1
How many types of idea generation are there? (explain)
Style, Fashion, Fad
Styles last for generations, fashions grow and decline slowly, while fads rise and fall very quickly.
Why are profits typically negative during the Introduction Stage of the Product Life Cycle?
Because sales are low while distribution, promotion, and product development costs are high
What is standardization?
This strategy involves selling the same product worldwide with minimal changes.
what are the 3 main questions of Idea screening
Real – Is there a real need and demand for the product?
Win – Can the company succeed with it?
Worth Doing – Is it profitable and strategically aligned?
Explain Test marketing & Commercialisation in detail with examples
Test marketing means trying the product in a small area first. example: Starbucks
commercialisation is the full-scale launch. example: Microsoft
How does McDonald’s balance standardization and adaptation in international markets?
Adapts menus and restaurant designs to local tastes and lifestyles. Examples include salmon burgers in Norway and McBaguette sandwiches in France
What is adaptation (or global localization)?
The principle of “Think globally, act locally” best describes this marketing approach.
Tell the difference between PRODUCT IDEA, PRODUCT CONCEPT AND PRODUCT IMAGE
Product idea: A possible product the company could offer.
Product concept: A detailed version of the idea expressed in terms that are meaningful to consumers.
Product image: How consumers perceive the product.
Explain Intuit's customer-centered product development
"Design for delight"
"follow-me-homes strategy"
What challenges do companies face during the Maturity Stage, and what strategies can they use to sustain success?
Challenges include slowed sales growth, intense competition, price wars, and declining profits. Strategies include modifying the market,improving products,adjusting the marketing mix
How James Dyson successfully developed the latest vacuum cleaner?
James Dyson created over 5,000 prototypes before successfully inventing this breakthrough household product.