Discussions:
In a one- to three-page paper for each question, answer the following.
1. Purple cows are a highly effective basis for a new product upon which to base a new venture. It is possible for all new product ideas to be purple cows. Do they need to be? If not why not; if yes, how would you take a nonpurple cow and turn it into one? Can excellent marketing make up for a mediocre product proposition, or nonpurple cow?
2. As an entrepreneur planning to market your new product, is it reasonable to expect or forecast 100% diffusion? Why or why not? If not realistic, what would be a realistic goal? Be sure to include how the iterative and spiral process may be helpful in answering this question.
3. Why is branding especially important for the success of a new product upon which a new venture is based?
4. Imagine you are in the market for a new cell phone, car, or appliance. Why are you willing to pay more for certain products when most have very similar functional benefits?
5. In the context of marketing, is having a great product enough to ensure success?
6. Consider your role as the CEO of a new venture start-up. What are the ways to forge a strong emotional connection between your target customers and your products? What are the benefits of doing so?