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a firm can obtain a product in 2 ways
acquisition
through the firmās own new product development efforts
Stages in New Product Development
idea generstion
idea screening
concept development and testing
marketing strategy development
business analysis
product development
test marketing
commercialization
idea generation
systematic search for new product ideas
idea screening
screening new product ideas to spot good ones and drop poor ones as soon as possible
product idea
an idea for a possible product that the company can see itself offering to the market
product concept
a detailed version of the new product idea stated in meaningful consumer terms
product image
the way consumers perceive an actual or potential product
concept development
developing a new product line into alternative product concepts
concept testing
testing new product concepts with groups of target consumers
market strategy development
designing an initial marketing strategy for introducing a new product to the market
business analysis
a review of the sales, costs, and profit projections for a new product
product development
developing the precut concept into a physical product
test marketing
introduced the product and its proposed marketing program into realistic market settings
controlled test markets
tested among controlled panels of shoppers and stores
stimulated test markets
researchers measure consumer responses to new products and marketing tactics in lab stores or simulated online shopping environments
commercialization
introducing a new product into the market
customer-centered new product development
focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
team-based new product development
various company departments work together, overlapping the steps in the product development process
systematic new product development
innovation management systems collect, review, evaluate, and mange new product ideas
5 district PCL stages
product develpoment
introduction
growth
maturity
decline
style
a basic and distinctive mode of expression
fashion
a currently accepted or popular style in a given field
fads
temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
PLC characteristics includeā¦
sales, costs, profits, customer, competitors
PLC objectives includeā¦
marketing objectives
PLC startegies includeā¦
product, price, distribution, adversities, sales promotion
Note 
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