Exam 20: Introducing New Marketing Offerings

The household cleaners team at Procter & Gamble has just completed a successful concept test for a new furniture polish. The next step is for the new-product manager to develop a preliminary strategy plan for introducing the new product into the market. Explain the three parts of this strategy plan.

Which of the following firms is most likely to seek radical innovation?

3M, Hewlett-Packard, Lego, and many other companies use the stage-gate system to manage the innovation process. The gatekeepers make one of four decisions: go, kill, hold, or recycle. Stage-gate systems make the innovation process visible to all involved and clarify the project leader's and team's ________ at each stage.

You have been asked to participate in an idea generating session. The moderator gives you the following directions: "List the attributes of the object in front of you (a cup), now modify each attribute, by replacing each attribute with another." You are participating in what kind of creativity techniques.

An innovation is any good, service, or idea that is "new to the world."

Most established companies focus on incremental innovation, which is the gradual improvement of existing products.

What is concept testing? What is its importance? Explain two modern techniques used for concept testing.

________ are informal workplaces, sometimes garages, where intrapreneurial teams attempt to develop new products.

________ means inviting the Internet community to help create content or software, often with prize money or a moment of glory involved.

Consumer preferences for alternative product concepts can be measured through conjoint analysis, a method for deriving the utility values that consumers attach to varying levels of a product's attributes.

Crowdsourcing means inviting the Internet community to help create content or software, often with prize money or a moment of glory as an incentive.

Newer companies create ________ that are cheaper and more likely to alter the competitive space. Established companies can be slow to react or invest in these technologies because they threaten their investment.

________ is the effect one person has on another's attitude or purchase probability.

The five stages of the consumer adoption process are awareness; interest; evaluation; purchase; disposal.

A company should motivate its employees to submit new ideas to a(n) ________ whose name and phone number are widely circulated.

A company can add new products through acquisition or development. The acquisition route can take three forms. The company can buy other companies, it can acquire patents from other companies, or it can buy a ________ or ________ from another company.

A company can add new products through acquisition or development. The company can develop new products in its own laboratories, or it can contract with independent researcher or new-product development firms to develop specific new products. What are the range of new products?

Two factors that contribute to a successful new product are ________ and ________.

Most established companies focus on ________ when it comes to innovation.

A Canadian manufacturer understands the importance of continuous innovation and the development of new products but has failed to develop even one successful new product in the last twelve months. What could be hindering its efforts?