Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Product And Brand Management > innovations and go to market > Flashcards

innovations and go to market Flashcards

1
Q

why new product development

A

increased competition
more demanding customers
growth strategies of companies
fast changing technologies
need for continuous innovations regarding products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

product innovation can be

A

better performing product
a brand new product
totally new category

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

two ways of product development

A

developing new products in own R n D department
acquisition: buying company, patent or license to produce and sell the products of someone else

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Risks of innovation

A

high investments and costs
needs time and market is unpredictable
delays during the development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

% of failures is very high

A

more than 30000 new products every year
70-80% is a failure
only 10% really are radical innovations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Reasons of failure

A
  • bad idea
  • smaller market potential
  • bad product functioning
  • me too product
  • price is too high
  • bad or weak advertising campaign
  • wrong moment (too early)
  • strong reaction to competition
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Reasons for success

A
  • product is unique and relevant
  • superior quality, new functions, high perceived value
  • better performance compared to competition
  • market segment is big
  • high involvement and support of top management
  • very innovative
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

NPD

A

more difficult to be successful as a consequence of
fragmentation of the market and high competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Npd consequence

A

resulting in smaller turnover and profit potential for each new product
more government regulation
increasing production, media and distribution costs
competition reacts faster

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

process of npd

A
  1. strategy for new products
  2. idea generation
  3. idea screening
  4. concept development and testing
  5. strategy and marketing mix development
  6. business plan
  7. preproduction
  8. market test
  9. production and launch
  10. evaluation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

external factors

A

right insights consumer research
opportunities
competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

internal factors

A

production capabilities and capacity
budget - money
know how and expertise needed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

internal sources

A

own R and D department
managers, marketeers, salesmen, production people
brainstorm sessions
programs to involve employees to bring new ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

external sources customers

A

observations
complaints
listening to our sales staff
co creation
crowdsourcing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

External sources competition

A

monitoring competition
analyses of competitors products
co branding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

External sources suppliers and distributors

A

suppliers new production techniques
distributors new tendencies in the market
others
fairs
professional magazines

17
Q

idea screening

A

objective= reduction of list of ideas
ideas have to be technically feasible and commercially interesting

18
Q

Idea screening: how

A

internal board
externally through market research

19
Q

concept development

A

attractive ideas are translated into real product concepts

20
Q

product idea

A

idea for a potential product that a company can launch on the market

21
Q

product concept

A

extensive description of this idea, formulated to be understood by consumers

22
Q

concept test

A

testing of a product concept with the target consumer segment to find out if the product is attractive

23
Q

Concept test: how

A

Concept boards

24
Q

concept test to find out

A

which concept is the most interesting, attractive
the buying intention predicting the sales volume of the product, BUT be careful

25
Q

3 major parts

A

market definition and positioning of the product
planned price, promotion and distribution including the market budget for the first year
market share objectives

26
Q

Business plan

A

check if the budgeted turnover costs and profit of the new product or brand match with the objectives of the company

27
Q

p and l analysis

A

profit and loss analysis

28
Q

step 7 preproduction

A

big step financially
test if the product idea can really be produced

29
Q

Preproduction objective

A

develop a prototype that consumers are going to appreciate and that can be produced at reasonable costs

30
Q

step 8 test market

A

test the product performance
maybe test the full marketing program for the new product
positioning advertising distribution and price
test the consumer reactions: usage, repeat purchases

31
Q

market tests depend on

A

required marketing budget, so high risk of introduction
market research costs
time

32
Q

product and launch

A

launch in one region or nationally/internationally
smaller companies launch in steps
big companies combination of countries or european roll out
international companies and multinationals: on a global scale

33
Q

Product and launch to whom?

A

target groups
innovators and or early adopters
distribution channels needed?

34
Q

Product and launch how?

A

division of marketing budget
advertising communication campaign
promotions

35
Q

evaluation

A

mostly the first two months are crucial
adoption by retailers and consumers
are purchases followed by repurchases
buzz tracking
rotation of the product in stores
what about budgeted production cost

36
Q

What is Plc

A

Product life cycle
reveals turnover and profit loss of a product during its life cycle
can relate to a product category, a product form or a brand

37
Q

5 phases turnover and profit

A

product development phase
introduction phase
growth phase
maturity phase
decline

38
Q

plc concept can be used for

A

product category/brand
longest life cycle - extensive maturity phase
product
mostly standard life cycle
brand + product
PLC can change rapidly depending on the competitors reactions

39
Q

importance of plc concept

A

framework to understand the functioning and mechanisms of market and products
not suited to predict results or define marketing strategies because strategy is as well the source as the result of a life cycle stage
actual position of a product in the plc is the base for defining your marketing strategy
the chosen marketing strategy will impact the results in the next phases

Product And Brand Management (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions