BA1090 - Chapter 8 (New Product Development)
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10 Terms
Product Life Cycle
Describes the stages a new product goes through from initial launch to eventual decline.
PLC Length Factors
Varies according to industry, competition, technological innovation, and marketing approaches.
PLC Extension Strategies
Modifying the product, modifying the market, repositioning a product, or introducing a new product.
Types of New Products
Minor innovations, continuous innovations, and radical innovations.
The Adoption Curve
Categorizes consumers into innovators, early adopters, early majority, late majority, and laggards.
New Product Risks
High risk of failure, high research costs, and expensive write-offs if the product fails.
NPD Process Steps
Strategy, idea generation, screening, business analysis, development, test marketing, and commercialization.
Modifying the Market
Extending a PLC by finding new customers, increasing product use, or creating a new situation.
Seth Godin Marketing Quote
"Don't find customers for your products, find products for your customers."
Importance of New Products
The lifeblood of a company, making products relevant and bringing future revenues.