QUESTION 1. Some new product experts maintain that getting close to customers through intensive research is the only way to develop successful new products. while other expert says that customer can't possibly provide useful feedback. therefore, based on the above information whom should you target with a new product?
QUESTION 2. Prices should reflect the value consumers are willing to pay versus prices should reflect only the cost of making a product or delivering service. Comment.
Answers
Answer:
1. Some new-product experts maintain that getting close to customers through intensive research is the only way to develop successful new products. Other experts disagree and say customers can't possibly provide useful feedback on what they don't know and can't provide insights that will lead to break through products..
Either defend the proposition that consumer research is critical to new-product development, or the position that consumer research may not be all that helpful in new-product development.
2. The consumer and the firm are both agents of the economy where the consumer creates demand for goods and services while the firm supplies them. Price is the amount of money charged for a good or service by the seller. The pricing of any goods or services requires the management to make strategic decisions. The firm is established with the objective of making profits and this should be achieved by meeting the consumer's needs.
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