Lesson 19 Flashcards
What are two characteristics of a new product launch
Expensive, prone to failure
What are the three fundamental activities for new product development
Identifying, defining, and developing the product opportunities
Generate new ideas
Can I new ideas from internal and external sources such as employees, customers, and distributors
Screen and evaluate ideas
To eliminate those that are not viable
Create marketing strategy
Developed a tentative marketing strategy based on the product concept
Conduct business case analysis
Evaluate the products feasibility by analyzing the potential profit ability
Develop the product
Develop a working product and perform testing
Test the market
Test the product in the marketplace
Product launch
Make the decision to launch the product
New product development process
Generate new ideas, screen evaluate ideas, define and test the product concept, Create marketing strategy, conduct business case analysis, develop the product, test the market, product launch
What are some ways to create new products
Adding to the product lines and repositioning a product through marketing strategy
What is defining the opportunity
Estimating total demand
