Ch 9_NEW! Mini Sim_New Product Development MARK3300

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The client is a cosmetics company that has been in business for five years and has distribution relationships with several large department stores. The company wants to increase overall company market share by 10% with this product within the next two years. The team now needs to choose the best marketing strategy. Select an option from the choices below and click Submit. - Concentrated niche marketing: This strategy goes after a large share of a small niche of consumers. - Differentiated marketing: This strategy targets several market segments and designs separate offers for each. - Undifferentiated marketing: This strategy focuses on what is common rather than what is different.

- Concentrated niche marketing: This strategy goes after a large share of a small niche of consumers.

W: Is it worth doing?

- The new product would cost $12.50 to manufacture, and similar products sell for $9.00.

Your next step in the process is to test the product in the market. Test marketing can be extensive and expensive. At a brainstorming session, the team comes up with the following three scenarios. You now need to recommend which option is best for the anti-aging cream. Select an option from the choices below and click Submit. - Use a controlled test market of middle-income consumers in selected stores. - Use simulated test markets by having researchers measure consumer responses to new products and marketing tactics in laboratory stores or simulated online shopping environments. - Use a complete test marketing program for the anti-aging cream, including testing advertising, distribution, branding, and packaging.

- Use a controlled test market of middle-income consumers in selected stores.

Should your product go to market right now? Select an option from the choices below and click Submit. - We propose that the client take this product to market now. - We propose that the client wait 1 to 2 years to take this product to market. - We propose that the client should not take this product to market.

- We propose that the client wait 1 to 2 years to take this product to market.

W: Can we win?

- A smaller ergonomic mouse was used by 57% of data entry clerks who participated in the survey. - To manufacture the new product, the company may need to hire 10 more assemblers.

In order for the new product development team to narrow down the product choices, the team needs to go through the idea screening process. The marketing research team has come up with data on each product. Based on the marketing research findings, which of the three products positively answered all three R-W-W framework questions? Select an option from the choices below and click Submit. - Smart suitcase - Anti-aging cream - Smart home security device

- Anti-aging cream

This product received glowing reviews from all three men and five of the women. The other two women felt that they would be more drawn to a product with a nice scent. Based on this feedback, what is the next step to move this product forward? Select an option from the choices below and click Submit. - Conduct more focus groups to determine if fragrance should be included in the product. - Regroup with the team and select another product concept based on the results of this focus group. (INCORRECT) - Begin marketing strategy development.

- Begin marketing strategy development.

Based on this desire, the team has come up with three product concepts for the anti-aging cream. Before you decide on a concept, they want to do product testing, which is the next phase in the product development process. The team has decided that focus groups with potential customers that fit the three different concepts will be conducted for product testing. Choose the product concept that you think will test the best. Select an option from the choices below and click Submit. - Mid-tier product: This concept would appeal to career women and men, and would be sold at department and specialty beauty locations. This product needs to appeal as a unisex product, or else have both a men's and a women's line in different packaging, sold at the same location. - Premium product: This concept would appeal to affluent women and project the allure of prestige for the product. The product would only be sold in upscale retail locations. Exotic plant extracts from Brazil would be added to the product to create a natural, organic product. - Mass appeal product: This concept would appeal to the everyday man or women, and would be sold at a discounted price at drug stores and discount retailers. Due to low cost considerations, a lavender essence would be added to the product for mass appeal.

- Mid-tier product: This concept would appeal to career women and men, and would be sold at department and specialty beauty locations. This product needs to appeal as a unisex product, or else have both a men's and a women's line in different packaging, sold at the same location.

The team now needs to decide on the physical packaging for the anti-aging cream prototype, taking the product from concept to mock-up. The team has reviewed similar moisturizer and face cream packaging to help with its decision. Use the table below to choose the best option. Select an option from the choices below and click Submit. - Glass jar - Plastic tube - Plastic bottle

- Plastic bottle

R: Is it real?

- Research shows that 85% of high school students enjoyed playing the new game. - The results of the last market survey showed only 35% of consumers were interested in the new product.


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