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Lecture 3 - Product selection Exam Questions And Answers Already Passed Graded A+. $12.99   Add to cart

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Lecture 3 - Product selection Exam Questions And Answers Already Passed Graded A+.

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Why do most new products fail? (6) - correct answer 1. Little or no market research 2. The customer does not exist (overestimation of market size/demand) 3. There is no value proposition (or poor match between product features and customer desires) 4. The p...

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  • September 14, 2024
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Lecture 3 - Product selection

Why do most new products fail? (6) - correct answer 1. Little or no market research

2. The customer does not exist (overestimation of

market size/demand)

3. There is no value proposition (or poor match

between product features and customer desires)

4. The product doesn't work the way it is supposed to (lack of funding/reliability testing)

5. Poor positioning/promotion decisions, alignment

6. Price is too low or too high, depending on customer



Why did the Segway fail? - correct answer - no problem identified

- developed as a stand alone, not built as solution

- the context for the product didn't exist, no clear target market

- pricey product for value that cannot be identified

- no user feedback, internally driven



New Product Process - correct answer Phase 1: Opportunity Identification/Selection

Phase 2: Concept Generation

Phase 3: Concept/Project Evaluation

Phase 4: Development

Phase 5: Launch



Phase 1: Opportunity Identification/Selection - correct answer - Active and passive
generation of new product opportunities as spinouts of the ongoing business

operation

- new product suggestions/ change in marketing plan

-Evaluate, rank and validate product opportunities (not as specific concepts)

, Sources of Identified

Opportunities - correct answer • An under utilized resource (a manufacturing
process, an

operation, a strong franchise)

• A new resource (discovery of a new material with many potential uses)

• An external mandate (stagnant market combined with competitive threat)

• An internal mandate (new products used to close long

-term sales gap,senior management desires)



Gap Analysis/Conceptual Mapping - correct answer Perceptual mappiung



Phase 2: Concept Generation - correct answer - Select a high potential/urgency
opportunity, and begin

customer involvement (co-creation, product development)

- Collect available new product concepts that fit the

opportunity and generate new ones as well



Phase 3: Concept/Project Evaluation - correct answer Evaluate new product
concepts (as they begin to come

in) on technical, marketing, and financial criteria (how attractive)

• Rank them and select the best two or three

• Request project proposal authorization when have

product definition, team, budget, skeleton of

development plan, and final PIC (product innovation charter)



Stages of Concept/Project Evaluation - correct answer 1. Screening (pre-technical
evaluation) - informal

2. Concept testing (on customers) - first formal evaluation

3. Full screen - all info got on potential product, decision to go ahead or not

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