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TEN CONCEPTS ON KOTLER AND KELLER’S Chapter 20: Introducing New Market offerings Nepthalie D. Pasiliao

1. Which does not belong to the Categories of New Products? New-to-the-world New partners New product lines Improvements Cost reductions Question

Categories of New Products New-to-the-world Cost reductions New product lines Additions Improvements Repositionings Concept

There are 6 factors of the Categories of New Products Which are New-to-the-world, New product lines, Additions, Improvements, Repositionings and Cost reductions. New Partners is NOT involved to the Categories of New Products. Explanation of Concept

1. Which does not belong to the Categories of New Products? New-to-the-world New partners New product lines Improvements Cost reductions Answer

2. Which does not cause the Market/Marketing failure? No clear product differentiation Poor positioning Misunderstanding of customer needs Small size of the potential market Late in the market Question

Causes of New-Product failure Market/marketing failure Financial failure Timing failure Technical failure Organizational failure Environmental failure Concept

The factors of Market/marketing failure A to D are the reason of Market/marketing failure. Late in the market is the reason of timing failure not Market/marketing failure. Reference: Text book P.611 Explanation of Concept

2. Which does not cause the Market/Marketing failure? No clear product differentiation Poor positioning Misunderstanding of customer needs Small size of the potential market Late in the market Answer

3. One of the following is not a stage in new- product development process? Business analysis Product development Mass customization Market testing Commercialization Question

New Product Development Decision Process Concept Commercialization Business Analysis Product Development Marketing Testing Idea Generation Idea Screening Concept Development and Testing

New Product Development Decision Process Idea Generation – is the idea worth considering? Idea Screening – is the product idea compatible with company objectives, strategies, and resources? Concept development and testing – can we find a good concept consumers say they would try? Marketing strategy development – can we find a cost-effective, affordable marketing strategy? Business analysis – will this product meet our profit goal? Product development – have we got a technically and commercially sound product? Market testing – have product sales meet expectations? Commercialization – are product sales meeting expectations? Explanation of Concept

3. One of the following is not a stage in new- product development process? Business analysis Product development Mass customization Market testing Commercialization Answer

4. What is the individual’s decision to become a regular user of a product? Awareness Adoption Evaluation Test Interest Question

The Consumer-Adoption Process Adoption – is an individual’s decision to become a regular user of a product. After which, the adopters of new products move trough the 5 stages in adoption process. An innovation is any good, service, or idea that someone perceives as new, no matter how long its history. Concept

Stage in the Consumer-Adoption Process Evaluation Trial Adoption Explanation of Concept Awareness Interest

4. What is the individual’s decision to become a regular user of a product? Awareness Adoption Evaluation Test Interest Answer

5. What is NOT in the Concept Development? Product idea Mapping Category concept Brand concept Concept testing Answer Question

Concepts in Concept Development Concept to Strategy: Attractive ideas must be refined into testable product concepts. A product idea is a possible product the company might offer to the market. Concept Development: This is a product idea, but consumers don’t buy product ideas; they buy product concepts. Concept

Concepts in Concept Development Product idea Product concept Category concept Brand concept Concept testing Explanation of Concept

5. What is NOT in the Concept Development? Product idea Mapping Category concept Brand concept Concept testing Answer

6. What is the right step of the Consumer-Adoption Process? Interest->Evaluation-> Awareness-> trial->Adoption Interest-> Awareness->Evaluation->trial->Adoption Awareness->Interest->Evaluation->trial->Adoption Awareness->trial->Interest->Evaluation-> Adoption Adoption ->Awareness->Interest->Evaluation->trial Question

The Consumer-Adoption Process Adoption: An individual’s decision to become a regular use of a product. The consumer-adoption process is followed by the consumer-loyalty process, which is the concern of the established producer. Concept

