New Product Development Flashcards

1
Q

What is a new product?

A

Something original, improvements, modifications, new brands.

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2
Q

What are some challenges regarding NPD?

A

Globalisation, outsourcing (multi-site activities), shareholder demands, sustainable development, etc.

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3
Q

What is the product decision?

A

its objective is to develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage (differentiation, low cost, rapid response).

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4
Q

What is crucial to understand when generating new products?

A

Customer, economic change, sociological and demographic change, technological change, political and legal change, market practices, professional standards, suppliers and distributors.

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5
Q

What are some causes of product failure?

A
Overestimation of market size.
Product design problems.
Product incorrectly positioned, priced or advertised.
Cost of product development.
Competitive actions.
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6
Q

Name (3) internal product development strategies.

A

Migration, enhancement, new.

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7
Q

Name (3) external product development strategies.

A

Alliances, joint ventures, acquiring.

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8
Q

What are the 8 major stages to new product development?

A
Idea generation.
Idea screening.
Concept development and testing.
Marketing strategy development.
Business analysis.
Product development.
Market testing.
Commercialisation.
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