Take one of your product ideas and outline how that product will be carried through from the idea stage to commercialization.
What will be an ideal response?
• Idea Stage: Evaluating each idea focusing on the most promising; identifying the need for the new product idea and its potential value to the company.
• Concept Stage: Refined idea tested to determine acceptance by potential customers and members of distribution channel.
• Product Development Stage: Through consumer panels, the virtues and deficiencies of the product are identified; determines consumer preference through multiple brand comparisons, risk analysis, level of repeat purchases, or intensity of preference analysis.
• Test Marketing Stage: Market test helps project actual sales and acceptance of the new product.
• Commercialization: Defining the marketing mix (product, price, distribution, and promotion) and executing.
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Worldwide Appliance Co. put together data to measure sales performance by region of the United States. The Western region included 30 percent of the U.S. population and was expected to deliver a similar share of Worldwide's sales. This region ended up delivering 30 percent of the company's overall sales. The performance index for the Western region would be
A. 130. B. 1.30. C. 0.90. D. 100. E. 90.
Advertising, public relations, and other forms of communication are critical tools in the marketing program and reflect the ________ (P) of the marketing mix
A) Product B) Promotion C) Price D) Place E) Process
Which dimension of personality from the Big Five model focuses on being trusting, good-natured, tolerant, and forgiving?
A. agreeableness B. conscientiousness C. openness to experience D. extroversion
According to the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice, performing professional duties in accordance with relevant laws, regulations and technical standards is a component of which standard?
a. Competence b. Confidentiality c. Integrity d. Credibility