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New-Product Development and Product Life-Cycle Strategies > New-Product Development and Product Life-Cycle Strategies > Flashcards

New-Product Development and Product Life-Cycle Strategies Flashcards

1
Q

Two ways to obtain new products

A

Acquisition
New product development

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2
Q

buying of a whole company / patent / license

A

Acquisition

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3
Q

original products, product improvements, product
modifications, and new brands developed

A

New Product Development

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4
Q

original products, product improvements, product
modifications, and new brands developed

A

New Product Development

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5
Q

Major Stages in New-Product Development

A

Idea Generation
Idea Screening
Concept development and testing
Marketing Strategy Development
Business Analysis
Product Development
Test Marketing
Commercialization

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6
Q

systematic search for new-product ideas

A

Idea Generation

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7
Q

Sources of new-product ideas

A

Internal
External

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8
Q

company’s own formal R&D

A

Internal Sources

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9
Q

sources outside the company

A

External sources

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10
Q

inviting broad communities of people

A

Crowdsourcing

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11
Q

Identify good ideas and drop poor ideas

A

Idea Screening

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12
Q
  • Is it real?
  • Can we win?
  • Is it worth doing?
A

RWW Screening Framework

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13
Q

possible product that the company can see itself

A

Product Idea

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14
Q

detailed version of the idea

A

Product Concept

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15
Q

consumers perceive an actual / potential product

A

Product Image

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16
Q

Testing new-product concepts w/ groups of target consumers

A

Concept Testing

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17
Q

Initial marketing strategy for introducing the product to the market

A

Marketing Strategy Development

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18
Q

Marketing Strategy statement includes:

A
  • Description of the target market
  • Value proposition
  • Sales and profit goals
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19
Q

a review of the sales, costs, and profit projections

A

Business Analysis

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20
Q

Creation and testing of one or more physical versions by the R&D

A

Product Development

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21
Q

requires an increase in investment

A

Product Development

22
Q

Shows if: Can be turned into a workable product

A

Product Development

23
Q

Product and marketing program are introduced into more realistic marketing settings

A

Test Marketing

24
Q

Provides the marketer with experience in testing the product

A

Test Marketing

25
Q

Types of Test Markets

A
  • Standard test
  • Controlled
  • Simulated
26
Q

Advantages of simulated test markets

A
  • Less expensive
  • Faster
  • Restricts access by competitors
27
Q

Disadvantages of simulated test markets

A

Not reliable and accurate due to the controlled setting

28
Q

When firms test market:

A
  • New product with large investment
  • Uncertainty about product or marketing
29
Q

When firms may not test market:

A
  • Simple line extension
  • Copy of competitor product
  • Low costs
  • Management Confidence
30
Q

the introduction of the new product

A

Commercialization

31
Q
  • When to launch
  • Where to launch
  • Planned market rollout
A

Commercialization

32
Q

Successful new-product development should be:

A
  • Customer-centered
  • Team-based
  • Systematic
33
Q

New ways to solve customer problems and create more customer-satisfying experience

A

Customer-centered New Product Development

34
Q

company departments work closely together individually to complete each stage of the process

A

Sequential New-Product Development

35
Q

Increased control in risky or complex projects but may be slow

A

Sequential New-Product Development

36
Q

Company departments work closely together in cross-functional teams, overlapping in the product-development process to save time and increase effectiveness

A

Team-based New-Product Development

37
Q

Creates an innovation-oriented culture

A

Systematic New-Product Development

38
Q

Yields a large number of new-product ideas

A

Systematic New-Product Development

39
Q

Product Life-Cycle Strategies
(PIGMD)

A

Product development
Introduction
Growth
Maturity
Decline

40
Q

Sales are zero and investment costs mount

A

Product development

41
Q

Slow sales growth and profits are nonexistent

A

Introduction

42
Q

Rapid market acceptance and increasing profits.

A

Growth

43
Q

Slowdown in sales growth and profits level off or decline

A

Maturity

44
Q

Sales fall off and profits drop

A

Decline

45
Q

Temporary periods of unusually high sales

A

Fads

46
Q

Slow sales growth
Little or no profit
High distribution and promotion expense

A

Introduction Stage

47
Q

Sales increase
New competitors enter the market
Price stability or decline to increase volume
Consumer education
Profits increase
Promotion and manufacturing costs gain
Economies of scale

A

Growth Stage

48
Q

Slowdown in sales
Many suppliers
Substitute products
Overcapacity leads to competition
Increased promotion and R&D to
Support sales and profits

A

Maturity Stage

49
Q

Market modifying
Product modifying
Marketing mix modifying

A

Maturity Stage Modifying Strategies

50
Q

Maintain the product
Harvest the product
Drop the product

A

Decline Stage

51
Q

Public policy and regulations regarding developing and dropping products, patents, quality, and safety

A

Product Decisions and Social Responsibility

New-Product Development and Product Life-Cycle Strategies (2 decks)

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