MKT20024 Exam Revision

Question	Answer
Name 4 product components	Identity Target Physical Intangible
Demand ecology	a networked family of role players dependent on a company's creation and delivery of a product who are connected to each other through links transferring information, product and cash.
Classical (stage gate) approach to new product management	At the end of each stage in the classical approach there is an evaluation gate through which each developing product must pass.
The Agile approach to new product management	seeks alternatives to traditional project management. Agile approaches help teams respond to unpredictability through incremental, iterative work cadences and empirical feedback. Agilists propose alternatives to waterfall, or traditional sequential development.
New-to-the-world	Inventions that create a whole new market.
New-to-the-firm products	Products that take a firm into a category new to it.
Additions to existing product lines	Line extensions and flankers that flesh out the product line in current markets.
Improvements and revisions to existing products	Current products made better.
Repositionings	Products that are retargeted for a new use or application. Also includes retargeting to new users or new target markets.
Cost reductions	New products that provide the customer similar performance but at a lower cost. May be more of a 'new product' in terms of design or production.
There are five phases in the new product process:	Phase 1: Opportunity identification/selection. Phase 2: Concept generation. Phase 3: Concept/project evaluation. Phase 4: Development. Phase 5: Launch.
Product Innovation Charter (PIC)	The new product team’s strategy for products, not processes. A document specifying the conditions under which a firm will operate.
Concept generation Benefit/Need:	benefit to the customer for which the customer sees a need or desire. Technology permits us to develop a form that provides the benefit.
Concept generation Technology:	the source by which the form is to be attained.
Concept generation Form:	the physical thing created, or, for a service, the set of steps by which the service will be created.
ATAR Model	Awareness Trial Availability Retrial
ATAR Model Awareness	Has heard about the new product with some characteristic that differentiates it.
ATAR Model Trial:	Usually means a purchase or consumption of the product.
ATAR Model Availability:	If the buyer wants to try the product, the effort to find it will be successful (expressed as a percentage).
ATAR Model Retrial:	The product is bought at least once more, or (for durables) recommended to others.
Principles of universal design Equitable use:	The design is useful to people with varied abilities.
Principles of universal design Flexibility in use:	The design accommodates a wide variety of preferences.
Principles of universal design Simple and intuitive to use:	The design is easy for anyone to understand.
Principles of universal design Perceptible information:	The design communicates the required information to the user. Tolerance for error: The design minimises adverse consequences of inappropriate use.
Principles of universal design Low physical effort:	The design can be used efficiently by anyone with minimal fatigue.
Principles of universal design Size and space for approach and use:	The product is easy to reach, manipulate, and use.
Types of demand sought	Primary demand: for new-to-the-world product. Replacement demand: for a product improvement or upgrade (new computer chip, new compact car). Selective demand: for an entry into an established market.
Product positioning	Who — Why — How. To whom are we marketing? Why should they buy it? How do we best make the claim?
The target market decision	Alternative ways to segment a market - end-use, geographic/demographic, behavioural/psychographic, benefit segmentation. Micromarketing and mass customisation. Also consider the diffusion of innovation.

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MKT20024 Exam Revision

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	Created by Erin Walker over 7 years ago