New Product Development Flashcards

1
Q

Innovation

A

New, feasible solutions to old problems

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2
Q

Product Protocol Statement

A
Identifies:
Target Market
Customer's Need
Product Description
Product Benefit
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3
Q

3 Types of Innovation

A

Continuous
Dynamically Continuous
Discontinuous

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4
Q

Continuous Innovation

A

No new learning required from consumer

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5
Q

Dynamically Continuous Innovation

A

Some new learning required from consumer

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6
Q

Discontinuous Innovation

A

Lots of new learning from consumer

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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
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8
Q

Stages of New Product Development

A
New product strategy and development
Idea generation
Screening and Evaluation
Business Analysis
Development
Market Testing
Commercialization
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