Mktg 3340 exam stuvia - Study guides, Class notes & Summaries

MKTG 3340 Exam 2 Questions and Answers 100% CorrectMKTG 3340 Exam 2 Questions and Answers 100% CorrectMKTG 3340 Exam 2 Questions and Answers 100% CorrectMKTG 3340 Exam 2 Questions and Answers 100% Correct How does idea generation play a role in the new product development process? - ANSWER-Crowd Sourcing, think of ideas, find a good idea, bring it to life Detailed understanding of Jennifer Pritchard and John Eckhardt's presentation content - ANSWER-Meet needs of airline passengers by creati...

generate profitable Revenue - ANSWER-The purpose of marketing is to... B - ANSWER-Which statement is most likely true about idea generation in the new product development process? A. A company can either develop ideas through internal or external sources but not through both. B. Idea generation is usually followed by procedures that reduce the total number of ideas. C. Most companies set a limit for the number of ideas generated to simplify the process. D. Idea generation is most effectiv...

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Market Segmentation - ANSWER-aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action Segmentation Strategies - ANSWER-- 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid) - multiple products/ multiple segments (utility mini van vs. excitement sports car) - mass customization (dell built to order laptop) Criteria for effective market segmentation - ANSWER-1. similarity of needs o...

How does idea generation play a role in the new product development process - ANSWER-it is stage 2 in the new product development process the new product development process stages - ANSWER-1. new product strategy development 2. idea generation 3. screening and evaluation 4. business analysis 5. development 6. market testing 7. commercialization defines the role of new products in terms of the firm's overall objectives. This stage utilizes SWOT and environmental scanning to determin...

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how does idea generation play a role in the new product development process? - ANSWER-new product development process: strong new product planning, systematic and customer driven for finding and growing new products STEPS: 1. idea generation 2. idea screening 3. concept development and testing 4. marketing strategy development 5. business analysis 6. product development 7. test marketing 8. commercialization idea generation: starts new product development, the systematic search for...

what is marketing? - ANSWER-the management process involved in identifying, anticipating, and satisfying customer wants profitably what are the 2 goals of marketing? - ANSWER-1. discover (assess) the needs and wants of prospective customers 2. satisfy these needs & wants through EXCHANGE (each are better off after exchange) what are the 4 requirements for marketing to occur? - ANSWER-1. two or more parties with unsatisfied needs 2. desire and ability to satisfy those needs 3. a way for ...