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Marketing Exam Study!

New product development strategy

  • -

    The development of original products, new brands, and product improvement and modifications, through the firm’s own research and development (R&D) efforts

  • -

    Firm can obtain a new product in two ways

    • o

      Acquisition:

- 1

.

    • By buying a whole company, patent, or a licence to produce someone else’s product

  • o

    New product development:

    • Development of original products, new brands, and product improvements and modifications through the firm’s own research and development efforts

Major stages in the new product development process are: Idea Generation

  • 2.

    Idea Screening

  • 3.

    Concept Development and Testing

  • 4.

    Marketing Strategy Development

  • 5.

    Business Analysis

  • 6.

    Product Development and Testing

  • 7.

    Test Marketing

  • 8.

    Commercialization

  • -

    1. Idea Generation

    • o

      The systematic search for new product ideas

      • o

        Company must usually generate many ideas to find a good one

      • o

        Good product ideas usually come out from watching and listening to customers

  • -

    2. Idea Screening

      • o

        Sorting through new product ideas to identify good ideas, and separate them from the not-so-good ideas

  • -

    3. Concept Development and Testing

      • o

        Developing the new product idea into various alternative forms and testing the concepts with a group of potential customers

  • -

    4. Marketing Strategy Development

      • o

        Designing an initial marketing strategy for a new product based on the product concept

        • Product concept: a detailed version of the new product idea that can be shown to potential customers

  • -

    5. Business Analysis

      • o

        A review of the sales, cost, and profit projections for a new product to determine whether the company’s objectives will be met

  • -

    6. Product Development and Testing

      • o

        Developing the product concept into a real working version of the product and subjecting it to a variety of tests

      • o

        All new products must pass through the product development and testing phase

  • -

    7. Test Marketing

      • o

        Testing the product and marketing program in real, but limited market conditions

  • -

    8. Commercialization

      • o

        The full-scale introduction of the new product into the market

Style, fashion, fad

  • -

    Style

    • o

      A basic and distinctive mode of expression

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