5. (TCO 5) Explain the differences between a blue ocean strategy
and a red ocean strategy. Why would a management team choose a blue
ocean strategy over a red ocean strategy? (Points : 25)

6. (TCO 6) When developing
products, what does the term relative advantage mean? Explain why
management teams should be concerned about a new product’s relative
advantage. (Points : 25)

7. (TCO 7) There are at least
nine components to a formal business plan for a new product.
Consider four of those components: (a) product or service details,
(b) market opportunity details, (c) identification of target
market, and (d) competitor analysis and identification of entry
barriers. Which component of the plan do you feel is the most
important? Explain why the component you selected is more important
than the other three components. Offer three reasons to justify
your selection. (Points : 25)

8. (TCO 8) When developing a
marketing plan, we should consider market differentiation. What
does market differentiation mean? Explain why relative quality in
conjunction with market differentiation is important to our
marketing effort. (Points : 25)

9. (TCO 9) Prototyping is often
used to test products and product ideas. Define prototyping and
explain the benefits obtained from prototyping. What limits the
number of iterations associated with a prototyping test? How would
you use a prototype model in an operation for which you were
responsible? (Points : 25

REFERENCES NEEDED