New Product Development Flashcards
What is a new product?
Something original, improvements, modifications, new brands.
What are some challenges regarding NPD?
Globalisation, outsourcing (multi-site activities), shareholder demands, sustainable development, etc.
What is the product decision?
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).
What is crucial to understand when generating new products?
Customer, economic change, sociological and demographic change, technological change, political and legal change, market practices, professional standards, suppliers and distributors.
What are some causes of product failure?
Overestimation of market size. Product design problems. Product incorrectly positioned, priced or advertised. Cost of product development. Competitive actions.
Name (3) internal product development strategies.
Migration, enhancement, new.
Name (3) external product development strategies.
Alliances, joint ventures, acquiring.
What are the 8 major stages to new product development?
Idea generation. Idea screening. Concept development and testing. Marketing strategy development. Business analysis. Product development. Market testing. Commercialisation.