Assignment
Part 1: DEVELOPING NEW PRODUCTS
1. What are the reasons firms innovate?
2. What are the five groups in the diffusion of innovation curve?
3. What factors enhance the diffusion of a good or service?
4. What are the steps in the new product development process?
5. Identify new sources of new product ideas.
6. What are the stages in the product life cycle?
7. How do sales and profit change during the various stages?
Part 2: SERVICES: THE INTANGIBLE PRODUCT
1. What are the four marketing elements that distinguish services from products?
2. Why can't we separate firms into just service or just product sellers?
3. Explain the four service gaps identified by the Gaps Model.
4. List at least two ways to overcome each of he four service gaps.
5. Why is service recovery so important?
6. What can companies do to recover from a service failure?
Part 3: PRICING CONCEPTS FOR ESTABLISHING VALUE
1. What are the five Cs of pricing?
2. Identify the four types of company objectives.
3. What is the difference between elastic versus inelastic demand?
4. How does one calculate the break-even point in units?
5. Explain the difference between EDLP and high/low pricing.
6. What pricing strategies should be considered when introducing a new product?
7. What common pricing practices are considered to be illegal or unethical?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.