In new product development, this step istesting the product among potential users. Itallows management to evaluate variousstrategies and to see how well the parts of themarketing mix fit together. Few new-productconcepts reach this stage. For those that passthis stage, the firm must decide whether tointroduce the product on a regional or nationalbasis.Test-market the new productO Introduce the productScreen Ideas and conceptsO evaluate the alternatives

New products face a treacherous voyage from the fertile ground of unique ideas to the crowded…

Answered: In new product development, this step…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Similar questions

Identify and describe the ways that companies generate new productideas. Which of these ways involve the customer? How can firms assessthe value of the ideas that customers generate?
Select a product type and particular brand of !hatproduct to study: it can be in any product calegory youchoose. If you are doing a marketing plan projecl foryour markeling course, you may use that product forthis exercise. If not, choose a product type and brandthat you use and like, one thal you mighl use and arecurious about, or one that you dislike
2 xyz produce chocolate bars and sell them to supermarkets. its bestselling brand is chocdelight. it is put in expensive packaging and is sold as a luxury product. this bestselling chocolate bar has had high and steady sales for the last five years, but recently sales have started to fall as it has now reached the decline stage of the product life cycle. a) what is meant by a ' brand? b) identify two ways the business could react to the falling sales of the chocolate bars c) identify and explain two characteristics of the packaging of the chocolate bars . d ) identify and explain two possible reasons why xyz's chocolate bars are successful . e ) do you think giving the chocolate bar a brand name was necessary for its success ? justify your answer .
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For Further Research (Individual) Find an example ofa brand extension that you believe negatively impacted consumer perceptions of the brand. explainwhy you believe this to be the case by citing aspectsof the brand extension that you believe were mostdetrimental as well as specific evidence, if available
Creative Homework/Short Project Select a companyand identify an existing product sold by that companythat could potentially be further developed to meetnevv consumer needs. Using the selected product, develop an approach to engage consumers in the processof value co-creation with the objective of developing anevv version of the selected product
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