Concepts of MMM at FernUniversität in Hagen

Flashcards and summaries for Concepts of MMM at the FernUniversität in Hagen

Arrow Arrow

It’s completely free

studysmarter schule studium
d

4.5 /5

studysmarter schule studium
d

4.8 /5

studysmarter schule studium
d

4.5 /5

studysmarter schule studium
d

4.8 /5

Study with flashcards and summaries for the course Concepts of MMM at the FernUniversität in Hagen

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Name a few creativity techniques for generating new ideas

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Name methods of product concept evaluation and selection

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Describe the process steps of a scoring model and define it first.

This was only a preview of our StudySmarter flashcards.
Flascard Icon Flascard Icon

Millions of flashcards created by students

Flascard Icon Flascard Icon

Create your own flashcards as quick as possible

Flascard Icon Flascard Icon

Learning-Assistant with spaced repetition algorithm

Sign up for free!

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Name potential evaluation criterions for a scoring model

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Name and describe the various kinds of test markets

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Define test market and name advantages as well as disadvantages

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Name a method with which you can analyse the economic feasibility of a product

This was only a preview of our StudySmarter flashcards.
Flascard Icon Flascard Icon

Millions of flashcards created by students

Flascard Icon Flascard Icon

Create your own flashcards as quick as possible

Flascard Icon Flascard Icon

Learning-Assistant with spaced repetition algorithm

Sign up for free!

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Define innovation diffusion and describe the types of social influence

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Describe the five stages if the adaption process

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

What are the goals of the bass diffusion model?

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

What are the assumptions of the bass diffusion model?

This was only a preview of our StudySmarter flashcards.
Flascard Icon Flascard Icon

Millions of flashcards created by students

Flascard Icon Flascard Icon

Create your own flashcards as quick as possible

Flascard Icon Flascard Icon

Learning-Assistant with spaced repetition algorithm

Sign up for free!

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

What are limitations of the bass model?

Your peers in the course Concepts of MMM at the FernUniversität in Hagen create and share summaries, flashcards, study plans and other learning materials with the intelligent StudySmarter learning app.

Get started now!

Flashcard Flashcard

Exemplary flashcards for Concepts of MMM at the FernUniversität in Hagen on StudySmarter:

Concepts of MMM

Name a few creativity techniques for generating new ideas

1. Methods of intuitive association

  • Brainstorming
  • Brian writing


2. Methods of intuitive confronation

  • Stimulus word analysis
  • Synetics


3. Methods of systematic modification

  • Morphological box


4. Methods of systematic confrontation

  • morphological matrix

Concepts of MMM

Name methods of product concept evaluation and selection

  • Scoring models
  • Test markets
  • Investment planning

Concepts of MMM

Describe the process steps of a scoring model and define it first.

A scoring model is a method for the evaluation and selection of a product concept.


1. Definition of evaluation criteria that are relevant
for the success of the new product


2. Prioritization of individual evaluation criteria
by adding weights for the different criteria


3. Evaluation of product concept with respect to
the evaluation criteria


4. Calculation of a total score as an evaluation of the overall product concept

Concepts of MMM

Name potential evaluation criterions for a scoring model

  • Company-related criteria
  • Market-related criteria
  • Distribution-related criteria
  • Competition-related criteria
  • Environment-related criteria

Concepts of MMM

Name and describe the various kinds of test markets

1. Regional test market

Implementation of marketing activities in
purchasing regions (e.g. city, district) that are as
representative as possible of the overall market in
terms of customers, purchasing behavior and
competitive situation.


2. Micro test market

Carrying out marketing activities in a limited number of retail stores


3. Electronic test market

Use of scanner data of the purchasing behaviour of a household panel in combination with targeted changes of the marketing mix for the panel members


4. Test market simulation

Simulation of the adoption process of new
products for a representative target group
sample in a laboratory setting

Concepts of MMM

Define test market and name advantages as well as disadvantages

A (regional, micro, or electronic) test market examines new products in a real test area by
using the entire marketing mix.


Advantages:

• Most comprehensive tool for testing market acceptance
• Reaction by consumers, retailers, and competitors are covered
• High external validity (compared to test
market simulations)


Disadvantages:

• High costs
• Time required until repurchase rates have
stabilized
• Early “discovery“ of new product for competitors
• Retaliatory actions by competitors
• Representativeness/over-testing in test market

Concepts of MMM

Name a method with which you can analyse the economic feasibility of a product

Net present value method

--> Only implement innovation if net present value is larger than 0.

