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Department
Administration
Course
ADM2320
Professor
All Professors
Semester
Fall

Description
Multiplechoices80questions1markeachShortanswerquestion201or2questionsExamistwohoursExamisfromProductChapterchap8toGlobalChapterchap16Chapter17isnotexaminableRetailChapterdontexpendtomuchtimeChapter 8Product Anything that is of value to a consumer and can be offered through a marketing exchangeWhy Do Firms Create New ProductsNew market offerings provide value to both firms and customers new product we dont necessarily mean that the product has never existed before completely newtothemarket products represent fewer than 10 percent of all new product introductions each yearInnovation The process by which ideas are transformed into new products and services that will help firms growAlthough innovation strategies may not work in the short runsome estimates indicate that only about 3of new products actually succeedChanging Customer NeedsWhentheyaddnewproductstotheirofferingsfirmscancreateanddelivervaluemoreeffectivelybysatisfyingthechangingneedsoftheircurrentandnewcustomersorsimplybykeepingcustomersfromgettingboredwiththecurrentproductorserviceofferingForexampleUnileversDoveBeautyBarproductlinesuccessfullyextendedthebrandintohairfaceandskincarelinesallundertheDoveumbrellaMarket SaturationThelongeraproductexistsinthemarketplacethemorelikelyitisthatthemarketwillbecomesaturatedWithoutnewproductsorservicesthevalueofthefirmwillultimatelydeclineManaging Risk Through DiversityThroughinnovationfirmsoftencreateabroaderportfolioofproductswhichhelpsthemdiversifytheirriskandenhancefirmvaluebetterthanasingleproductcan IfsomeproductsinaportfolioaredoingpoorlyothersmaybedoingwellFirmswithmultipleproductsarebetterabletowithstandexternalshocksincludingchangesinconsumerpreferencesorintensivecompetitiveactivityForexample3MandKelloggsFashion CyclesInindustriesthatrelyonfashiontrendsandexperienceshortproductlifecyclesincludingapparelartsbooksandsoftwaremostsalescomefromnewproductsConsumersofcomputersoftwareandvideogamesdemandnewproductsinmuchthesamewaythatfashionmavensdemandnewapparelstylesInnovation and ValueNewproductintroductionsespeciallynewtotheworldproductsthatcreatenewmarketscanaddtremendousvaluetofirmsPioneersNewproductintroductionsthatestablishacompletelynewmarketorradicallychangeboththerulesofcompetitionandconsumerpreferencesinamarketalsocalledbreakthroughsFirstmoversProductpioneersthatarethefirsttocreateamarketorproductcategorymakingthemreadilyrecognizabletoconsumersandthusestablishingacommandingandearlymarketshareleadConsumersusedtheSonyWalkmanformobilemusicwhichrequiredthemtobuyandcarrytapesorCDsApplesiPodeliminatedtheneedforCDswithitsiTunesservicearadicallynewserviceassociatedwithadigitalmobiledeviceStudiesalsohavefoundthatmarketpioneerscancommandagreatermarketshareoveralongertimeperiodthanlaterentrantscanThisfindingdoesnotimplyhoweverthatall
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