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MKT2210 > Lecture 8 - New Product development > Flashcards

Lecture 8 - New Product development Flashcards

1
Q

What is New? three types

A

Continuous innovation - Upgrade
Dynamically continuous innovation -
Discontinuous Innovation - so new it shapes new markets

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2
Q

Dynamic continuous innovation

A

Some learning is required/behaviour change
Telephone to cell phone to Smart Phone
Abacus, to mechanical computers, tube based, PC
Projector -to VHS - to CD

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3
Q

Continuous innovation

A

A modification to an existing product

windows operating system - upgrades

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4
Q

Discontinuous innovation

A

Creates major change in the way we live

  • Smart phones
  • MP3 Players - from records
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5
Q

Who develops new products?

A

Product managers
New product managers
New product departments
New venture teams

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6
Q

What are the steps in new product development?

A 
Idea Generation
Idea Screening
Product concept and Testing
Marketing Strategy development
Business analysis
Product Development
Market testing
Commercialization
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7
Q

Product Development: Idea Generation

A

Search for ideas
Consumers
R&D
Manufacturers

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8
Q

Product Development: Idea Screening

A

Screen for poor ideas to drop - will cost more if left too late
Do we have resources to build?
Superior value to target market?

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9
Q

Product Development:Concept develpment & Testing

A

Narrow target market - segment
Define benefit of product
core product - problem solved

Testing - Test idea, interviews, focus groups, Brand name

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10
Q

Product Development: Marketing Strategy Development

A

Potential size of market
Planned price, distribution, budget
Long run financials

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11
Q

Product Development: Business Analysis

A

Estimate total sales
Costs
Estimate profit/break-even
Cannibalization

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12
Q

Product Development: Product develpment

A

Pictures, mockups, prototype

Test with potential customers

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13
Q

Product Development: Ways to do market testing for industrial

A

Trade Shows

Free trial for customers

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14
Q

Product Development: Commercialization

A

Who target market is
Where to launch product
When to roll out - During a seasonal peak season

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15
Q

What are the steps in Adoption process?

A 
Awareness
Interest
Evaluation
Trial
Adoption
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16
Q

What are steps in diffusion?

A 
Innovators
Early Adopter
Early majority
Late majority
Laggards
17
Q

Diffusion: Innovators

A

Risk takers, well educated, financially well of

18
Q

Diffusion: Early adoptors

A

Like to be cutting edge.

19
Q

Diffusion: Early Majority

A

Cautious - product is no longer considered new

20
Q

Diffusion: Late Majority

A

Risk averse. older customers with lower levels of education and income. Purchase products with proven track record.

21
Q

Diffusion: Laggards

A

Last group to adopt a product. Only adopt when there are no other alternatives

MKT2210 (14 decks)

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