BUSML 3250 Exam 2 with Questions Solved 100% Correc
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Course
BUSML 3250
Institution
BUSML 3250
Organizational problems leading to product failures: - 1. Encountering groupthink
in taskforce meetings
2. Avoiding the "NIH" (not-invented-here) problem
open innovation - practices and processes that encourage the use of external as well as
internal ideas as well as internal and external colla...
BUSML 3250 Exam 2 with Questions
Solved 100% Correct
Organizational problems leading to product failures: - ✔1. Encountering groupthink
in taskforce meetings
2. Avoiding the "NIH" (not-invented-here) problem
open innovation - ✔practices and processes that encourage the use of external as well as
internal ideas as well as internal and external collaboration when conceiving, producing,
and marketing new products and services
New Product Vitality Index - ✔tracks the percentage of total company sales that come
from new products each year.
New Product Vitality Index Calculation - ✔New Product Vitality Index =
(Company Sales Rev from new products in past 3 years) / (Total Current-Year Sales Revenue)
x 100
new-product development process - ✔the seven stages an organization goes through
to identify opportunities and convert them into salable products or services
new-product strategy development - ✔the stage of the new-product process that defines
the role for a new product in terms of the firm's overall objectives
disruptive innovation - ✔a new product or technology that totally disrupts its competitors
/ industry
ex: wikipedia
,Idea generation - ✔the second stage of the new-product development process,
involves developing a pool of concepts to serve as candidates for new products
Crowdsourcing - ✔involves generating insights leading to actions based on ideas from
massive numbers of people
Screening and Evaluation - ✔the stage of the new-product process that internally and
externally evaluates new-product ideas to eliminate those that warrant no further effort
concept tests - ✔external evaluations with consumers that consist of preliminary testing of
a new-product idea rather than an actual product
Business analysis - ✔specifies the features of the product and the marketing strategy
needed to bring it to market and make financial projections
prototype - ✔a full-scale operating model of the product
Development - ✔the stage of the new-product process that turns the idea on paper into
a prototype
Market testing - ✔the stage of the new-product process that exposes actual products
to prospective consumers under realistic purchase conditions to see if they will buy
test marketing - ✔involves offering a product for sale on a limited basis in a defined area for
a specific time period
standard test market - ✔a company develops a product and then attempts to sell it
through normal distribution channels in a number of test-market cities
,regional rollout - ✔commercialization that occurs sequentially across regions to allow
the gradual development of production and marketing activities
controlled test market - ✔involves contracting the entire test program to an outside service
simulated test market - ✔a technique that somewhat replicates a full-scale test market
Commercialization - ✔the stage of the new-product development process that positions
and launches a new product in full scale production and sales
product life cycle - ✔describes the stages a new product goes through in the marketplace:
introduction, growth, maturity, and decline
branding - ✔A marketing decision in which an organization uses a name, design, phrase,
symbols, or combination of these to identify it's products and distinguish them from those
of competitors.
brand name - ✔any word, device (design, shape, sound, or color), or combination of
these used to distinguish a seller's goods or services
trademark - ✔a trademark identifies that a firm has legally registered its brand name or
trade name so the firm has it's exclusive use, thereby preventing others from using it.
In the US, trademarks are registered with the United States Patent and Trademark
Office (USPTO) and protected under the Lanham act.
Brand Personality - ✔a set of human characteristics associated with a brand name
, Brand Equity - ✔the added value a brand name gives to a product beyond the
functional benefits provided
Two Distinct Advantages of Brand Equity - ✔1.Brand equity provides a competitive advantage.
2. Consumers are willing to pay a higher price for a product with brand equity.
Brand Purpose - ✔The reason why a brand exists, the place it has in a consumers lives,
the solutions it provides to customers, and the brand's role in making society better off.
4 Steps to building Brand Equity - ✔1. Develop positive brand awareness and an association
of the brand in consumers mind with a product class or need to give the brand an identity.
2. A marketer must establish a brand's meaning in the minds of consumers.
3. Elicit the proper consumer responses to a brand's identity and meaning.
4. Create a consumer-brand connection evident in an intense, active loyalty relationship
between consumers and the brand.
Brand Licensing - ✔a contractual arrangement whereby one company (licensor) allows its
brand names or trademarks to be used with products or services offered by another
company (licensee) for a royalty or fee.
6 criteria to picking a good brand name - ✔1. The name should suggest the product benefits.
2. The name should be memorable, distinct, and positive.
3. The name should fit the company or product image.
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