11. Answer all 5 of the Questions

Firms must conduct business analysis before they launch new product. Which of the following is NOT a questions marketers ask when conducting a business analysis for a new product? How will this affect profits? How much will it cost to produce? How much will consumers pay for it? How will this affect customer satisfaction ratings? Lego has a website where customers can submit their product designs. Then, other Lego customers can vote for their favorite product ideas. Products ideas with the most votes are reviewed by Lego and may be produced. This is an example of Lego using to develop new products. Crowdsourcing Market Research Test Markets Concept Testing Bruno wants to buy a new car and is comparing safety features among various car brands to make a final choice about which car to buy. What phase of the of product adoption process is Bruno in? Awareness Interest Adoption Evaluation Bruno wants to sell his DJ equipment that he used to make money on the weekends before he got a full-time job. Bruno considers his DJ equipment to be uniqu and knows that makes exceptional music. He ends up trying to sell the controller for much more than it is really worth on the market. Which effect is affecting Bruno's price decision? Status Quo Effect Better than Average Effect Loss Aversion Effect Endowment Effect Martin is in a busy beach area and is looking for a place to go to dinner. He decides to go to Blue Lagoon because it offers text updates regarding the wait time, rather than Green Grotto which operates on a first-come, first-serve basis and does not maintain a waiting list. Based on this information, on which of the 7 P's do these two restaurants differ? Process Place Physical Evidence People