Adopters of new products move through 5 stages Awareness: The consumer becomes aware of the innovation but lacks information about it Interest: The consumer is stimulated to seek information about the innovation Evaluation: The consumer considers whether to try the innovation Trial: The consumer tries the innovation to improve his or her estimate of its value Adoption : The consumer decides to make full and regular us of the innovation Explanation of Concept

6. What is the right step of the Consumer-Adoption Process? Interest->Evaluation-> Awareness-> trial->Adoption Interest-> Awareness->Evaluation->trial->Adoption Awareness->Interest->Evaluation->trial->Adoption Awareness->trial->Interest->Evaluation-> Adoption Adoption ->Awareness->Interest->Evaluation->trial Answer

7. Which statement is Not correct in Marketing Strategy Development? Marketing strategy is a three-part plan for introducing new-product in the market. Marketing strategy should outline the planned price, distribution strategy, and marketing budget for the first year. Marketing strategy describes the long-run sales and profit goals. Marketing strategy does not consider the target market’s size, structure, and behavior. None of the above Question

Describes the target market’s size, structure, and behavior. Outlines the planned price, distribution strategy, and marketing budget for the first year . Describes the long-run sales and profits goals and marketing-mix strategy over time . Concept THREE-PART PLAN MARKETING STRATEGY DEVELOPMENT First Part Second Part Third Part

MARKETING STRATEGY DEVELOPMENT! Marketing Strategy is a three-part plan for introducing new-product in the market. After the company has segmented the market, chosen its target customers and identified their needs, next is to determine its desired marketing position. After the concept test, comes the introduction of the new product into the market with the 3 part marketing plan. Explanation of Concept

Marketing strategy is a three-part plan for introducing new-product in the market. Marketing strategy should outline the planned price, distribution strategy, and marketing budget for the first year. Marketing strategy describes the long-run sales and profit goals. Marketing strategy does not consider the target market’s size, structure, and behavior. None of the above 7. Which statement is not true in Marketing Strategy Development? Answer

8. Which is NOT related to the Creativity Techniques? Attribute listing Mind mapping New contexts Morphological analysis None of the above Question

Definition of the Creativity techniques Creativity techniques are methods that encourage creative actions, whether in the arts or sciences. They focus on a variety of aspects of creativity, including techniques for idea generation and divergent thinking , methods of re-framing problems, changes in the affective environment and so on. They can be used as part of problem solving, artistic expression, or therapy. Concept

List of the Creativity techniques Attribute listing: List the attributes of an object Forced relationships: List several ideas and consider each in relation to each other idea Morphological analysis: By listing every possible combination, you can generate many new solutions New contexts: Take familiar processes Mind mapping: Start with a thought Explanation of Concept

8. Which is NOT related to the Creativity Techniques? Attribute listing Mind mapping New contexts Morphological analysis None of the above Answer

Early Adopters Late Adopters Early Majority Late majority Laggards 9. Which is NOT included the Time of Adoption of Innovations? Question

Factors Influencing the Adoption process Differences in individual readiness to try new products The Effect of personal influence Differing rates of adoption Differences in organizations’ readiness to try new products Concept

Time of Adoption of Innovations Innovators Early Adopters Early majority Late majority Laggards Explanation of Concept

Early Adopters Late Adopters Early Majority Late majority Laggards 9. Which is NOT included the Time of Adoption of Innovations? Answer

10. Which is not related with Commercialization? When Where To whom How What Question

Definition of Commercialization Commercialization is the process or cycle of introducing a new product into the market . The actual launch of a new product is the final stage of new product development , and the one where the most money will have to be spent for advertising , sales promotion , and other marketing efforts. Concept

The factors of Commercialization When: In commercializing a new product, market-entry timing is critical. Where: The company must decide to launch the new product. To whom: The company must target its initial distribution and promotion to the best prospect groups. How: The company must develop an action plan for introducing the new product. Explanation of Concept

10. Which is not related with Commercialization? When Where To whom How What Answer

TOP 10 Learning Questions for Chapter 20: Introducing New Market offerings Nepthalie D. Pasiliao

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