New Product development ch 10
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14 Terms
Product
anything that is valuable to customers and can be offered through a voluntary marketing exchange (service, experience, or physical)
different levels of product
product class
product form
product item
product line
product mix
convenience products
frequently purchased products
shopping products
the products you compare before buying
speciality products
products you put special effort into buying
Unsought products
items the consumer does not know about
business products
products you sell to other businesses
newness
compared to existing products, if functionally different existing products (6 months)
7 major stages in new product development
new product strategy development (SWOT, PESTC)
idea generation (open innovation)
screening and evaluation (internal vs external)
business analysis
development (prototypes)
market testing
commercialization
prototypes
making them and ensuring the product meets the standards established by the protocol
market testing
involves using realistic purchase conditions to see if consumers will buy and exposing actual products to prospective consumers
commercialization
involves positioning and launching a new product in full scale production and sales
Protocol
a pre-development statement that identifies a target market, customer needs, and what the product will be or do