Check Your Understanding:
1.
What are the marketer’s basic components of the new product development process?
2.
Where does our textbook suggest new product ideas come from? Can you think of others that are not mentioned in our textbook?
3.
Describe the basic components of the Kproduct Life Cycle (PLC).
4.
Describe the basic components of the “Diffusion of Innovation” Life cycle. Think of a technology that has come and gone. What disruptive technology/technologies superseded and replaced it? Example: 8-Track Player replaced by cassettes, then cd players, mp3 players, online music
5.
Keeping an eye on how the world is changing around us, what are some emerging trends you’ve noticed firming up?
6.
Describe the basics of demand elasticity? Why are some products more elastic than others?
7.
What is break-even analysis? How is derived?
8.
How does scanner data provide useful information for product pricing?
9.
What is price discrimination? How does price discrimination differ from segmentation pricing?
10.
Describe and contrast pricing for market penetration versus market skimming.