Question

3.) What is brand extension? encountered. Also, provide an example of a brand extension you have 4.) During the stage of the product life cycle, sales rise, profits rise rapidly, and there are a few but increasing number of competitors. 5.) _involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitor's patents. 6.) When developing new products, the first step of the process is to generate ideas. Name six sources of product ideas. 7.) What are the five groups depicted in the diffusion of innovation curve? 8.) When a furniture maker makes a rocking chair, the cost of the materials he uses for each chair is a:

Answer 1

3.) Brand Extension: In a commonly known parlance if an existing company with a brand uses his brand name or their registered trademark on new products with an objective of increasing his sales revenue, then this will be viewed as Brand Extension.

Like for example: Apple is known for making PCs/ laptops uses his brand name and manufactures iPhones.

4.) During the growth stage of product life cycle, sales rise, profit rise rapidly, and there are a few but increasing number of competitors

5.) Reverse Engineering involves taking apart a product, analyzing it, and creating an improved product that does not infringe on the competitors patents

6.) There are various sources of Product Ideas, the most famous include

a. Idea from existing employees

b. Survey from customers

c. Competitors move

d. Ideas from Channel partners

e. Ideas from Journals, books or magazine

f. Ideas from Exhibitions or trade fairs