29 Jun Purple cows are a highly effective basis for
Question
1.Purple cows are a highly effective basis for a new product upon which to base a new venture. It is possible for all new product ideas to be purple cows. Do they need to be? If not why not; if yes, how would you take a nonpurple cow and turn it into one? Can excellent marketing make up for a mediocre product proposition, or nonpurple cow?
2.As an entrepreneur planning to market your new product, is it reasonable to expect or forecast 100% diffusion? Why or why not? If not realistic, what would be a realistic goal? Be sure to include how the iterative and spiral process may be helpful in answering this question.
3.Why is branding especially important for the success of a new product upon which a new venture is based?
4.Imagine you are in the market for a new cell phone, car, or appliance. Why are you willing to pay more for certain products when most have very similar functional benefits?
5.In the context of marketing, is having a great product enough to ensure success?
6.Consider your role as the CEO of a new venture start-up. What are the ways to forge a strong emotional connection between your target customers and your products? What are the benefits of doing so?
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