MKTG 3340 Chapter 7 with 100% correct answers 2023/2024

MKTG 3340 Chapter 77 Steps of Offering Development - correct answer 1. Idea Generation 2. Idea Screening 3. Feature Specification 4. Development 5. Testing 6. Launch 7. Evaluation The New-Product Development Process - correct answer consists of the seven stages an organization goes through to identify opportunities and convert them to salable products or services. Step 1: Idea Generation - correct answer -Ideas can come from anywhere. -In B2B markets customers can be biggest source of new ideas. -Lead users: customers whoa re good at generating new ideas for products/applications of product Crowdsourcing - correct answer The process of obtaining product ideas, funding, and other contributions online from large numbers of people rather than just one's employees, customers, or suppliers Step 2: Idea Screening (also name 2 types of risk faced) - correct answer Companies evaluate ideas with questions, and concept testing: concept testing is when a company runs ideas by potential customers (focus groups, depth interviews) Risk: 1. Investment Risk - not get good ROI 2. Opportunity Risk - better idea is ignored