products Flashcards
1
Q
questions to consider when designing a new product (4)
A
- what data sources to use?
- what data sources are most reliable?
- trend or fad?
- how to design product and for whom?
2
Q
stages of product development (6)
A
- idea generation
- idea screening
- concept testing
- development
- market testing
- launch
3
Q
idea generation
A
- research
- consumer or employee feedback
- competitors
- crowdsourcing
4
Q
idea screening
A
is the product idea compatible with company objectives, resources and consumer needs?
5
Q
concept testing
A
test the idea, not the product
6
Q
development
A
address engineering & commercial issues
7
Q
market testing
A
test product in few places
8
Q
launch
A
full-scale launch
9
Q
market expansion effect
A
business growth strategy to sell existing products to new markets
10
Q
competitive effect
A
impact a company has on the competitive landscape
11
Q
cannibalization effect
A
when a company’s new product or service negatively impacts the sales of an existing product
