Marketing Final BCOR 2201 (Answered) 129
Questions and Correct Answers. With
Verified Solution 2025/2026.
skew
Barcode on products
innovation
Identify a need (reason), a match between a need and a solution, usually a companies top priority -
create new products to fulfill needs
How we classify new products
Convenience, shopping, specialty, unsought
convenience
Inexpensive, many outlets, promo: price availability and awareness stressed, frequent purchases
Ex: toothpaste, cake mix, soap, detergent
shopping
often has alternative prices, fairly expensive, large # of selective outlets, promo: differentiation from
competitors stressed, customers prefer specific brands but will switch, infrequent purchases
Ex: tv, computers, Jeans
specialty
To seek out, very expensive, very limited, promo: uniqueness of brand/status stressed, very brand
loyal, infrequent purchases
Ex: rolls-Royce, Rolex watches
continuous innovation
requires no new learning by consumers; gain consumer awareness and wide distribution
Ex: new improved shaver or detergent (old)
dynamically continuous innovation
disrupts consumer's normal routine but does not require totally new learning, advertise points of
difference/benefits to consumers
Ex: electric toothbrush, CDs (new but not too new)
discontinuous innovation
requires new learning and consumption patterns by consumers, educate consumers through product
trial and personal selling
Ex: VCR, digital video recorder, electric car (that new new)
Why do we need a development process?
, Helps us to mitigate risk by prioritizing products with a greater chance of market success
New Product Development
refers to original products, product improvements, product modifications, and new brands
developed from the firm's own research and development
New Product Development Process
A seven-phase process for introducing products
1. New-product strategy
2. Idea generation
3. Screening and evaluation
4. Business analysis
5. Development
6. Market testing
7. Commercialization
1. new-product strategy
why new products? - SBU Investment
links the new-product development process with the objectives of the marketing department, the
business unit, and the corporation
protocol statement
identifies target market, customer's needs, product description, and product benefit before product
development begins
Ex: Apple Watch (makes products for specific groups, connected throughout, off phone)
2. Idea Generation
Seeking ideas/brainstorming: Customer and supplier suggestions, employee suggestions, R&D
breakthroughs, competitive products, universities, small tech firms, inventors, many
internal/external sources (open innovation), utilizing technology enables platform to obtain ideas
(crowdsourcing)
3. Screening and Evaluation
internally and externally evaluates new-product ideas to eliminate those that warrant no further
effort, pick the best, do analysis/testing, review purchase intent/performance
expectation/immediacy off purchase
Ex: brand idea, brand/product persona, emotional benefits, functional benefits, features and
attributes
AWARENESS IS CRITICAL
4. Business Analysis
Detailed financial projections, specifies the features of the product and the marketing strategy
needed to bring it to market and make financial projections
5. Development
turns the idea on paper into a prototype
Ex: consumer packaging, Digiorno
Questions and Correct Answers. With
Verified Solution 2025/2026.
skew
Barcode on products
innovation
Identify a need (reason), a match between a need and a solution, usually a companies top priority -
create new products to fulfill needs
How we classify new products
Convenience, shopping, specialty, unsought
convenience
Inexpensive, many outlets, promo: price availability and awareness stressed, frequent purchases
Ex: toothpaste, cake mix, soap, detergent
shopping
often has alternative prices, fairly expensive, large # of selective outlets, promo: differentiation from
competitors stressed, customers prefer specific brands but will switch, infrequent purchases
Ex: tv, computers, Jeans
specialty
To seek out, very expensive, very limited, promo: uniqueness of brand/status stressed, very brand
loyal, infrequent purchases
Ex: rolls-Royce, Rolex watches
continuous innovation
requires no new learning by consumers; gain consumer awareness and wide distribution
Ex: new improved shaver or detergent (old)
dynamically continuous innovation
disrupts consumer's normal routine but does not require totally new learning, advertise points of
difference/benefits to consumers
Ex: electric toothbrush, CDs (new but not too new)
discontinuous innovation
requires new learning and consumption patterns by consumers, educate consumers through product
trial and personal selling
Ex: VCR, digital video recorder, electric car (that new new)
Why do we need a development process?
, Helps us to mitigate risk by prioritizing products with a greater chance of market success
New Product Development
refers to original products, product improvements, product modifications, and new brands
developed from the firm's own research and development
New Product Development Process
A seven-phase process for introducing products
1. New-product strategy
2. Idea generation
3. Screening and evaluation
4. Business analysis
5. Development
6. Market testing
7. Commercialization
1. new-product strategy
why new products? - SBU Investment
links the new-product development process with the objectives of the marketing department, the
business unit, and the corporation
protocol statement
identifies target market, customer's needs, product description, and product benefit before product
development begins
Ex: Apple Watch (makes products for specific groups, connected throughout, off phone)
2. Idea Generation
Seeking ideas/brainstorming: Customer and supplier suggestions, employee suggestions, R&D
breakthroughs, competitive products, universities, small tech firms, inventors, many
internal/external sources (open innovation), utilizing technology enables platform to obtain ideas
(crowdsourcing)
3. Screening and Evaluation
internally and externally evaluates new-product ideas to eliminate those that warrant no further
effort, pick the best, do analysis/testing, review purchase intent/performance
expectation/immediacy off purchase
Ex: brand idea, brand/product persona, emotional benefits, functional benefits, features and
attributes
AWARENESS IS CRITICAL
4. Business Analysis
Detailed financial projections, specifies the features of the product and the marketing strategy
needed to bring it to market and make financial projections
5. Development
turns the idea on paper into a prototype
Ex: consumer packaging, Digiorno
