Exam 12: Developing New Products

A good friend of yours wonders why you always seem to have the latest technology,long before anyone else.He then says,"I always want to wait until the bugs have been worked out.It saves me money and aggravation." Use diffusion of innovation theory to explain how you differ as consumers,and what this means to marketers.

Laptop computers,personal digital assistants,and cellular phones were all readily accepted and diffused in U.S.markets where business and personal lifestyles tend to be faster-paced,compared to many other areas in the world.These products offered __________ with consumers' needs and priorities.

The most challenging part of applying the product life cycle concept is that managers do not know exactly what shape each product's life cycle will take.

In the diffusion of innovation process,innovators enjoy taking risks and are regarded as highly knowledgeable.Marketers want to identify innovators because

Marketing is a dynamic practice.While you are watching your competitors,they are watching you.Assume that you have just redesigned a product that is in the maturity phase of the product life cycle and have identified some new market segments.How do you think your competitors will respond?

Many marketers think personal computers in the United States are in the maturity stage of the product life cycle.What does this mean for manufacturers of personal computers? What can they do about it?

For new product marketers,early adopters are important because they tend to be

Zappos.com,an online shoe store,offers an easy,no-hassle return procedure.This relates to the _______ of its products.

Even if they succeed,new-to-the-world products are

The fact that the Apple iPad is easy to try-demo units are available at Apple stores as well as other retail stores-is helping it diffuse more quickly.

The diffusion of innovation curve follows the following sequence: innovators,early majority,early adopters,late majority,and laggards.

The __________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

When Toyota introduced hybrid cars,there were waiting lists to buy them.Then Honda and a few other manufacturers entered the market,shifting the product life cycle for hybrid cars into the __________ stage of the product life cycle.

On the diffusion of innovation curve,the first group of buyers who want to be the first on the block to have the new product are known as early adopters.

A year after expanding his celebrity golf photography business to include golf course photography,Chet decided it was time to evaluate results.What three interrelated factors will Chet consider when evaluating the success of his new product?

Kristina created a virtual prototype of her new line of swimwear on a website to show to consumers.Kristina will ask consumers what they think of the clothing.Which is the most important question that Kristina should ask?

What happens when a product has been in the marketplace for a long time? How can this be avoided?

Brian is trying to sell a new line of ultrasound imaging equipment.Unlike existing technology,these machines are compact,creating the potential for general practice physicians to have and use them in their offices.Brian is trying to identify innovators in his market,knowing these customers will most likely

Computer game companies constantly monitor computer game-related blogs keeping track of the latest hot products,because they know that their customers crave the "latest and greatest" games.They use this information to create new products that primarily provide the benefit of

When microwaves were new,they often cost over $300,were huge,and had numerous settings and options.Brenda and Bart waited,concerned about potential health hazards and wishing for more choices in the market.By the time they purchased a microwave,sales of microwaves had leveled off and prices had declined significantly.Brenda and Bart were part of the ___________ diffusion of innovation group.