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You are an aspiring entrepreneur. One of your sibling's family just had her first baby. When discussing baby needs with you they commented that there did not seem to be a good, compact, economical stroller that would fit what baby stuff they needed to have with them and, at the same time, fold up to fit in their mid-size car. You were thinking this insight might lead to a new stroller design... and the start of your new company. What steps would you take, what resources would you avail yourself of and what would you need to think about with respect to design, pricing, product testing? So much to consider, in up to 5 paragraphs apply concepts learned in this section of course, this question is sufficiently complex to worth 10 points!

*Using these buzzwords are key! Design -idea generation -idea screening-emphasize human-centered design, ask for features they would want to see-crowd sourcing -concept development and testing Pricing -business analysis -cost and rev projection-competitor price benchmarking-cost based pricing-customer value-based -value-based pricing Product testing -R&D laboratories -test marketing -simulated test markets & controlled tests (reducing costs and speeding up process)

Performance Inc sells its newest athletic shoe styles to the Sneaker Store and distributes dated or slightly defective merch through Sports Discounters. Performance Incs main competitor is Topnotch Manufacturers. Performance Inc also markets its products through the company website. They decide to offer the short-term online promotion to encourage consumers to buy their newest athletic shoes, promoting a 20% discount off current retail prices. In such a distribution channel, which would be considered a vertical conflict? A) A conflict between Perfomance Inc and the Sneaker Store B) A conflict between Performance Inc and Sports Discounters C) A conflict between the Sneaker Store and Sports Discounters D) A conflict among Performance Inc, the Sneaker Store, and Sports Discounters E) A conflict between Performance Inc and Topnotch manufacturers

A) A conflict between Perfomance Inc and the Sneaker Store

Which statement is most likely true about idea generation in the new product development process? A) Idea generation is usually followed by procedures that reduce the total number of ideas. B) Idea generation is most effective when it occurs after idea screening C) Intrapreneurial programs enable customers to contribute to the idea generation process D) Most companies set a limit for the number of ideas generated to simplify the process E) A company can either develop ideas through internal or external sources but not through both

A) Idea generation is usually followed by procedures that reduce the total number of ideas.

In a marketing communications mix, ______ refers to any short-term incentive that encourages the purchase or sale of a product or service. A) Sales promotion B) Advertising C) Public relations D) Crowdsourcing E) Personal selling

A) Sales Promotion

Which of the following is the first step in developing an advertising program? A) Setting advertising objectives B) Setting the advertising budget C) Developing an advertising strategy D) Evaluating advertising campaigns E) Developing a brand message

A) Setting Advertising objectives

Food International is developing a new gluten-free,chili-flavored pretzel. The marketing strategy for the product has already been developed and presented to top management. Several prototypes were also formulated by company's R&D team. The final prototype is now being tested rigorously to ensure that it passes FDA standings. Once approved, the next step will most likely be: A) Internal marketing B) Test marketing C) Business analysis D) Portfolio analysis

B) Terst Marketing

Los Amigos, a new Mexican restaurant has set up shop across the street from Hot Tamales and More. Which one of the following pricing strategies will Los Amigos likely use? A) Cost plus B) Good value C) Competition-based D) Break-even E) Target costing

C) Competition-Based

Kallton is a multinational communications and information tech corp, its principal products are mobile telephones and tablets. Its recently announced on its website that customers can suggest ideas for the upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Kallton using ____ to generate new product ideas. A) Marketing strategy development B) Test marketing C) Crowdsourcing D) Business analysis

C) Crowdsourcing

In a promotion mix, ____ involve(s) personally connecting with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships A) Public relations B) Predictive analytics C) Direct marketing D) Indirect procurement E) Advertising

C) Direct Marketing

With each new generation of Apple iPhone, iPad, or Mac computer, new models start at a high price then work their way down as newer models are introduced. Apple initially uses a ____ strategy A) Deceptive B) Market penetration C) Market-skimming D) Target costing E) Predatory

