Question 1: Analyze the statement, "The poor have no purchasing power and do not represent a viable market." In addition, "The poor are hard to reach." Why do you agree or disagree with each statement?
Question 2: Understanding our market and estimating future demand is required when formulating recommendations for a product launch. You are charged with selecting a method to solve some specific problems with a new product. These problems must be resolved before sales forecasts can be made and development activities planned. What method would you select (market surveys, brainstorming, expert opinion, or developing scenarios)? Why is your selected method most appropriate for the situation described?
Question 3: When we develop a strategic plan for a new product launch, we may create errors caused by our own biases. We may be overconfident and ignore possible problem areas. We may seek and overemphasize evidence that confirms our beliefs while excluding evidence that suggests we are heading in the wrong direction. We may take actions designed to minimize loss while ignoring acceptable risks that may result in gain. Explain the actions you would take to minimize the problems described in negatively affecting a strategic plan you were responsible for developing. Which source of error do you find most significant? Why?
Question 4: Large firms and small firms have advantages and disadvantages that aid the design of a new product marketing plan. Which size firm is more likely to focus on niche markets? Describe the characteristics present that make this focus likely.
Question 5: You are presenting a plan to your senior management team about market tests and risks. Risk testing is important and a suggestion has been made for you to consider the following risk categories: market-based risks, technological risks, manufacturing risks, and design risks. Would you include any or all of these additional categories as risk-testing categories? Defend your decision.