Marketing Strategies DQ Responses
Q1. Please read the below paragraph and write your opinion. Do you agree or disagree? (Bhargava)
Note: Minimum 150 – 200 with intext citations and references.
Every product starts as an idea. But all new product ideas do not have equal merit or potential for economic or commercial success. Some estimates indicate that as many as 60 or 70 ideas are necessary to yield one successful product (Levy & Weitz, 2012). This is an average figure, but it serves to illustrate that new product ideas have a high-mortality rate. In terms of money, almost three-fourths of all the dollars of new product expense go to unsuccessful products.
The problem at this stage is to ensure that all new product ideas available to the company at least have a chance to be heard and evaluated. Ideas are the raw materials for product development, and the whole planning process depends on the quality of the idea generation and screening process (Bergman, 1994). Because idea generation is the least costly stage in the new product development process (in terms of investment in funds, time, personnel, and escalation of commitment), it makes sense that an emphasis be placed first on recognizing available sources of new product ideas and then on funneling these ideas to appropriate decision makers for screening.
Q2. Please read the below paragraph and write your opinion. Do you agree or disagree?(Shivam)
Note: Minimum 150 – 200 with intext citations and references.
Mind Map Method
Creating mind maps is common in many creative fields. To create a mind map, you write down the problem on a whiteboard and then surround it with words that indicate the things that you feel you may need in order to solve the problem. If the problem is growing website traffic, for instance, the solutions are the things that you need, like SEO or organic traffic. As a second mind map layer, you can take an individual need, like SEO, and add potential solutions, including hiring an SEO strategist, taking up a marketing course and so on. It’s possible to add third or fourth mind map layers, as well. It’s a proven creative technique that works.