EBK MARKETING
6th Edition
ISBN: 8220103676250
Author: Grewal
Publisher: YUZU
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Chapter 12, Problem 8MA
Summary Introduction
To discuss: The two ways to conduct initial market testing prior to the launching of a new product by Company N.
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Students have asked these similar questions
Consider two product categories: soft drinks (Cola) and Smartphone apps. Colas soft drink are considered to be in a mature category while Smartphone apps are in some growth phase with regard to the product life series.
What are the differences between the markets in terms of consumers and competitors?
What is conjoint analysis? Explain its relevance for new product development.
develop a marketing plan,
Description of the Product: What exactly is the product? What are the features and how do these benefit consumers?
Target Market for the Product: Which group of consumers is the product targeted to?
Comprehensive Description of the Marketing Mix for the Product. This should be a fulsome description of how you will address the 4 P’s (product, promotion, pricing and place) for your product.
Conclusion: What benefits does this product offer consumers and makes it unique or superior to other similar products on the market, and that is it likely to make it successful?
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Similar questions
- Put yourself in the position of an entrepreneur who is developing a newproduct to introduce into the market. Briefly describe the product andeach component of its value proposition.arrow_forwardWhat are the Colgate's toothpaste's protection and aesthetics (which part of the product modification) within their product, and how it improves on competitive product advantage with Crest, Sensodyne, Pepsodent, and Aquafresh, and how the change works to jusify this improvement?arrow_forwardYou are planning to develop a functional food in heart health area. Base on the Product Development Framework, give a specific example with brief description of one key activity to happen in that stage that helps to move from product ideation to commercialisation. You need to describe one example activity that would carry in that stage of NPD.arrow_forward
- What are the Colgate's toothpaste's elements of the product modification, and how it improves on competitive product advantage with Crest, Sensodyne, Pepsodent, and Aquafresh, and how the change works to jusify this improvement?arrow_forwardIn what ways might 3M try to promote its Post-it© Flage Highlighter and make students more aware of the product?arrow_forwardusing the opportunities you have identified above, describe:one product development recommendation, and explain why this idea should beadopted by your selected EV company.and One market development recommendation, and explain why this idea should beadopted by your selected EV company.arrow_forward
- Explain ,,, How does brand proliferation impact a company's marketing strategy?arrow_forwardDiscuss the three steps in the product positioning process. 1. Identifying the competitor in the marketplace 2. Identifying important product features or benefit 3. Determining the,perceptions of customer firms with regard to the benefits of the marketer's producrarrow_forwardThe product ice cycleYou tell about the product life cycle for an entrepreneur in the process of developing a new product. Which of the following statement (s) do you say to the entrepreneur (which statement (s) are correct (a) statements): Select one or more options: The product life cycle is used as a segmentation variable to segment a market - The stages of the product life cycle can be a guide for companies in what an appropriate marketing strategy can be - The product life cycle looks exactly the same for all offers - You can see the product life cycle at different levels, such as product class or brand - The time it takes for different offers to go through the stages of the product life cycle variesarrow_forward
- Develop a Marketing Plan for a new potato chip. 1. Target Market for the Product: Which group of consumers is the product targeted to?arrow_forwardWhy is quality such an imponant product strategy objective? What are the dimensions of product quality?How has e-commerce affected the need for qualityproduct objectives?arrow_forwardPrinciple of Marketing Discussion Questions What are the steps in the new product development process? What are the key activities in each step? Who are lead users, and why are they important in acceptance of the new product ? How should a company evaluate new ideas? What are criteria should they use? Please use appropriate examples, preferable fromkingston Jamaica when answering these questions.arrow_forward
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