Exam 12: Developing New Products

Many car manufacturers have developed prototypes of alternative energy vehicles like hydrogen-fueled cars.When developing their marketing strategies,how can these firms use the diffusion of innovation curve in the early stages of product development?

__________ is the process by which ideas are transformed into new products and services that will help firms grow.

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.

Whenever Donald considers upgrading his personal computer system,he consults with Jeremy,a knowledgeable friend who always has the newest technology.For Donald,Jeremy is a(n)__________ in the diffusion of innovation curve.

Golf ball manufacturers use "Iron Mike," a machine that swings a golf club at a constant velocity,to test the distance for new golf ball designs.When using Iron Mike,the manufacturers are engaged in

Concept testing is important because it can

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

By the time BMW and Mercedes-Benz entered the mini-SUV market,there were many competitors,sales had peaked,and profits were declining.These firms entered the market during the __________ stage of the product life cycle.

At the end of a brainstorming session,participants are often asked to

How is consumer panel data collected during the test marketing phase of a new product introduction?

Why is the failure rate for new products so high?

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?

Suppose that you work for an advertising agency and are brought into a meeting where everyone is asked to generate ideas for names for a new beach resort.You are engaged in __________,a form of new idea generation.

Although innovation strategies may not work in the long run,overriding short-term reasons compel firms to introduce new products and services.

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

One of the key characteristics of brainstorming sessions is that bad ideas should be immediately rejected so the group can focus its attention on good ideas.

Think back to a time when you have said,"This is great idea.How come nobody thought of this before?" Assuming no one has thought of it before,what would be the first steps to take to develop a new product idea?

What is a "new-to-the-world" product,and how does this type of product impact markets and consumer preferences? Use an example to explain this concept.

Before the development of computer-assisted design software,many firms handcrafted __________,wooden or clay models that served as rough physical representations of a new product.

Successful first movers create a market or a product category.They often benefit from being readily recognizable to consumers and