Finals Flashcards
allow business owners to understand the buying intentions of their customers.
Buyer surveys
provide information about customer’s geographical distribution like their age, need for the product and the immediacy of the customers to embrace the product.
Buyer surveys
These surveys also allow companies to understand the price range customers prefer.
Buyer surveys
These tools help marketers understand customer preferences better.
Business Intelligence Tools
provides companies with valuable information about what they need to change or improve on in their company to reach a wider audience and boost their sales.
Sales data
helps them to determine the responses of customers to their products better. This gives the company an idea of the demand for the product and lets them know the customer segments attracted to the product.
Test marketing
This analysis uses business and economic research to determine the trends in a company’s industry. This analysis determines if the industry is growing, although they’re not enough for a company to understand if their product will sell.
Leading indicators
allows the company to predict future sales, predict customer wants and needs, and allow the company to be better prepared for any changes that might happen in their industry.
Forecasting
is the use of current and previous sales data to predict your team’s sales activity during an upcoming monthly, quarterly, semiannual, or annual period.
Sales forecasting
How to create a sales forecast
- Choose your forecasting method.
- Identify what you’re selling.
- Determine your sales prices and quantities.
- Multiply your prices and quantities.
- Don’t forget about costs.
- Consider your inventory.
three prominent forecasting methods:
Opportunity stage forecasting
Historical forecasting
Length-of-cycle forecasting
This forecasting method pertains to your SALES FUNNEL.
Opportunity stage forecasting
This forecasting method pertains to RECENT OR SEASONAL DATA.
Historical forecasting
This method pertains to the time over which your SALES FUNNEL PROGRESSES.
Length-of-cycle forecasting
thorough sales forecast requires you to identify every item you’re selling. Excluding an item that you sell or including an item you’re no longer producing can lead to inaccurate sales forecasts.
Identify what you’re selling.
Without considering sales costs, you can’t get a meaningful picture of your profit.
Don’t forget about costs.
Summary
To create a sales forecast, choose a forecasting method; determine your sales prices, quantities, and costs; make some basic calculations; and consider your inventory.
Why is sales forecasting important?
Sales forecasting gives you the information you need to adjust your company’s upcoming sales strategies and budget.
is a key component of proactively planning your upcoming sales strategy and allocating enough money for your sales team.
Sales forecasting
What are some key sales forecasting challenges?
Sales history.
Data accuracy
Research
Superficiality
Sales funnel inconsistency
CRM abbreviations
customer relationship management
Creating an accurate sales forecast requires thorough data on your recent company sales. This need presents a substantial challenge for newer companies with little or no sales history.
Sales history
If your company doesn’t have an extensive sales history, you can patch this information gap somewhat via thorough research into your competitors, target market, industry, and more.
Research
Sales forecasting assumes correct data sets, but in reality, human error – even with the use of customer relationship management (CRM) software – remains possible.
Data Accuracy
In some cases, sales data only showcases numbers, without explaining the reasoning behind fluctuations. Without these backing explanations, predicting future customer behavior can be tougher, thus affecting the accuracy of your sales forecast.
Superficiality
Not only can two companies’ sales funnels look completely different, but the funnels that two sales reps within the same company use can also vary.
Sales funnel inconsistency
Sales forecasting challenges
include lacking sales history and accurate or in-depth data, accounting for seasonality, conducting research, and ensuring consistent internal terminology.
is a written document that the multi-disciplinary new product development team puts together to help team members from functions like R&D, Design, Marketing, Procurement, Production co-ordinate.
Product Protocol
helps everyone stay focused on the end goal of satisfied and happy customers.
Product protocol
is necessary after you have chosen a new product concept, completed concept testing and done some preliminary sales forecasting of what numbers you expect to sell and at what margins.
Product protocol
Steps of NPD (New Product Development) are part of the Stage Gate NPD process created by Robert Cooper
- Deciding a product concept
- Concept Testing
- Sales forecasting
also called B-to-B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer.
Business-to-business (B2B),
refers to business that is conducted between companies, rather than between a company and individual consumer.
Business-to-business
is short for business to consumer. It refers to the selling of products and services by a business directly to the end consumer.
B2C
from concept generation is the first step of the innovation process that is based on your estimates of market and consumer need.
Deciding a product concept
is the step where the new product concept is tested with target market customers. The feedback obtained is used to modify the concept.
Concept testing
is where initial sales are projected along with estimates of advertising and marketing expenditure to get the new product launched. The estimate of cost of production is the key ingredient that informs the product protocol.
Sales forecasting
purpose of innovation
To meet customer and market needs
Product protocol end goal
satisfied and happy customers.
Seven Principles of Universal Design
Equitable Use
Flexibility in Use
Simple and Intuitive Use
Perceptible Information
Tolerance for Error
Low Physical Effort
Size and Space for Approach and Use
is a framework for the design of living and working spaces and products benefiting the widest possible range of people in the widest range of situations without special or separate design.
Universal design
is the organization (or chunking) of a product’s functional elements. It’s the ways these elements, or chunks, interact. It plays a significant role in how to design, make, sell, use, and repair a new product offering.