Concepts of MMM

Define innovation diffusion and describe the types of social influence

Innovation diffusion is the process of the market penetration of new products and services
driven by social influences, which include all the interdependencies among consumers that
affect various market players, with and without their explicit knowledge.


Types of social influence:


1. Word-of-Mouth

Consumers actively engage in collecting and
processing information from previous adopters

through verbal or written conversation


2. Signals

Any market information other than personal
recommendation (e.g., imitation)


3. Network externalities

Products or services that generate network
externalities, where the utility is directly affected
by the number of users (e.g., e-mail)

Concepts of MMM

Describe the five stages if the adaption process

1. Knowledge 

The individual is first exposed and becomes aware of an innovation and has some idea of how it functions but lacks comprehensive information


2. Persuasion

The individual takes the concept of the innovation and weighs the advantages/disadvantages of using the innovation and forms a favorable or
unfavorable attitude toward the innovation


3. Decision

The individual takes the concept of the innovation and weighs the advantages/disadvantages of using the innovation and decides whether to
adopt or reject the innovation


4. Implementation

The individual employs the innovation to a varying degree depending on the situation and determines the usefulness of the innovation and may search for further information about it


5. Confirmation

The individual finalizes his/her decision to continue using the innovation and may use the innovation to its fullest potential

Concepts of MMM

What are the goals of the bass diffusion model?

Goals:


• Forecast of date when consumer adopts a product or technology


• Forecast of market volume and distribution of brands across respective market share models

Concepts of MMM

What are the assumptions of the bass diffusion model?

• Diffusion process is binary (consumer either adopts or waits to adopt).
• Constant maximum potential number of buyers.
• Eventually, everybody adopts the product.
• No repeat purchase, or replacement purchase.
• The impact of word-of-mouth is independent of adoption time.
• Innovation is independent of substitutes.
• The marketing strategies supporting an innovation are not explicitly included.
• Uniform influence or complete mixing. That is, everyone in the population knows everyone else, or is at least able to communicate with or observe everyone else.

Concepts of MMM

What are limitations of the bass model?

• Constant (one-dimensional) market potential
• No explicit consideration of marketing mix elements
• Each consumer can only purchase one product unit


• Only two distinct buyer / market segments
• Parameters can be differently interpreted which might lead to implausible marketing
recommendations

Sign up for free to see all flashcards and summaries for Concepts of MMM at the FernUniversität in Hagen

Singup Image Singup Image
Wave

Other courses from your degree program

For your degree program Concepts of MMM at the FernUniversität in Hagen there are already many courses on StudySmarter, waiting for you to join them. Get access to flashcards, summaries, and much more.

Back to FernUniversität in Hagen overview page

42261 Bilanzpolitik und Bilanzanalyse

42260 Bilanztheorie

Wirtschaftsprüfung

Internationales Management

Finanzintermediation und Bankenmanagement

Risikomanagement in Supply Chains

IT Governence

Konzernrechnungslegung

Personalführung Klausuraufgaben

Innovationscontrolling

Instrumente des Controlling

Finanzwirtschaftliche Bewertungstheorien und Kreditrisikomanagement

Business Intelligence

Personalführung

Internationales Management

Internationales Management

Rechnungslegung Bilanztheorie

Rechnungslegung

Grundlagen Marketing

Common Law of Contract at

Universität Münster

Conceps at

RWTH Aachen

Concurrency at

Universität Duisburg-Essen

Law of Contract at

International Islamic University

Marketing OF at

Fachhochschule Burgenland

Similar courses from other universities

Check out courses similar to Concepts of MMM at other universities

Back to FernUniversität in Hagen overview page

What is StudySmarter?

What is StudySmarter?

StudySmarter is an intelligent learning tool for students. With StudySmarter you can easily and efficiently create flashcards, summaries, mind maps, study plans and more. Create your own flashcards e.g. for Concepts of MMM at the FernUniversität in Hagen or access thousands of learning materials created by your fellow students. Whether at your own university or at other universities. Hundreds of thousands of students use StudySmarter to efficiently prepare for their exams. Available on the Web, Android & iOS. It’s completely free.

Awards

Best EdTech Startup in Europe

Awards
Awards

EUROPEAN YOUTH AWARD IN SMART LEARNING

Awards
Awards

BEST EDTECH STARTUP IN GERMANY

Awards
Awards

Best EdTech Startup in Europe

Awards
Awards

EUROPEAN YOUTH AWARD IN SMART LEARNING

Awards
Awards

BEST EDTECH STARTUP IN GERMANY

Awards