MISAMIS ORIENTAL INSTITUTE OF SCIENCE AND TECHNOLOGY

College of Business Administration

Balingasag, Misamis Oriental
MIDTERM EXAM
MRKTG 412: PRODUCT MANAGEMENT
Name: Deserie Joy A. Bersabal_________________ Score: ______________
Course & Year: BSBA IV OFFSEM_____ Date: May 19, 2021_____
Instructor: Marjun Abog_________

General Instructions:
 Answer the questions the manner it is being asked briefly but completely.
 Submit your answer sheet in the google classroom on or before May 19, 2021, 4pm

Questions:

1. “We are increasingly committed to really new products- we see them as the future
of our company. Can you explain to me again what the new products process looks
like for them? I’m not really convinced that the process you outlined is applicable
to them. Seems like it will generate more incrementally new products rather than
bold new ideas.
New product development is a process of taking a product or service from
conception to and process sets out a series of stages that new products typically go
through, beginning with ideation and concept generation, and ending with
the product's introduction to the market. And there are phases of 5 phases of the new
products process namely; first, the Opportunity Identification and Selection in which
generation of new product opportunities takes place which new product suggestions,
changes in the marketing plan. Second, the Concept Generation which is in this stage
is a high potential or urgent opportunity is selected and customer involvement begins.
Third is, Concept/Project Evaluation which evaluates new product concepts on
technical, marketing and financial criteria. Fourth is Development that is involved in
technical and marketing tasks and lastly the Launch that commercialize plans and
prototypes from development phase and manage the program to achieve the goals and
objective.

2. Discuss in simple terms how you will develop a sound strategy to guide the
company within the company – the subset of people and resources charged with
getting new products.
For me, developing a sound strategy to guide the company within the company by
applying the new product policies good understanding of customer needs and wants,
the competitive environment and continuous practices, and strategies to better satisfy
the customer requirements and increase their market share regulate development of
new products. By and large, the newness of a product depends on what the customer or
target market consider as new. For this reason, a new product can be an invention,
innovation, or product modification (changing the package, size, design and other
features). There are eight steps involved in new product development namely: Idea
generation, Idea screening, Concept development and testing, Business analysis,
 Marketing strategy development, Product development, Test marketing,
Commercialization. Also, I would suggest that it would be achieved through various
forms of advertising, exhibitions, public relations initiatives, Internet activity and by
creating effective “point of sale” strategies for the products to be sold.

3. Give at least three (30 important sources of ready-made new product ideas and
explain each.

 R & D (Research and Development):   It is the formal department of any organization

to generate new ideas. R&D department research according to the company’s
future plan and then come up with the new ideas which complete its journey with the
commercialization of the idea (product)
 Marketing oriented sources--identify opportunities based on consumer needs, lab
research is directed to satisfy that research. 1-800#s, research etc.
 Laboratory oriented sources--identify opportunities based on pure research or applied
research.
 Employees:  Companies can use the brain of their employees. If customers are any
company then employees are the heart of that company.
 Intrafirm devises--brain storming, incentives and rewards for ideas. Brainstorming for
your group project. Ideas should not be criticized, no matter how off-beat they are.
 Competitors:  Competitors are another important source. One can analyse their
competitors and can find many things which can be used for idea generation.
 Distributors works very closely with the market and they know consumer problems
and their need. Distributors can give the ideas for new product possibilities.
 Suppliers can also help with the information of the market like a new concept,
technique or materials which can be used for developing new products.
 Customers: Most probably customers are the most important sources to get new
product development ideas. The customer knows best what they need and what they
are looking for. 
 Consultancies
 Design Firms
 Trade Magazines
 Shows – Social media influences
 Seminars
 Facebook – Social media influences
 Twitter – Social media influences
 Instagram – Social media influences Government agencies
 Advertising agencies
 Marketing research firms
 IT companies
 Commercial laboratories
 Inventories- organization to generate new ideas.
 Inventors - organization to generate new ideas.
 Private laboratories - organization to generate new ideas.
 Research universities - organization to generate new ideas.
 Small high-tech firms – could be an organization to generate new ideas.
 Incentives - may be useful to glean new product ideas from employees
 Marketing Middleman
 Farmers

4. “I recently met the president of a Florida University who had previously researched
the new products operation in Silicon Valley Firms. He wasn’t impressed. Said that
sales reps told over an over about getting suggestions and tips from their customers
and sending them in on call reports, but nothing ever happened. Apparently, upper-
level sales and marketing executives only rarely have much customers contact, yet
don’t capitalize on the contact of salespeople. You have any ideas on how I might
go about being sure this condition doesn’t exist in our various divisions?”
Maintaining customer contact information is very essential in order to improve
sales. In these days customers contact information are being sold by network
operators to marketers. Getting the regular feedback, suggestions and tips must be
taken from customer. It helps to develop any product or idea in the view point of
customer and it permits to push more sales. It is as important to keep the customer
contact information even after the sale. Customer contact information capitalizes
more profit. It is important consideration for the organization to keep the post-sale
customer information and must not sale this contact information to marketers.

5. Explain the significance of perceptual mapping in new products development Explain

the significance of perceptual mapping in new products development.
The significance of a perceptual map is to identify the images that consumers
have of and the reactions they have to brands, products, services and other market
offerings. This information can help a business identify potential new products during
the product development process. Perceptual maps help marketers understand where
the consumer ranks their company in terms of characteristics and in comparison to
competing companies.