MKTG 300 CH.11
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16 Terms
importance of new products
essential to sustaining growth, increasing revenues and profits + replacing obsolete items
new product
product new to the world, market, producer, seller or some combo of these
new-to-the-world products
new product that creates an entirely new market
new-product lines
new product that allows a firm to enter an est. market
product additions to existing product lines
new products that supplement a firm’s est. line
product improvements or revisions
new products that significantly or slightly change existing products
repositioned products
new products that target at new markets or market segments
lower priced products
new products that provide performance similar to competitors to lower prices
companies are most likely to succeed in developing & introducing new products when
they make long-term commitments to innovation and new product development
capitalize on experience to acheive and maintain competitive advantage
adopt a management & organizational structure conducive to acheiving company specific new-product and corporate objectives
new product strategy
a plan part of the overall marketing strategy that links the new-product development process with the objectives of the marketing department, the business unit and the corporation (ALL 3 MUST BE CONSISTENT WITH ONE ANOTHER)
idea generation of new-product development
customer wants & needs
employee proposals both formal and informal
distrubutors, who are more aware of customer needs
purpose of competitive monitoring
to determine which, if any, of the competitors products could be copied
product development
marketing strategy that entails the creation of marketable new products, converting new tech into marketable products
making cosmetic or functional changes = PRODUCT MODIFICATION
what do consultants do in the new-product development process
they help determine whether a company has a balance portfolio of products & what new ideas are needed to offset the imbalance
also look into industry experts, independent researchers, crowdsourcing
idea screening
first filter of product development process, eliminating ideas inconsistent/inappropriate with the new-product strategy
concept test
a test to evaluate a new-product idea, usually before any prototype has been made