New Product Development Flashcards
1
Q
Innovation
A
New, feasible solutions to old problems
2
Q
Product Protocol Statement
A
Identifies: Target Market Customer's Need Product Description Product Benefit
3
Q
3 Types of Innovation
A
Continuous
Dynamically Continuous
Discontinuous
4
Q
Continuous Innovation
A
No new learning required from consumer
5
Q
Dynamically Continuous Innovation
A
Some new learning required from consumer
6
Q
Discontinuous Innovation
A
Lots of new learning from consumer
7
Q
Reasons New Products Fail
A
Insignificant point of difference Incomplete market and product protocol before product development starts Not satisfying customer needs on critical factors Bad timing No economical access to buyers Poor product quality Poor execution of marketing mix Too little market attractiveness
8
Q
Stages of New Product Development
A
New product strategy and development Idea generation Screening and Evaluation Business Analysis Development Market Testing Commercialization