marketing jeapordy
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developing new products (< 5 years old) account for this percent in sales of major companies
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35%
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this is the final stage in developing a new product
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evaluating customer acceptance
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companies set up __________ to gain feedback on new products by allowing consumers to test the products in closed sessions. Many markets research firms even pay people to attend!!
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focus groups
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this is what is known as matching ideas generated against the company's overall strategy and testing for potential conflicts with the company's objectives
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screening ideas
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when generating ideas to develop a new product, companies normally form groups to brainstorm. These groups are known as a task force, venture team, or this
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skunk teams
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companies generally develop a ________ to evaluate the durability and usefulness of a product
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prototype
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how would you describe the product mix strategy of nabisco brand foods cooperation.... focused on product width or product depth? give an example
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product width (because they have lot of brands) ex. chips ahoy
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two ways a company can modify an existing product is
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variety style color size
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these are two ways a company can develop existing products
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build on an image appeal to new mrkts
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3 reasons companies would want to extend a product line would be... product may appeal to a different set of needs, gives consumers a wider range of choice and this
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line extension product modification
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loss of appeal, change in company objectives, and conflict with other lines are a few reasons why a company may choose to do this with an existing product line
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delete a product line
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5 stages of the product life cycle
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product development introduction growth maturity decline
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during this phase of the product life cycle the main marketing goal is focused on customer satisfaction
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growth
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this is the least profitable stage of the product life cycle
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introduction
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this is how advertising is used during the maturity phase of the product life cycle
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fighting off competition
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during the decline phase of the product life cycle, companies may turn to one of these strategies.... selling/licensing the product, recommitting to the product line, ______ and ______
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discount product or modernize/ alter product
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this is the main goal of product positioning
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set product apart
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this is the Apple positioning technique
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price/quality
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a company that offers an economy, moderate, and luxury line has implemented this positioning strategy
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price/quality
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the positioning strategy promotes brand loyalty by drawing on the strengths of their reputation
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other product in line
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the are the four positioning strategies
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price/quality features/benefits competition other products in line
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tide was doing this when they altered tide powder and introduced same formula tide liquid
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modernize products
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the biggest problem managing products through a decline phase is this which we saw with the coca cola fiasco
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damaging reputation/loosing customers
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bounty(paper towels) was using this positioning technique when they used the slogan \"the quicker picker upper\"
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competition
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even though this phase of the product life cycle has no competition, the investment cost is the highest
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product development
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the marketing goal during this phase of the product life cycle is to maximize market share
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growth
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