Concept explainers
a)
To determine: The concept tests for the car that is electrically powered as the concept testing is a significant step in the new product process.
Introduction:
A product is a service or physical item that can be offered or made to a customer in order to satisfy their wants and needs. A company gets new products in two ways. One is acquisition and another one is developing a new product.
b)
To determine: The concept tests for the automobiles new loan payment systems on the basis of the variable rate of interest as the concept testing is a significant step in the new product process.
Introduction:
A product is a service or physical item that can be offered or made to a customer in order to satisfy their wants and needs. A company gets new products in two ways. One is acquisition and another one is developing a new product.
To determine: The difference in development of the concept tests for the products as there is an opposition of the services.
Introduction:
A product is a service or physical item that can be offered or made to a customer in order to satisfy their wants and needs. A company gets new products in two ways. One is acquisition and another one is developing a new product.
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MARKETING >CUSTOM< (PB)
- As a new product in a market, which is a better market positioning, a quality-oriented or a price-oriented product? and why? (cite your sources)arrow_forwardDiscuss FOUR (4) the reasons for new product failures and explain how a company can minimize these failures and increase the chance that the product will be successfularrow_forwardConcept testing is an important step in the new-product process. Outline the concept tests for(a) an electrically powered car and (b) a new loanpayment system for automobiles that is based on avariable interest rate. What are the differences indeveloping concept tests for products as opposedto services?arrow_forward
- What are the benefits of concept testing of products?arrow_forwardWhich of the following statements regarding the creation of brand loyalty to create and maintain market power is false? a) Brand loyalty is determined primarily by real differences in competing products. b) One study showed that, in the case of competing beers, brand loyalty has relatively little to do with price. c) Brand loyalty efforts often focus on creating perceived, as opposed to real, differences among products. d) Brand loyalty can be enhanced by improving the level of service associated with a particular product.arrow_forwardplease answer within 30 minutesarrow_forward
- Discuss various sources of product or service ideas; Discuss methods for generating new product or service ideas; Discuss how to conduct an initial screening of business ideas and opportunitiesarrow_forwardA manufacturer introducing a new product into the marketplace. What will be the reaction of potential customers?arrow_forwardPick a favorite product (it must be a thing, like a flux capacitor, not a food item). Discuss the enhanced product, the core product, and the essential benefit of the product. Explain each factor in detail. Using this same favorite product , differentiate the product from that of a competing product. Address the features, performance quality, conformance quality, durability, reliability, and repairability of favorite product from that of a competing product. Explain the basis of findings.arrow_forward
- 1) Brand name can be used without copyright permission. Select one: O True O False 2) Points of difference showcases about the product/brand differentiation. Select one: O True O Falsearrow_forwardMany times, firms take advantage of their popular, well-known brands by developing brand extensions, because they know that the brand equity of the original or parent brand will be transferred to the new product. If a new product is of poor quality, it can damage the reputation of the parent brand, whereas a new product that is of superior quality can enhance the parent brand’s reputation. What are some examples of brand extensions that have damaged and that have enhanced the parent brand equity? Cite aspects of the brand extension that you believe were most detrimental/helpful.arrow_forwardPlease write a short note on "product concept" with two suitable examples. Please answer at your own words.arrow_forward