C) Market-skimming

A detailed version of a product idea stated in meaningful consumer terms is a A) Product image B) Product feature C) Product concept D) Product framework

C) Product Concept

Which of the following applies to a marketing intermediary who buys brand name toothpaste from 10 different manufacturers, consolidates offerings, then resells the various brands to 500 supermarkets in Florida? A) Help a company develop a direct channel selling system B) Increase the amount of work that must be done by producers and customers C) Transform the assortments of products made by producers into the assortments wanted by consumers D) Facilitate the production of products without direct customer feedback E) Buy small quantities of products from producers and break them down in to narrow assortments for customers

C) Transform the assortments of products made by producers into the assortments wanted by consumers

Which of the following would be considered an upstream partner in a company's supply chain? A) A firm that resells a finished product and shares the net sales with the producer B) A firm that buys products at wholesale cost from the company C) A firm that markets a product to consumers through social media D) A firm that provides technical expertise in the production of a product E) A firm that exclusively markets a product to other business

D) A firm that provides technical expertise in the production of a product

Acquisitions do not include _____ A) Buying a license B) Opening a franchise C) Purchasing a whole company D) Developing a product E) Buying a patent

D) Developing a product

Victoria's Closet, a manufacturer of bohemian-style clothing and accessories, sells its products, through its online website, a catalogue, and specialty boutiques that target women. Which kind of channel arrangement does Victoria's closet employ to distribute its products? A) Horizontal marketing system B) Corporate vertical marketing system C) Administered VMS D) Multichannel distribution system E) Contractual VMS

D) Multichannel Distribution System

A ____ pricing strategy for an offering begins with an assessment of customer needs and perceptions. The target price is set based on customer perceptions of worth. A) Value-added B) Target costing C) Cost-based D) Value-based E) Corporation-based

D) Value-based

A _____ consists of producers, wholesalers, and retailers acting as a unified system. The system can be dominated by any one of the interdependent members. A) Conventional distribution model B) Direct marketing system C) Horizontal distribution channel D) Vertical marketing system

D) Vertical Marketing System

Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The company has decided to add a $1.50 markup, so the unit price to distributors will be $5. Lovely Skin is using the _____ approach to price the new moisturizer. A) Good value B) Competitor based C) Break-even D) Value added E) Cost-plus

E) Cost-Plus

Karen Dodd is employed by Dell and responsible for calling on primary schools in her home state of Maine to promote the company offerings. She demonstrates the Dell line of products including desktop computers, laptops, and tablets and fields questions from teachers and administrators alike. This is an example of which promotion tool? A) Television advertising B) Public relations C) Digital advertising D) Sales promotion E) Personal selling

E) Personal Selling

Why do today's firms need integrated marketing communications systems? How do firms benefit from such systems?

First, ICM helps firms carefully integrate and coordinate the communication channels to deliver concise and clear, compelling messages about the orgs and its products. Therefore, a firm can benefit from such a system in case of trying to communicate a persuasive promotion. 'It can help engage brand fans and keep the company brand fresh and contemporary. Firms today need these systems in order to reach a maximum audience since there are so many different forms of advertisement. Since any singular form of ad would have serious limitations in terms of the people that it reaches, using multiple different forms integrated together will allow the companies to benefit from extended reach to a larger target audience.

IDEO is a world class innovation "factory" that addresses difficult questions for a wide range of clients. In the video, we watched in class members of the team spoke about what makes it possible to create and scale their capabilities for clients. Identify and expand on two of these characteristics/qualities.

One of these characteristics of the team is the diversity of their backgrounds. The team members came from all over the world with different previous professions whi Human Centered Design: asking why, creating a connection with human and technology, creating a solution for people using their background, study, and intuition. Diversity of opinions Case by case Design Thinking: explaining what design was to people who don't understand designing. Ambiguous --->trial testing ---> finally choosing the one that works. Encouraging creativity. Or Design at Scale: bring people in the process of designing asking where do we start.