📚 8.1 How Companies Find and Develop New Product Ideas Sources of New Product Ideas: Internal Sources: R&D, employee suggestions, brainstorming sessions. External Sources: Customers: Surveys, feedback, complaints, and suggestions. Competitors: Analyzing competitors' products to identify gaps or improve upon existing ideas. Distributors/Suppliers: Insights into market trends and supply chain opportunities. Crowdsourcing: Engaging the public for innovative ideas. Developing New Ideas: Idea Screening: Filter out bad ideas early to focus on the most promising ones. Concept Development and Testing: Test concepts with target customers to gauge their response. 🔄 8.2 Steps in the New Product Development Process Idea Generation: Brainstorming ideas from internal and external sources. Idea Screening: Evaluate ideas to eliminate unfeasible ones. Concept Development and Testing: Develop product concepts and test them with target audiences. Marketing Strategy Development: Create a marketing plan for pricing, distribution, and promotion. Business Analysis: Assess the financial feasibility (cost, demand, profitability). Product Development: Build and test prototypes or minimum viable products (MVPs). Test Marketing: Introduce the product to a limited market to assess performance. Commercialization: Full-scale launch of the product. Major Considerations: Customer-Centricity: Focus on customer needs and feedback. Speed to Market: Minimize delays in the development cycle. Risk Management: Anticipate and address potential product risks. 📈 8.3 Stages of the Product Life Cycle (PLC) & Changing Marketing Strategies Introduction: High marketing costs, slow sales growth, and minimal profit. Strategy: Build awareness, offer promotions, and use selective distribution. Growth: Rapid sales increase, rising profits, and market expansion. Strategy: Improve product quality, expand distribution, and adjust pricing to maximize market share. Maturity: Sales peak, profits stabilize or decline due to competition. Strategy: Modify the product, look for new market segments, and focus on differentiation. Decline: Sales drop, profits decrease, and the market shrinks. Strategy: Harvest (reduce costs and maximize remaining profit) or divest (discontinue the product). 🌱 8.4 Additional Product Issues ✅ Socially Responsible Product Decisions: Product Safety: Ensuring products meet safety standards. Environmental Impact: Minimize environmental harm (sustainable sourcing and packaging). Ethical Marketing: Honest communication and avoiding deceptive advertising. 🌍 International Product and Services Marketing: Adaptation vs. Standardization: Adaptation: Modify the product to fit local preferences or legal requirements. Standardization: Keep the same product globally to maintain consistency. Cultural Sensitivity: Tailoring messaging and branding to align with cultural values. Regulatory Compliance: Meeting the local standards and regulations in different countries

Silk Road

A vast network of trade routes established during the Han Dynasty of China that connected the East to the West.

Han Dynasty

The dynasty in China (206 BCE - 220 CE) during which the Silk Road was established.

Silk

The most valuable and sought-after commodity traded along the Silk Road, particularly from China to the Mediterranean.

Spices

Items like cinnamon, pepper, and saffron that were transported via the Silk Road, enhancing food flavor and traditional medicines.

Tea

A valued commodity originating from China, widely cultivated and traded across different cultures alongside the Silk Road.

Porcelain

Prized Chinese craftsmanship that became highly sought after in global markets as a result of Silk Road trade.

Precious Metals and Stones

Gold, silver, and jewels crucial for trade, often used as currency or for adornment along the Silk Road.

Cultural Exchange

The exchange of ideas, technologies, and culture facilitated by the interactions of merchants and travelers along the Silk Road.

Buddhism, Christianity, and Islam

Religions that spread along the Silk Road due to merchant and traveler interactions with various communities.

Advancements in navigation and cartography

Technological innovations shared along the Silk Road that enriched societies involved in the trade network.