final exam

Question 1

The kind of new product testing done to see if label changes make a difference

Answer 1

Shelf Test

Question 2

The first thing that should be done in terms of data analysis once you know your data is clean

Answer 2

Look at it!!! …. thru marginals and histograms to develop hypotheses

Question 3

What we call it when we regroup data for a superior analysis

Answer 3

aggregating/collapsing the data

Question 4

3 important metrics for name testing and 1 often used that shouldn’t be

Answer 4

1. The descriptive power of name
2. likeability/appeal
3. brandable/differentiation
4. Shouldn’t ask: How well does it fit in with the brand

Question 5

A good approach to ensure concepts don’t get too vertical too quickly

Answer 5

Design of Experiments

• see how multiple benefits might pair with multiple reasons to believe and problem statements

Question 6

Why benchmarks or norms are important in concept testing

Answer 6

to know whether your innovation is truly a step forward and worthwhile to pursue

Question 7

Major differences between a concept and an adcept

Answer 7

**Imagery, Pricing, Headlines/Taglines

• Make it more like an advertisement

Commercialization → always use images to look like a print line, taglines

Question 8

4 main elements of a concept

Answer 8

1. Belief /Problem (issue)
2. Core Benefit (what it solves)
3. Reasons to Believe (how my product solves it for you)
4. So what

Question 9

Preferred minimum sample size for late-stage concepts

Answer 9

150-200
- You have enough sample to see if people like the concept

Question 10

Primary reason to use Perceptual Mapping in Innovation Testing

Answer 10

To understand where current product/brand sits in customers’ minds vs. alternatives - what space is “owned.”

See the strengths and weaknesses in a product and how it is positioned in the marketplace

Question 11

Primary reason to MaxDiff in innovation testing

Answer 11

• To trade off many ideas
• Get rank order

Question 12

Not the life of an aesthetic, but what we call testing concepts across independent samples

Answer 12

Monadic (“monatic life”)

Question 13

4 key stages in innovation process

Answer 13

1. Market scan
2. identify needs
3. Generate the idea to close the gap
4. Concept testing

This is AKA: scan, need, idea, concept testing → snic

Need to understand what each of the idea of what they all mean!!

Question 14

5 innovative elements to improve a product, other than the product itself

Answer 14

1. Adding other options/features –> customization
2. new use
3. Packaging
4. Jingles
5. pricing

Question 15

3 impediments to innovation (why companies don’t get started)

Answer 15

• When other companies copy an already-established product
• Short product lifecycle
• cost
• Idea shortage (don’t have any good ideas)

Question 16

3 reasons new products fails

Answer 16

1. Doesn’t fit into market
2. Poor design
3. Poor marketing execution
4. Fast competitive reaction
5. high cost
6. Overchampioning (someone in corporation think it will go well but they don’t listen to the data)

Question 17

Classic case of when you should use the median instead of the mean to describe data

Answer 17

when outliers skew the mean

Question 18

Classic case of when you should use the median instead of the mean to describe data

Answer 18

When you have outlined data that can skew the mean

Question 19

The two major groupings of statistical procedures

Answer 19

inferential (correlation; relationships) and descriptive (describing extra data)

Question 20

major test to see if observed frequencies differ from expected frequencies

Answer 20

chi-square test

Question 21

What we call it when one data element moves in a similar direction to another

Answer 21

correlation