product development Flashcards
what are the 7 stages of product development?
concept generation
concept screening
prototype production
product testing
first production run
the marketing plan
product launch
what is concept generation?
(find out what is already available and what the consumer wants)
this is the thinking stage where many initial ideas for a new product are gathered.
this helps to identify gaps in the market and to find out about market trends.
what is concept screening?
this is when the best ideas are taken forward for investigation and others are rejected.
this helps to create a worthwhile product so that it will be more likely to sell.
what is prototype production?
this is when the manufacturer makes samples of the possible product.
this helps to identify potential strengths and weaknessess of the product.
what is product testing?
this is when samples of the product are given to a small group of people/testers to get their opinions on it.
this helps to improve the product so that it has a better chance of success.
what is first production run?
this is when the agreed product is sealed up and made in the factory on a larger scale to see if the product can be manufactured in bulk.
this means changes can be made if there are any issues.
what is marketing plan?
this is when the manufacturer decides where the product will be sold, how much it will cost and how it will be advertised.
the 4 P’s:
*packaging
*price
*promotion
*place
this helps to maximise the chances of the product selling and increasing sales.
what is product launch?
this is when the product is on sale to the public for the first time and the manufacturer will closely monitor sales.
this helps to judge customer response and ensure that sales dont drop.
what things should you include for the structure of a product development question?
fact + consequence
what is it?
why is it important?
link to the question!!!!
