MUSINGS

Q1) Define a new product. Explain the different types of new products.      Explain the procedure of new product development. a) Which is the most important step? b) Which step can be ignored? Q2) Why is the first step (problem recognition) in the consumer purchase decision process, probably the most important? Q3) If you were a healthcare provider who recently acquired the technology to genetically assess people for future diseases, how would you determine to what target market (s) to offer this product or service? Q4) Market segmentation involves aggregating prospective buyers into groups that have two key characteristics. What are they?  Why are these important? Q5 What variables might be used to segment these consumer markets? (a) Lawnmowers (b) frozen dinners (c) breakfast cereals and (d) soft drinks. What will you do if you were to market the same to Industrial consumers?

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MUMBAI: Indian consumers are lapping up high-end electronics, mobiles and durables like never before. Not afraid to shell out the moolah, consumers are going all out for top-of-the-line products available. Leading the pack are smartphones, tablets, high-definition televisions, frost-free refrigerators and split air-conditioners which have grown as much as 80% annually. So while sales of flat-panel televisions registered an 84% growth, split air-conditioners (AC) grew by 62% and smartphones grew by 40% last year. Durable majors like LG, Samsung and Godrej are now drawing around 40% of their overall turnover from these premium products. Even handset manufacturers like Nokia have upped their ante with a slew of launches in the high-end price range of Rs 15,000 and above to tap this market which grew 40% last year. Industry players say today's consumers are flexible on their budgets and with the increasing penetration of modern retail these products have got the desired push. "P...