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- 2. 9- New-Product Development Strategy A firm can obtain new products through: Acquisition refers to the buying
- 3. 9- Reasons for new product failure Overestimation of market size Poor design Incorrect positioning Wrong timing
- 4. 9- New-Product Development Process Idea generation Idea screening Concept development and testing Marketing strategy development Business
- 5. 9- New-Product Development Process Idea Generation New idea generation is the systematic search for new product
- 6. 9- New-Product Development Process Idea Screening Idea screening refers to reviewing new-product ideas in order to
- 7. 9- New-Product Development Process Marketing Strategy Development Marketing strategy development refers to the initial marketing strategy
- 8. 9- New-Product Development Process Business Analysis Business analysis involves a review of the sales, costs, and
- 9. 9- New-Product Development Process Test Marketing Test marketing is the stage at which the product and
- 10. 9- New-Product Development Process Test Marketing Approaches to test marketing Standard test markets Controlled test markets
- 11. 9- New-Product Development Process Test Marketing Standard test markets Small representative markets where the firm conducts
- 12. 9- New-Product Development Process Test Marketing Challenges of standard test markets Cost Time Competitors can monitor
- 13. 9- New-Product Development Process Test Marketing Controlled test markets Panels of stores that have agreed to
- 14. 9- New-Product Development Process Test Marketing Simulated test markets Events where the firm will create a
- 15. 9- New-Product Development Process Test Marketing Advantages of simulated test markets Less expensive than other test
- 16. 9- New-Product Development Process Commercialization Commercialization is the introduction of the new product into the market
- 17. 9- Managing New-Product Development New-Product Development Strategies Customer-centered new product development Team-based new product development Systematic
- 18. 9- Managing New-Product Development New-Product Development Strategies Customer-centered new-product development focuses on finding new ways to
- 19. 9- Managing New-Product Development New-Product Development Strategies Sequential new product development is a development approach where
- 20. 9- Managing New-Product Development New-Product Development Strategies Systematic new product development is an innovative development approach
- 21. 9- Product Life-Cycle Strategies Product life-cycle (PLC) is the course that a product’s sales and profits
- 22. 9- Product Life-Cycle Strategies Sales and profits over the product’s life from inception to decline
- 23. 9- Product Life-Cycle Strategies Product life-cycle (PLC) can describe a product class, a product form, or
- 24. 9- Product Life-Cycle Strategies Product life-cycle (PLC) can also be applied to styles, fashions and fads
- 25. 9- Product Life-Cycle Strategies Introduction stage is when the new product is first launched. Takes time
- 26. 9- Product Life-Cycle Strategies Sales increase New competitors enter the market Price stability or decline to
- 27. 9- Product Life-Cycle Strategies Maturity stage is a long-lasting stage of a product that has gained
- 28. 9- Product Life-Cycle Strategies Market modifying is when a company tries to increase consumption of the
- 29. 9- Product Life-Cycle Strategies Decline stage is when sales decline or level off for an extended
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