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IBM EXAM 2 2024/2025 WITH 100% ACCURATE SOLUTIONS
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IBM EXAM 2 2024/2025 WITH 100% ACCURATE SOLUTIONS
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IBM EXAM 2 2024/2025 WITH 100%ACCURATE SOLUTIONS
The four categories of new products - Precise Answer ✔✔-New-to-the-
Market Products
-New Category Entries
-Product Line Extensions
-Revamped Products
New-to-the-Market Products - Precise Answer ✔✔- Make up the
smallest percentage of new products but carry the most potential for the
company introducing them
- Carry the most risk becuz of the cost to develop and market them
(time-consuming)
- Need strong R&D (research and development) departments and
marketing
- Disruptive technology: displaces and established technology/ ground-
breaking
product that creates a completely new industry
- Service innovation
o New types of service
o Changes to the way a service is processed or delivered
, New Category Entries - Precise Answer ✔✔-Products that are new to a
company but not new to the marketplace
- opens up a whole new set of customers and potentially a great deal
more revenue and
profits
- less risky but must differentiate itself from its competitors
Product Line Extensions - Precise Answer ✔✔-Product line: group of
related products marketed by the same firm
- Customers may already feel loyal to the product
- Far less risky than new-to-the-market products or new-category entries
Revamped Products - Precise Answer ✔✔-A product that has new
packaging, different features, and updated designs and
functions
- Reformulations of current products
- Advertise along with existing products to capitalize on existing
network
- Less risky than new-to-the-market products or new-category entries
What is the 2nd stage of the New-Product Development process? -
Precise Answer ✔✔Idea Generation
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