A simple statistical analysis will help you better understand the types of new products. As in the Application Exercise in Chapter 6, you will be using print advertisements, but you will also be adding information from other sources (TV ads, trips to the store, and the like).
Activities
Compile a list of 100 new products. If you are building a portfolio (EXTRA CREDIT at the end of the semester) of ads (see the Application Exercise in Chapter 6), you can generate part of this list as you collect print advertisements for the topics in this chapter. Consider tabulating television ads for new products that are aired during programs you normally watch. A trip to the grocery could probably yield your entire list, but then your list would be limited to consumer products.
Make a table with six columns labeled as follows: new-to-the-world products, new product line, addition to existing product line, improvement/revision of existing product line, repositioned product, and lower-priced product.
Place each of your 100 new products into one of the six categories. Tabulate your results at the bottom of each column. What conclusions can you draw from the distribution of your products? Consider adding your results together with the rest of the class to get a larger and more random sample.
Purpose: This exercise is designed to show a distribution curve of new products on the market and to confirm that most new products are modifications of existing products.