Chapter 9 Flashcards
A company can obtain new products in two ways:
Through acquisitor, by buying a whole company, a patent, or a license to produce someone else’s product
Through new product development
New product development
The process of the development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts
The new product development process for finding and growing new products consists of eight steps. What are they?
Idea generation
Idea screening
Concept development and testing
Marketing strategy development
Business analysis
Product development
Test marketing
Commercialisation
Successful new product development requires:
Customer centred new product development
Team based new product development
Systematic new product development
Product life cycle (PLC)
The course of a product’s sales and profits over its lifetime
What the five stages of the product life cycle?
Product development
Introduction
Growth
Maturity
Decline
The product life cycle can also be applied to what are known as
Styles
Fashion
Fad
Styles
Basic and distinctive mode of expression
Fashion
A currently accepted or popular style in a given field
Fad
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
