MKTG 3340 Exam 2 With 100 Correct

MKTG 3340 Exam 2 With 100% Correct Answers 2023 how does idea generation play a role in the new product development process? -

Correct Answer-new product development process: strong new product planning,

systematic and customer driven for finding and growing new products

STEPS:

• idea generation
• idea screening
• concept development and testing
• marketing strategy development
• business analysis
• product development
• test marketing
• commercialization

idea generation: starts new product development, the systematic search for new

product ideas. company generates hundreds/thousands of ideas to find a few good ones. major sources of ideas include internal and external like customers, competitors, distributors, suppliers, etc.-internal sources: new ideas thru formal R&D, innovation center. pick the brains of its people, social networks, hackathons.-external sources: distributors, suppliers, competitors, magazines, shows, websites, gov agencies, advertising agencies, marketing research firms. MOST IMPORTANT

SOURCES OF NEW PRODUCT IDEAS = CUSTOMERS: questions and complaints to

solve problems, suggestions + ideas -crowdsourcing: company invites broad communities of people (customers, employees, independent scientists and researchers, public) into innovation process, can produce unexpected and powerful new ideas.don't rely only on one source for new product ideas, develop innovation networks to captures ideas and Inspo from all sources Stacy Taffet's presentation content - Correct Answer-Vice President, Brand Marketing for Frito-Lay at PepsiCo ,runs the largest brands in the snack portfolio including Lay's, Doritos, Cheetos, Ruffles and Fritos

• role of marketers at Frito lay is to drive growth for brands and move people by

connecting with them meaningfully

• penetration drives growth, important to retain existing households, reclaim lose

households, acquire new households, occasion penetration -how to give brands the most consideration of being purchased: mentally available = noticing, recognizing, thinking of the brand. relevance for category: top of mind need, 1 / 2

brand distinction. physically available = visible, doing what it needs to in the store on the shelf, be present, visible, useful.

• brand connection with the youth culture, pop culture (ex. Cheetos, commercials)
• shift the focus to the culture and get to know the fans better, broaden penetration
• brand positioning includes brand purpose: liberate playful mischief, brand strategy:

feed the cult (creates ripple effect from the cult and biggest advocates so everyone else wants to be a part and know what's going on) -having a polarizing brand is good, creates tension which creates growth. ex: Cheeto dust on hands, some people love and others hate

• strategy to turn flaw into an advantage

techniques for new product ideas - Correct Answer-idea generation: create a large number of ideas idea screening: first idea reducing stage, helps spot good ideas and drop poor ones as soon as possible. product development costs rise in later stages so only want profitable product ideas. write up product ideas in standard format for review. Real, Win, Worth doing new product screening framework.concept development and testing: product idea is an idea for a possible product that the company can see itself offering to the market, product concept is a detailed version of the idea stated in meaningful consumer terms, product image is the way consumers perceive an actual or potential product. concept testing = testing new product concepts with groups of target consumers, symbolically or physically marketing strategy development: designing an initial marketing strategy for introducing product to market. part 1 = describe target market, planned value proposition, sales, market share, profit goals for the first few years. part 2 = outlines product's planned price, distribution, marketing budget for the first year. part 3 = describes long run sales, profit goals, marketing mix strategy business analysis: evaluates business attractiveness of proposal. review of the sales, costs, profit projections for a new product to find out whether they satisfy the company's objectives. if yes, move to product development stage product development: move into this stage if it passes business test. R&D or engineering develops product concept into physical product, huge jump in investment, shows if idea can become workable product. R&D dept develop and tests one or more physical versions of product concept, design prototype that will satisfy and excite consumers that can be produced quickly and at budgeted costs. product testing. must have functional features and convey intended psychological characteristics test marketing: product and proposed marketing program are tested in realistic market settings. gives the marketer experience with marketing a product before going to the great expense of full introduction, lets company test product and entire marketing program (targeting and positioning strategy, advertising, distribution, pricing, branding,

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