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Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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If a venture is not ripe for the market, customers will usually wait until the market becomes ready for the product especially if it is a strong product. T F
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- 43) An organization can reduce the risk of being dependent on a single product by? a) Diversifying b) Divesting c) Innovating d) Capitalizingarrow_forwardBackground: The product life cycle shows us that markets and competition are dynamic. Over time old products are replaced with new ones. And as markets mature, firms usually face increasing price competition and erosion of their profit margins. To succeed in spite of these pressures, firms must constantly look for new market opportunities-and that often means identifying and developing new product ideas and effective strategies to go with them. While the new product development process is crucial to the survival and success of most firms, it is also a challenge. Even the best run companies sometimes miss opportunities that-after the fact-seem obvious. And too often companies go ahead and introduce new products that turn out to be costly failures. Marketing managers can increase the odds of success in this area by really understanding the steps of the new product development process-and what it takes to generate and screen new product ideas, This exercise is intended to help develop…arrow_forwardWhat are the advantages and disadvantages for companies that are thefirst to introduce products that create new markets?arrow_forward
- You have recently been hired by a cosmetics company in the productdevelopment group. The firm’s brand is a top-selling, high-end line ofcosmetics. The head of the development team has just presentedresearch that shows that “tween” girls, aged 11 to 15, are veryinterested in cosmetics and have the money to spend. The decision ismade to create a line of tween cosmetics based on the existing adultline. As the product moves through development you begin to noticethat the team seems to lean toward a very edgy and sexual theme forthe line, including naming the various lines “envy,” “desire,” “prowess,”and “fatal attraction.” You begin to wonder, is this concept too much forgirls in the targeted age group?arrow_forwardFirms within the same industry may be considered to be in different strategic groups. True Falsearrow_forwardRead the following statements and select if they are true or false. a. The achievement of economies of scope is the most important benefit of unrelated product diversification. True False b. In a related constrained diversification at least 95% of the revenues comes from a single business True False c. Unrelated diversification is when more than 70% of the revenues come from different business. True False d. In related linked diversification all businesses are linked. False Truearrow_forward
- Match the description to the type of generic strategy in the framework proposed by Michael Porter (1985). Once you click Check, the correct matches will remain in place, while the wrong matches will return blank. Generic Strategy |||| Differentiation focus Description Competitive advantage comes from selling a differentiated product or service (e.g. a better-quality product with some unique features compared to rivals) to a broad market (e.g. many customer segments and/or broad geographic area). Competitive advantage comes from having lower costs than competitors across a wide market. By adopting this strategy, a firm aims to sell a lower cost product to a broad market (e.g. many customer segments and/or a broad geographic area). The strategy of offering an undifferentiated product or service to a small segment or in a restricted geographical area. Competitive advantage comes from a product/service that is unique in some way to rivals and is targeted at a particular market niche. In…arrow_forwardA producer of home burglar alarm devices decides to start manufacturing portable video cameras for use in industrial security situations. This is an example ofA. market development.B. diversification.C. product development.D. market penetration.arrow_forwardMarketing strategy decisions for a consumer product may be very different from the decisions for a business-to-business \\( p \\) True or Falsearrow_forward
- When the primary selection criteria a firm uses to decide whether or not to enter a new market segment centers around not having to develop a whole new set of products to meet the needs of that new segment, the firm would be referring to: Compatibility with the firms existing product A line. The ability of the new segment to afford its В product. The anticipated growth potential of the new segment The potential responsiveness of the the new D segment.arrow_forwardSelect one (1) product from a recognized company. Find information about the product and analyze how the company has managed the Product Life Cycle (PLC) over the years. Identify the product and what stage of the life cycle it is in. What strategies in the marketing mix would management have to use to prevent the product from entering the decline stage?arrow_forwardYou have a "Cash Cow" Product Line based on the BCG Matrix assessment. The Product Line is in the "maturity stage" of its PLC with a large base of customers. Which of these investment strategies make the most sense? Stop investment and abandon the product line Inject significant profit from your "star" product to try and fuel growth and improve market-share Divert some profits from this "cash cow" product to try and save a "dog" product line in the "decline" stage of its PLC Invest in introducing product line and brand extensions for this "Cash Cow" product line as you further segment your target marketarrow_forward
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