Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Answers bubbled in already are NOT correct, need the correct answers please. New Product Decision Research suggests that it takes about 3,000 raw unwritten
The Answers bubbled in already are NOT correct, need the correct answers please.
New Product Decision Research suggests that it takes about 3,000 raw unwritten ideas to produce a single commercially successful new product. To learn marketing lessons and convert potential failures to successes, we can analyze why new products fail and then study several failures in detail Both marketing and nonmarketing factors contribute to new-product failures. Using the research results from several studies on new-product success and failure, we can identify critical marketing factors-which sometimes overlap-that often separate new-product winners and losers 1. Insignificant point of difference. 2. Incomplete market and product protocol before product development starts. 3. Not satisfying customer needs on critical factors 4. Bad timing. 5. Too little market attractiveness. 6. Poor product quality. 7 Poor execution of the marketing mix: brand name, package, price, promotion, distribution. 8. No economical access to buyers. Read the case below and answer the questions that follow. Without question, one of the amazing new product stories of the last decade has been the Apple iPhone. However, no less of a story are the thousands of apps (applications) that have been developed for this device. Recent figures put the number of apps developed for the iPhone at more than 100,000-by the time you read this, the number will no doubt be much higher. Here's the scenario. You are a venture capital investor looking at getting in on the fast-growing app business. You are seriously considering two different ideas that developers have brought to you seeking money for developing and rolling out their respective ideas. Being the careful and prudent investor, you know that most new product ideas never prove successful. But you have developed a checklist of items that you like to go through to improve the odds that the product you back will be a success Included on that checklist are: 1. Market size (at entry, subsequent years) 2. Market growth rate (how rapid, accelerating, slowing) 3. Number of competitors (initially, prospects for competition)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started