W4 Lecture 3 Developing New Product Flashcards
1
Q
Innovation
A
An idea, service, product or technology that has
been developed and marketed to customers
who perceive it as novel or new (Sth that perceived to be new but maybe not brandnew)
2
Q
New product development (NPD):
A
“the development of original products, product
improvements, product modifications and new
brands.”
3
Q
New Product Options
A
1. - Buy other companies - Buy patents from other companies - Buy a license or franchise from another company 2. - New-to-the-world items - Improve existing products
4
Q
Pressure to Innovation
A
Intense Competition New Customer Targets Changing Customer Needs Exploit New Technologies New Assets and Capabilities Shorter Product Life-cycles
5
Q
Why do new product fails?
A
Inadequate product superiority or uniqueness Inadequate or inferior planning Poor execution Technical Problem Poor timing External obstacle Internal obstacles
6
Q
New Product Development Process
A
Generating Ideas Idea Screening Concept Development Concept Testing Developing a Marketing Strategy Business Analysis Product Development Market Testing Commercialization
7
Q
Disfution
A
describes how the use of a product spreads throughout a population
8
Q
Adoption
A
is the process by which a consumer or business customer begins to buy and use a new good, service, or idea
