new product Flashcards
1
Q
types of new product
A
new to the world new product liens addition to existing line improve existing product repositioning cost reductions
2
Q
strategies to obtain new ideas
A
acquire companies, patents, licences
product improvements, modifications,
original products
new brand
3
Q
new-product development process
A
idea generation idea screening concept development market strategy development business analysis product development market testing commercialisation
4
Q
challenges with new product development
A
idea shortage cost fragmented markets short product life cycle need for speed government constraints
5
Q
Failure of new product development
A
over championing insufficient differentiation poor design poor marketing execution high development cost strong competition overestimation of demand
6
Q
Improve new product development
A
unique pdt
well defined pdt
understand mkt competitino
7
Q
PLC: introduction
A
low sales high costs negative/low profits high price basic product mktg: create awareness high distribution expense ad to build awareness among early adopters
8
Q
PLC: growrth
A
growing sales average costs rising profits price to penetrate market new product + extensions + warranty mktg: max market share increase distribution outlets ad to mass market
9
Q
PLC: maturity
A
peak sales low costs high profits price to match best competition pdt: diversify intensive distribution ad to stress pdt differentiation
10
Q
PLC: decline
A
declining sales low cost declining profits cut price phase out dogs mktg: reduce expenditure selective distribution reduce ad and retain loyal customers
11
Q
keep going :)
A
keep going :)
