Marketing product modification:
1. What is a line extension, and how does it differ from a product modification?
2. Compare and contrast the three major approaches to modifying a product.
3. Identify and briefly explain the seven major phases of the new-product development process.
4. Do small companies that manufacture just a few products need to be concerned about developing and managing products? Why or why not?
5. Why isproduct development a cross-functional activity within an organization? That is. why must finance,
engineering, manufacturing. and other functional areas be involved?
6. What is the major purpose of concept testing. and how is it accomplished? What are the benefits and disadvantages of test marketing?
i. Why can the process of commercialization take a considerable amount of time?
7. What is product differentiation, and how can it be achieved?
8. Explain how the term quality has been used to differentiate products in the automobile industry in recent years. What are some makes and models of automobiles that come to mind when you hear the terms high quality and poor quality?
9. What is product positioning? Under what conditions would head-to-head product positioning be appropriate? When should head-to-head positioning be avoided?
10. What types of problems does a weak product cause ina product mix? Describe the most effective approach for avoiding such problems.
11. How important are services in the U.S. economy?
12. Identify and discuss the major service characteristics.
13. For each marketing mix element. which service characteristics are most likely to have an impact?
14. What type of organization might use a venture team to develop new products? What are the advantages and disadvantages of such a team?