IBM Exam 2 Questions & Answers 2024/2025
The four categories of new products - ANSWERS-New-to-the-Market Products
-New Category Entries
-Product Line Extensions
-Revamped Products
New-to-the-Market Products - ANSWERS- Make up the smallest percentage of new products but carry the most pot...
The four categories of new products - ANSWERS-New-to-the-Market Products
-New Category Entries
-Product Line Extensions
-Revamped Products
New-to-the-Market Products - ANSWERS- 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 - ANSWERS-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 - ANSWERS-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 - ANSWERS-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? - ANSWERSIdea Generation
What are some of the ways that you could look for new product ideas in a given firm you work for? -
ANSWERS-Ideas for new products can come from a variety of sources:
-Some come from company employees.
-Research and development departments within a company exist to come up with
innovative product ideas for companies
-Outsource (customers, competitors, developers, crowdsourcing, open
innovation)
Sequential new-product development - ANSWERSNew-product development
that follows a sequence
in which functional areas
consecutively complete their
development tasks.
Concurrent new-product development - ANSWERSNew-product development
that uses cross-functional
teams made up of
representatives from various
departments to develop
goods and services.
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