Module 1

Question 1

It means the development or gradual advance of the market from an initial position to one that is more critical

Answer 1

MARKET EVOLUTION

Question 2

Four stages of Market Evolution

Answer 2

Emergence, Growth, Maturity, Decline

Question 3

The market for such products is termed as latent. “A latent market consists of people who share a similar
need or want for something that does not yet exist.

Answer 3

EMERGENCE STAGE OF MARKET

Question 4

A market that consists of people who share a similar
need or want for something that does not yet exist.

Answer 4

Latent Market

Question 5

Marketing Strategies

Answer 5

Single-Niche
Multiple Niche
Mass Market

Question 6

If the marketer decides to develop the product to satisfy one of the corners of the market, it is termed
as ?

Answer 6

Single-Niche

Question 7

If the marketer decides to develop and launch more than one new product
aiming at more than one corner or segment of the total market, we call it a ?

Answer 7

multiple-niche strategy

Question 8

Under this strategy, the marketer aims at the
middle portion of the market where concentration is heavy.

Answer 8

Mass Market Strategy

Question 9

begins as new firms
enter the market and compete with the pioneer firm. Since this is the era
of extreme competition, new firms will immediately enter the market if they
see the market is profitable to operate

Answer 9

Growth Stage

Question 10

When most of the corners/parts/segments of a
product’s total market are tapped and served by different competing
firms, the market reaches what stage?

Answer 10

Maturity Stage

Question 11

When all of the major segments are covered, marketers find it
unprofitable operating in one or a few segments

Answer 11

Maturity Stage of Market

Question 12

When the demand of the market will start reducing, this stage begins

Answer 12

Decline Stage

Question 13

Two common reasons for decline of a business/ product

Answer 13

• First, society’s need level for a particular product may decline, which reduces the need for a specific product.
• Second, new technology may emerge capable of producing better products.

Question 14

means making new
products and offering new services, or adding new value to existing ones

Answer 14

Innovation

Question 15

is the implementation
and the application of a new idea related to a new product or service, a new marketing method, a new organizational methods in business practices, workplace organization or external relations

Answer 15

Innovation

Question 16

5 areas in which companies can introduce innovation
(GIDDR)

Answer 16

1. Generation of new or improved products.
2. Introduction of new production process
3. Development of new sales market
4. Development of new supply market
5. Reorganization and/ or restructing of the company

Question 17

Types of Innovation (PMO)

Answer 17

Process innovation, Marketing, Organizational

Question 18

The adoption of new or
significantly improved
production methods. These
methods may involve changes in equipment or production
organization or both

Answer 18

Process information

Question 19

An innovation that satisfies
customer needs and develops a competitive advantage through
implementation of new marketing method involving significant changes in product design or
packaging, product placement, product promotion or pricing.

Answer 19

Marketing Innovation

Question 20

The implementation of a new
organizational method in the firm’s business practices, workplace organization or external relations

Answer 20

Organizational innovation

Question 21

Creating new Market + Improving existing knowledge = ?

Answer 21

Market innovation

Question 22

Creating new Market + creating new knowledge = ?

Answer 22

Basic Innovation

Question 23

Retaining Existing Market + improving existing knowledge = ?

Answer 23

Incremental Innovation

Question 24

Retaining Existing Market + Creating new knowledge = ?

Answer 24

Technological Subsitution

Question 25

is the set of activities beginning with the perception of a market opportunity and ending in the production, sale, and delivery of a product. It includes also new service development (NSD).

Answer 25

New Product Development (NPD)

Question 26

What is a new product?

Answer 26

1. A product that OPENS an entirely new market 2. A product that ADOPTS or REPLACES an existing product 3. An OLD PRODUCT introduced in a NEW market 4. An old product PACKAGED IN DIFFERENT WAY 5. An old product MARKETED in a different way

Question 27

FUNDAMENTAL ELEMENTS NEW PRODUCT DEVELOPMENT

Answer 27

Variant Generation Process Selection Process Transformation Process Coordination Process

Question 28

which converts (‘develops’) opportunities into economic goods and codified knowledge (embodied in a design) – products or services to be offered to customers

Answer 28

Transformation Process

Question 29

process which ensures the information flow, collaboration, and cooperation among multiple parties, involved in the NPD activities

Answer 29

Coordination Process

Question 30

which identifies new combinations of technologies, processes, and market opportunities with the potential to create economic value

Answer 30

Variant Generation Process

Question 31

which chooses the most promising among the new combinations for further investment according to consistent criteria.

Answer 31

Selection Process

Question 32

New product can be used to:

Answer 32

1. Increase/defend market share by offering more choices or updating older products 2. Improve relationship with distributors 3. Maintain the firm’s reputation a leading brand 4. Make better use of the organization’s resources

Question 33

Why develop a new product?

Answer 33

1. To maintain/ increase market share 2. To fill gap in the market 3. To take advantage of new technology 4. To replace declining product 5. To maintain competitive advantage

Question 34

True or false: A MARKETER CAN RARELY SATISFY EVERYONE IN A MARKET

Answer 34

True

Question 35

Identify and profile distinct groups of buyers who might prefer or require varying products

Answer 35

Market segmentation

Question 36

can be identified by examining demographic, psychographic, and behavioral differences among buyers

Answer 36

Market segments

Question 37

For each chosen target market, the firm develops a ?

Answer 37

Market Offering

Question 38

is positioned in the minds of the target buyers as delivering some central benefit(s)

Answer 38

Offering

Question 39

Benefits of using market segmentation and target market

Answer 39

1. Enhance Market campaign 2. Improves product development 3. Helps Locate New Market 4.Provides Brand Guidance

Question 40

You can create marketing campaigns that show how the company's products and services meet your customer's specific needs and encourage customers to choose your product over competing items.

