.turning the original concept into a product. d.assessing how the product can be differentiated from the competition.10- Which of the following is FALSE regarding policies? a. They are general statements b. They are general understandings direct people to take decisions c. They are guidelines d. They are results in terms of numbers
- Directions: Read each statement carefully. In a separate sheet of paper, write TRUE if the statement is correct and FALSE if the statement does not fit the description 1. CRM helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention 2. Customer database information is also used in customer segmentation and profiling 3. An intimate knowledge and understanding of customer needs and wants can lead to ineffective customer service that can result in long-term customer loyalty. 4. Acquiring and keeping customers is the end goal of businesses because customers create demand. 5. Maintaining high levels of customer service quality may be simple due to variability of services. 6. Customer's lifetime value involves activities designed to enhance customer satisfaction, or the perception that a product has met or exceeded expectations. 7. Customer Relationship Management can take on many forms-salesperson assistance, product delivery, technical…Identify a specific brand within a product category with which you are familiar. The brand’s performance will be researchedProvide the instructor with the following information (250-300 words):Identify a specific brand within a with which you are familiar. The brand’s performance will be researched and documented, and then analyzed using the guidelines specified. The brand selected should not be a market leader since the project is intended to expose deficiencies and shortcomings in the marketing of the product using a framework.be sure that there is adequate information available on competition and markets. For example, a local brand may not have readily accessible information or sufficient information to satisfy the requirements of this assignment. Include a brief description of your chosen brand and indicate your reasoning for the selection. ……………………… Added to cartAs new products move from idea generation to commercialization: Group of answer choices: A) more ideas are developed. B) planning becomes more informal. C) the costs associated with each product-planning stage increases. D) less attention is paid to each remaining idea.