Results for "brainstorming"

📚 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