Exam 8: Developing New Products

Kevin is the marketing manager at a mobile company.While conducting an analysis of a recent sales report of one of the successful products of his company, Kevin realizes that the product is in the maturity stage and he must alter marketing strategies immediately to sustain its market share.Explain three strategies that Kevin can employ.

BG-Mobile Corporation wants to introduce a new product model. The head of the research team at the firm brings together all her team members. She informs them about the new product's specific features and attributes as well as the firm's performance expectations for the new model, and then she asks the team members for their input. After the discussion, the final accepted idea is given to its team of engineers who develop a prototype of the product and distributes the prototype models to the managers at corporate headquarters of BG-Mobile. The managers use the prototype to determine if the product performs well and satisfies the need for which it was developed. After a detailed analysis, the company will decide whether to introduce the product in the market as it is or to modify it further before the release. -After the new product of BG-Mobile Corporation is released in the market, the category of buyers who will play a crucial role in the initial marketing of this product are the:

Which of the following statements is true regarding the introduction stage of the product life cycle?

Which stage of the product life cycle is Coca Cola in? What strategies Coca Cola should use at this stage?

Innovators are often regarded as the opinion leaders for particular product categories.

The category of buyers that tends to avoid change and relies on traditional products until they are no longer available is called:

Paul is a research manager at an automobile firm, which needs to launch a new model to sustain its position in the market.Briefly explain any three idea-generation methods that Paul can use to develop a new product idea.

Explain with examples how a successful new product launched by a company can overcome the various factors that affect its diffusion rate in the context of the diffusion of innovation theory.

Which of the following is the stage of the product life cycle that is characterized by a peak in sales and a high number of competitors and competitive products but a gradual decline in profits?

Lead users customize a firm's products; studying lead users helps the firm understand general market trends.

Which of the following is a stage of the product life cycle in which sales are low and profits small or negative?

Which of the following idea generation methods saves the high costs of in-house research and development for a firm?