Answer 40

Enhance Marketing Campaign

Question 41

Create products they find useful. Opportunities to create new products to meet specific needs.

Answer 41

Improves Product Development

Question 42

Improve existing products to make them more useful to the customers

Answer 42

Improves Product Development

Question 43

Targeted product development can build brand loyalty and help a company acquire a niche market

Answer 43

Improves product development

Question 44

Conducting market segmentation research can help a business development team learn about audiences who haven't received targeted marketing from the company yet.

Answer 44

Helps Locate New Market

Question 45

Learning who buys a company's products can help the company's leadership team adjust its brand to appeal to its target audience

Answer 45

Provides Brand Guidance

Question 46

Product Development life cycle

Answer 46

Conceptualization Planning Development Testing and validation Launch Growth and improvement Maturity Decline or End-of-life

Question 47

two things you do in Conceptualization

Answer 47

Idea generation Idea screening

Question 48

Gathering and generating potential ideas for new products or improvements to existing products.

Answer 48

Idea generation

Question 49

Encouraging brainstorming sessions, innovation competitions, and cross departmental collaborations.

Answer 49

Idea generation

Question 50

Evaluating and selecting the s promising ideas based on various criteria such as feasibility, market potential, and alignment with business goal

Answer 50

Idea Screening

Question 51

Using criteria like market potential, feasibility, and strategic fit to evaluate and prioritize ideas

Answer 51

Idea screening

Question 52

2 things you do in planning

Answer 52

Feasibility analysis Market research

Question 53

Assessing the technical, financial, and market feasibility of the selected product concept

Answer 53

Feasibility Analysis

Question 54

Employing SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), cost-benefit analysis, and risk assessment

Answer 54

Feasibility Analysis

Question 55

Conducting detailed market analysis, identifying target demographics, and understanding consumer needs and preferences

Answer 55

Market Research

Question 56

Conducting surveys, focus groups, and competitor analysis to understand market needs and trends

Answer 56

Market research

Question 57

2 things you do in development

Answer 57

Product design Prototyping

Question 58

Creating the detailed specifications and design of the product based on market research and feasibility analysis.

Answer 58

Product design

Question 59

Utilizing design thinking methodologies, rapid prototyping, and agile development processes to create user centered designs.

Answer 59

Product design

Question 60

Building prototypes or minimum viable products (MVPs) to test the product's functionalities and gather feedback for refinemen

Answer 60

prototyping

Question 61

Emphasizing rapid iteration and feedback loops to refine product features and functionalities early in the process

Answer 61

Prototyping

Question 62

Two things you do in testing and validation

Answer 62

Product testing Validation

Question 63

Conducting rigorous testing to ensure the product meets quality standards and addresses consumer needs.

Answer 63

Product Testing

Question 64

Employing alpha and beta testing, quality assurance protocols, and usability testing to ensure product reliability and performance.

Answer 64

Product testing

Question 65

Verifying the product's performance, usability, and reliability against predefined criteria.

Answer 65

Validation

Question 66

Conducting user acceptance testing (UAT), validating against predefined success criteria, and incorporating feedback

Answer 66

Validation

Question 67

2 things you do in Launch

Answer 67

Market Entry Launch Strategy

Question 68

Strategically introducing the product to the market through effective marketing campaigns and distribution channels.

Answer 68

Market Entry

Question 69

Using penetration pricing, skimming, or other pricing strategies; selecting appropriate distribution channels; and creating compelling marketing campaigns.

Answer 69

Market Entry

Question 70

Executing the go-to-market plan, including pricing, promotion, and distribution strategies

Answer 70

Launch Strategy

Question 71

Leveraging social media, influencer marketing, and strategic partnerships for maximum reach and impact

Answer 71

Launch Strategy

Question 72

under Growth and development

Answer 72

Market feedback Analysis Iterative development

Question 73

Collecting and analyzing feedback from initial users/customers to identify areas for improvement.

Answer 73

Market Feedback analysis

Question 74

Utilizing feedback collection tools, customer surveys, and data analytics to gather and analyze user feedback.

Answer 74

Market Feedback Analysis

Question 75

Implementing changes or updates based on feedback to enhance the product's features, performance, or user experience

Answer 75

Iterative Development

Question 76

Under Maturity

Answer 76

Product optimization Market expansion

Question 77

Optimizing the product based on market trends, technological advancements, or changing consumer preferences

Answer 77

Product Optimization

Question 78

Conducting periodic reviews, feature enhancements, product bundling, and cross-selling strategies

Answer 78

Product Optimization

Question 79

Exploring new markets or segments to sustain or expand the product's market share.

Answer 79

Market Expansion

Question 80

Identifying new market segments, geographic expansion, and diversification of product variants or extensions.

Answer 80

Market expansion

Question 81

Under Decline

Answer 81

Product Retirement Disposition

Question 82

Considering product retirement or discontinuation due to declining market demand, technological obsolescence, or the introduction of newer products.

Answer 82

Product Retirement

Question 83

Implementing phased withdrawal strategies, offering incentives for the transition to newer products, and responsibly managing inventory or disposal.

Answer 83

Product Retirement

Question 84

Planning for the withdrawal of the product from the market, including inventory management and customer transition strategies.

Answer 84

Disposition

Question 85

Providing customer support during the transition, offering discounts for remaining inventory, and communicating transparently about the product's discontinuation

Answer 85

Disposition