Product Development Process and Design Thinking Process Exam Practice

Question Description

Use (M Marketing 6th Edition by Dhruv Grewal) book

1. ch12

A. Simply list the six stages of the New Product Development Process. (4)

Idea generation

Concept testing

Product development

Market testing

Product launch

Evaluation of results

B. Simply list the five stages of the Design Thinking process. (3).

Empathize

Define

Ideate

Prototype

Test

C. List, explain and justify your rationale, two ways in which you think the Design Thinking process is superior to the New Product Development Process in terms of ultimately bringing successful products to the marketplace. (9).

D. List, explain, and justify your rationale, two ways in which you think the New Product Development Process is superior to the Design Thinking process in terms of ultimately bringing successful products to the marketplace. (9).

3.ch14

A. In what way is Price Elasticity of Demand different from the Law of Demand? Explain in a sentence. (5).

B. From the perspective of Price Elasticity of Demand, how might the demand for a Marymount University education different for a student who has just finished her freshman year as compared to a student who has just finished his junior year? Explain. (10).

C. Why is the demand for gasoline typically considered inelastic while the demand for a specific brand of gasoline typically considered elastic? (10)

4.ch14

A. Explain and give examples concerning the differences between short term and long term skimming pricing. (12.5)

B. Explain and give examples concerning the differences between short term and long term penetration pricing. (12.5)

6.ch15

A. What is the primary challenge faced by Amazon as described in the video, “How Amazon Returns Work.” (10)

B. Describe in a few sentences for each, three specific ways Amazon is attempting to cope with the challenge you described in Part A. (15)

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