Chapter 10 Flashcards
1.New to the world products (uber)
2.new category products (McDonalds going into coffee)
3.Product line extensions (new flavors)
4.Product improvements (new iPhone)
5.Product repositioning (same product but change how they talk about it? (old spice Terry crews talking about it)
6.Cost reductions (companies who do things to profit more than before like take out something of the product)
The six types of new products and services
What are the six types of new products and services ?
1.new to the world
2.new category products
3.product line extension
4.product improvements
5.product repositioning
6.cost reductions
what percent of new products fail ?
95 %
What are the factors to predict success of new products ?
- relative advantage
- compatibility
- complexity
- trialability
- observability
the degree to which the consumers perceive the new product as having superior benefits
which factor to predict success of new products is this ?
relative advantage
the extent to which a new product is consistent with existing cultural values, customs, or practices
which factor to predict success of new products is this ?
compatibility
the easier the product is to use, the more intuitive the product, the faster the adoption process
which factor to predict success of new products is this ?
complexity
how easy it is for me to actually try your product or service
which factor to predict success of new products is this ?
trialability
how easy is it to observe the benefit of this product or service
which factor to predict success of new products is this ?
observability
a process that allows teams and organizations to be able to get people and send them off to go and evaluate ideas, do some research, but then to bring them back and to share them with a cross functional team to ver them and see if this has the probability of being successful what is this ?
stage gate process
- develop & scope
- business case
- develop
- test and validate
- launch
the 5 stages of stage gate process
identify new business opportunities, generate and refine new product/service ideas
This is the 1st step in the stage gate process, what is it ?
develop and scope
validation of new product concepts via research, build financial forecasts and P&Ls
this is the 2nd step in the stage gate process, what is it ?
business case
design the product and process to commercialize the product
this is the 3rd stage in the stage gate process, what is it ?
develop
design the product and process to commercialize the product
this is the 4th stage in the stage gate process, what is it ?
test and validate