Reference no: EM132220257
1. Responding to the current wants and needs of consumers is an example of what approach to new product and service innovation?
Using an customer value co-creation strategy.
Using a market following instead of a market leading strategy.
Using a market driving approach to developing new products and services.
Using a market driven approach to developing new products and services.
2. Which of the following is a NOT a threat to accurate measurement of consumers preferences for a new product/service during concept testing?
Consumers have strong and stable preferences for existing products/services in markets they have more experience with so are not very receptive towards new product/service concepts
Consumers are prone to survey method effects, such as information overload/cognitive burden, which limit rational decision making during concept testing
Respondents to a survey, if not properly incentivised, will not provide accurate information about their preferences.
Consumers do not know and understand their preferences for a new product/service concept well enough to be able to articulate them on a survey.
3. The Juicero is a juice making machine was launched with a clearly articulated product concept, but it cannot be considered a viable new product innovation. Why?
The technology used is not feasible.
The level of need for the concept is insufficient for the concept to be commercially viable as a mass market product.
The benefits provided by the product concept are not conceivable for any niche market segments.
The form of product cannot be articulated.
4. Sometimes consumers do not use products for the purpose(s) they were originally designed for. When a firm adapts the way they market their product to promote the alternative product use purpose, what kind of strategy are they using?
Innovation through creative destruction.
Innovation through co-creation of value.
Innovation through repositioning.
Innovation using discontinuous technology.
5. Which of the following is a communication device used to convey information about a new product concept?
Product prototype.
Product architecture.
Product packaging.
Product protocol.