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BUSML 3250 Chapter 9 Exam Questions and Answers
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BUSML 3250 Chapter 9 Exam Questions and Answers
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BUSML 3250 Chapter 9 Exam Questionsand Answers
acquisition - Answer-buying a whole company, a patent, or a license to produce
someone else's product
new product development - Answer-the development of original products, product
improvements, product modifications, and new brands through the firm's own product
development efforts
idea generation - Answer-the systematic search for new product ideas (new product
development starts with this)
crowdsourcing - Answer-inviting broad communities of people (customers, employees,
independent scientists and researchers, and even the public at large) into the new
product innovation process
idea screening - Answer-screening new product ideas to spot good ones and drop poor
ones as soon as possible
product concept - Answer-a detailed version of the new product idea stated in
meaningful consumer terms
product image - Answer-the way consumers perceive an actual or potential product
concept testing - Answer-testing new product concepts with a group of target
consumers to find out if the concepts have strong consumer appeal
market-strategy development - Answer-designing an initial marketing strategy for a new
product based on the product concept
market strategy statement - Answer-consists of 3 parts. the first part describes the
target market; the planned value proposition; and the sales, market-share, and profit
goals for the first few years
business analysis - Answer-a review of the sales, costs, and profit projections for a new
product to find out whether these factors satisfy the company's objectives
product development - Answer-developing the product concept into a physical product
to ensure that the product idea can be turned into a workable market offering
test marketing - Answer-the stage of new product development in which the product and
its proposed marketing program are tested in realistic market settings
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