Product Development (vocabulary)

Product

Can be a tangible item (Apple ipad) a serve (x-twitter), an idea (a plan for a public relations campaign), an abstract idea (obtain a good education), or a combination of these concepts.

Product Planning

Involves making decisions about the features & services of a product or idea that will help sell that product

Product Mix

Includes all the different products that a company sells

Product Line

Is a group of closely related products manufactured or sold by a business.

Product Item

Is a specific model, brand, or size of a product within a product line.

Product Width

Refers to the number of different product lines a business makes or sells.

Product Depth

Refers to the number of items offered within each product lines. The number of sizes, price ranges, colors, fabric types, and styles.

Crowdsourcing

Is a popular approach to product development that uses social media to obtain ideas from customers.

Product Development Steps

1. Generating ideas

2. Screen ideas

3. Developing a business proposal

4. Developing a product

5. Testing the product with consumers

6. Introducing the product (commercialization)

7. Evaluating customer acceptance

Prototype

A model of a new product

Commercialization

(Using promotions to generate interests in your product) will be developed and introduced through various media.

Product Modification

Alteration in a company”s existing product. Modified products may be offered in new and different varieties, colors, styles, etc.