Product architecture
Product architecture examples
Automobiles
Software
Designing—graphic, website, model design
Drives product development based on captured market and technology requirements by defining this and ensuring that design is performed with a complete understanding of a products market and technical objectives
Product architect
Are a collection of modules or parts that are common to a number of product this commonality is developed intentionally to achieve desired effects in order to create value
Product platforms
Is a set of parts subsystems interfaces and manufacturing processes that are shared among a set of products
Product platform
Is a systems development method in which a prototype is built tested and then reworked as necessary until an acceptable outcome is achieved from which the complete system or product can be developed
Prototyping model
Is an initial stage of software development wherein product development and fixes can occur before the final release of the project
Prototype
Prototype is sometimes referred to as
Beta phase or beta testing
Where a small class of users evaluates the initial project before the final development
Beta phase or beta testing
Is a complex process where you need to create an economically viable and profitable product to satisfy customer needs
Developing a prototype
It is a kind of drug product that makes you capable of exploring in evaluating your ideas and it can be demonstrated before investing in final product development
Developing a prototype
It is a term wherein engineers developed the product rapidly before the final release and software is developed in steps so that clients can provide feedback during the process of development itself
Rapid prototyping
Stages of prototype development
1 Gathering and analysis of requirements
2 Quickly designing the prototype
3 Creating a prototype
4 Initial evaluation by the user
5 Prototype refinement 6 Implementation of the product
A step in the stages of prototype development where prototyping software development starts with collecting the requirements for the project
Gathering and analysis of requirements
Hindi stage product design is made of quick and simple design of the entire product is created
Quickly designing the prototype
In this stage a small working model of the product of be created
Creating a prototype
The proposed design in the form of a prototype is presented to the client it helps to figure out any flaws and steaks in the working model
Initial evaluation by the user
This stage will be considered to be complete and less all the suggestions and feedback from them are addressed and met was presented to the client if they are not happy with a design the prototype needs to be REFINED according to their feedback and suggestions in this stage
Prototype refinement
The final product will be developed according to the final prototype model and this will be tested for early and DEPLOYED
Implementation of the product
Is the process of IDENTIFYING an opportunity DEFINING the problem DEVELOPING a solution for the problem and VALIDATING the solution with real users
Product design
Product design is built on a popular framework which is a human-centered approach to innovation that integrates the needs of people technological possibilities and business requirements
Design thinking
The five product design process
Emphatise
define
ideate
prototype
test
Is a critical framework that designers used to solve problems
Product design process
Is a very important part of the design and manufacturing process
Testing a prototype or developed design
It simply confirms that the product will work as it is supposed to or if it needs refinement. It allows the client to view the prototype and to give his views. Changes and improvements are agreed and further work carried out
Testing and evaluation
Are sometimes identified by thorough testing and evaluation. The prototype can be tested to british and european standards
Safety issues
It allows the production cost to be assessed and finalized every stage of manufacturing can be scrutinized for potential costs
Evaluating a prototype
Is often identified during the testing process this may mean a component is REDESIGN and not the entire product
Component failure
Allows the designer to plan an efficient and cost-effective MANUFACTURING production line
Evaluating the MANUFACTURE of the prototype
Can be carried out along side the testing of similar designs are even the products of competitors this may lead to improvements
Prototype testing
Testing ensures that this can be worked out stage by stage so that the future consumer can use the product efficiently and safely this guarantees customer satisfaction
User instructions
This usually happens during the early development of a product
Proof of concept
Helps ensure a fool and relevant evaluation of a prototype is carried out this should be care without ring the entire development process
Testing against the DESIGN SPECIFICATION
This may lead to a more successful design
To offer opinions and suggest critical improvements
Innovation and new product development involves three types of testing:
Concept testing
product testing
market testing
The MOST OVERLOOKED one with avoidable negative outcomes for market success
Product testing
Occurs in the early part of the NPD process after the firm has figured out its competences and identify the pretty narrow market opportunity that it can serve. Tries to GATHER FEEDBACK from prospective customers
Concept testing
Once the concept test results are in and the product is developed prototypes are made and pilot production might also take place
Product use testing
Product used testing can take several forms like:
Alpha testing
Beta testing
A type of product use testing that is done by employees
Alpha testing
A product used testing that would be done by users commonly seen in the software industry
Beta testing
Is than once corrections are made from the product used testing. It intends to test distribution retail merchandising and all those pieces that must be working even for a great new product
Market testing
Why is product used testing so important?
Because it is used to make sure that the product you release in the market does not have any flaws artifacts in the design usefulness ergonomics
Is a PLANT EFFORT to bring a new product to market. The goal is to make sure that everyone inside the company your partner’s and target customers know about your product
Product launch
What is included in a product launch
Product development
marketing
sales
customer support
HR
It is the process of planning executing and tracking the debut of a product on the market
Product launch
It is HOW OTHERS PERCEIVE your business it’s the emotional connection that you make with your audience
Brand
PERCEIVED IMAGE of the product you sell
Brand
Is the SET OF ACTIONS YOU TAKE to build your brand. It is the STRATEGY to create that image.
Branding
It is what you sell
Product
Five brand strategy examples that will inspire you
- Think different — the creator
- Find your greatness — the hero
- Taste like home — the innocent
- Be unconventional — the explorer
- Simplicity and fortitude — simfort
Is built upon the most fundamental human desires values and psychological forces personified values instincts emotions and GIVE LIFE TO YOUR BRAND IN GENERAL
Archetypes
It allows you to connect with your audience in a deeper and more meaningful way
Humanizing
Three questions to ask about your brand
What are your CUSTOMERS DESIRES?
What BELIEFS encourage or stop your customers from choosing you?
WHERE do these beliefs COME FROM?
It is a plan designed to deliver in your product to the market it involves a sequence of steps and actions from different team members leading up to the date
Product launch strategy
