New Product Development, final exam 

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1.     (TCO 1) What characteristics describe innovative organizations? If you were attempting to transform an average organization into an innovative organization, what is the most significant obstacle you might encounter? (Points : 25)

 

 

 

 

2.     (TCO 2) Compare and contrast the exploit and explore innovation strategies. Describe a situation in which a specific type of organization might effectively use the explore strategy. (Points : 25)

 

 

 

3.     (TCO 3) Analyze the importance of overall business advertising and government regulation (local, state, and federal) as tools for generating new concepts. Provide an example of how advertising or government regulation generated an innovative product or service. (Points : 25)

 

 

 

4. (TCO 4) What is product liability? How might it impact a firm? (Points : 25)

 

 

 

5. (TCO 5) Innovation activities influence strategic planning and sales forecasting. Is there a single best generalized innovation strategy that will optimize strategic planning and sales forecasting? If yes, explain the strategy. If no, explain why not.(Points : 25)

 

 

 

 

6. (TCO 6) When developing products, what does the term relative advantage mean? Explain why management teams should be concerned about a new product’s relative advantage. (Points : 25)

 

 

 

7. (TCO 7) There are at least nine components to a formal business plan for a new product. Consider four of those components: (a) product or service details, (b) market opportunity details, (c) identification of target market, and (d) competitor analysis and identification of entry barriers. Which component of the plan do you feel is the most important? Explain why the component you selected is more important than the other three components. Offer three reasons to justify your selection. (Points : 25)

 

 

 

 

 

8. (TCO 8) Large firms and small firms have advantages and disadvantages that aid the design of a new product marketing plan. Which size firm is more likely to focus on niche markets? Describe the characteristics present that make this focus likely. (Points : 25)

 

 

 

 

 

9. (TCO 9) You are presenting a plan to your senior management team about market tests and risks. Risk testing is important and a suggestion has been made for you to consider the following risk categories: market-based risks, technological risks, manufacturing risks, and design risks. Would you include any or all of these additional categories as risk-testing categories? Defend your decision. (Points : 25)

 

 

 

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