March 13: Chapter8 1. Describe how Post-It brand notes were created. 2. How do c
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Question
March 13: Chapter8 1. Describe how Post-It brand notes were created. 2. How do companies develop or obtain new product ideas? 3. Provide a recent example of Crowdsourcing and why it might be effective 4. Describe how movies (expected to be top selling movies) are introduced into the market. Use a recent movie that has been released in the last six months as an example 5. What does CONCEPT TESTING test and what does TEST MARKETING test? 6. The Product Life Cycle has five different stages. At which stage are the following products? a. Tesla Model S sedan b. Kelloggs' Pop Tarts Coffee inspired toaster pastries c. Ivory Soap d. Apple iPhone X. e. Jeep f. Samsung Galaxy S7 7. Were Silly Bandz a fashion, fad, or style? Explain your answerExplanation / Answer
1. Post-it brand notes were invented accidentally and no one created them with an idea or intention. In 1968 Dr. Spencer Silver who was a chemist was trying to create something which was strongly adhesive but instead created a weakly adhesive but cpuld stick to anything for a long enough time and could be repositioned multiple times. Though it was a new invention but initially he or the other at his company did not how to use it until in 1974 his colleague, Art Fry used it as book marks in his Church choir book and it served the purpose very well. It slowly became one of the mlst useful product to be used in office for writing small notes for a temporary period.
2. The companies develop or obtain new ideas by following the steps one by one. Firstly an idea is generated on which the product will be based. This is done by analyzing the market trends, swot analysis of the products and consumer behaviour on the products in the market. Making all these researches makes it easier for the company to visualise what they can expect from the product they will develop. Next is screening the idea that is generated which means that going through the pros and cons that can effect the company growth on the development of the product, how are the companies who have created such ideas come up in the market. All these analysis is done in the screening process. After this the concept is tested through different methods like indentifying where the market message will work if the product is actually needed in the market. Creating business analytics that will feed and produce the metrics of different levels of input and output so that product development can be done accordingly. Beta testing and marketing testing can help to improve the product even after the product is developed. Identifying all the technicalities and making changes as per the technical changes is important. Commercialization is also important to position the product in the market and it can be done through advertising and marketing. Reviewing the product after launching it is the finalfinal esse step of development of the product.