Chapter 8 Flashcards
New product development
Original product , product improvements, product modification, and new brands a company makes through its own research and development
Idea generation
The systematic search for new product ideas
Using: internal sources of R&D
Use own employees
Distributors
Competitors customers
Crowdsourcing
Inviting broad communities of people-customers, employees, independent scientists, and researchers, and even the public at large into the new product indication system
They have crowdsourcing sights even
Idea screening
Screening ideas for the good and bad ones
Product concept
Is a detailed version of a product idea stated in meaningful terms to customers
Concept testing
The act of showing off new product concept to a specific target group to find out if they r appealing
Marketing strategy development
Designing a initial marketing strategy for a new product based on the product concept
Business analysis
The review of the sales, costs, and profit projections for new product to find out whether these factors satisfy the companies objectives
Product development
Developing the product concept into a physical product to make sure the product idea can be made into a workable marketing offer
Test marketing
The stage of new product development where the product and its proposed marketing program are tested in realistic market settings
Commercializations
Introducing a new product into the market
Customer centered new product development
New product development that focuses on ways to solve customer problems and create more customer satisfying experiences
Team based new product development
Product development in which various company departments work closely together, overlapping the steps in the product development process to save time
Stages of product development
Idea generation Idea screening Concept development testing Marketing strategy development Business analysis Product development Test marketing Commercialization
