Provide an example for each of the following ‘new’ products: An innovative replacement Imitative product Describe the difference between the two. 2. List and briefly describe each of the main steps in developing a new product. 3. Describe the five main stages of the product adoption process.

Provide an example for each of the following ‘new’ products: An innovative replacement Imitative product Describe the difference between the two. 2. List and briefly describe each of the main steps in developing a new product. 3. Describe the five main stages of the product adoption process.

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter12: Developing And Managing Products

Section: Chapter Questions

Problem 3DYMP

See similar textbooks

Related questions

Q: Cycle

A: Talking about the product life cycle then, it is the life cycle through the which each of the…

Q: Why is it that product lifecycle are declining and what might companies do to counteract this?

A: Similar to the lifecycle of a dwelling being, customer items merchandise undergo key degrees of…

Q: What role does market basket analysis play in understanding product affinities and optimizing…

A: Market Basket Analysis (MBA) is a powerful analytical technique used in retail and e-commerce to…

Q: 4. Using the iPhone as an example, describe the following: - The augmented product -…

A: A product specifies the goods, a service, or an object that is offered by the company or business in…

Q: 2. Product is most likely a "cash cow" according to the BCG grid. 3. Customers are likely to be…

A: Product Life Cycle is a model which depicts the amount of sales and revenue the firm goes through,…

Q: Discuss how the new brand manufacturer will define its market segments and then begin targeting…

A: In the highly competitive business landscape of today, effective market segmentation and targeting…

Q: Assume that you are working as a brand manager in a company. Your company is going to create a new…

A: A brand can be in the form of a specific name, particular design, or a certain term which makes it…

Q: How can I introduce a product to the decline stage in the product life cycle?

A: The sales of most products will decline at some stage. This can be due to factors such as…

Question

Provide an example for each of the following ‘new’ products:

An innovative replacement
Imitative product

Describe the difference between the two.

2. List and briefly describe each of the main steps in developing a new product.

3. Describe the five main stages of the product adoption process.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions

3. Give examples of successful new product categories in any industry and identify reason for their success?
Select 4 products in various stages of the product life cycle. Note what stage of the life cycle that they are in and why you believe that they are in this stage. What are some marketing strategies that could be used to extend the product life cycle for that product or category?
Below are listed a number of statements related to marketing objectives, product characteristics, competitors and pricing strategies at different stages of the product life cycle. Each statement relates to one of the following four phases of the product life cycle: a. Introduction b. Growth c. Maturity d. Decline On your answer sheet, mark the letter (a,b,c,or d) corresponding to the stage of the product life cycle with which it is most closely associated. 1. 2. Product is most likely a "cash cow" according to the BCG grid. 3. Customers are likely to be laggards 4. Prices are highest. 5. Profits are highest Offer product extensions, service, or warranties 7. Marketing objective is to create product and encourage trial 8. Competitors begin to enter the market 9. Customers who buy are innovators 10. The goal is market share defense and profit maximization 11. Use cost-plus pricing 12. Cut promotions and ride the wave of increasing demand. 13. Product is most likely to be a "star" 14.…
Put yourself in the position of an entrepreneur who is developing a newproduct to introduce into the market. Briefly describe the product andeach component of its value proposition.
Discuss how the new brand manufacturer will define its market segments and then begin targeting them.
Brand: Dunkin Donuts Describe what differentiates it from the competition. You may select an attribute important to the consumers (you are considered as their customer) and explain why you use this product or avail this service. Describe a main target market and discuss why they are the appropriate segment to target. Share what you think is the value proposition of your chosen product or service.
Assume that you are working as a brand manager in a company. Your company is going to create a new product and senior management expects from you to create new brand for this new product. “How do you “brand” the product?” and “What makes the brand strong?”. Please answer these two questions by taking challenges and opportunities for the brands nowadays into account.
Sales plan for a new product?
The six phases of the product development process.need breif explanation plz
Imagine you are in a marketing role and you have been asked to launch a new product called TRYP (a new range of boutique hotels). What would consider to be 4 important points that will ensure customer acceptance of this brand name?
What is the BMC customer segment for cycle and bikers users? Kindly refer to the picture below.
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 .