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What are the seven steps to the New Product Development Process? What is the most important factor in the launch of a new product?
New Product Development Process
1) New Product Strategy - strategy for how new products will fit into overall corporate success
2) Idea Generation - come up with ideas, DON'T SCREEN THEM
ideas come from employees, customers, vendors, competitors, R&D, and consultants
3) Idea Screening - eliminate ideas inconsistent or inappropriate, legality
Concept tests are used to gauge consumer's acceptance
4) Business Analysis - Will the numbers work? Demand, cost, sales, profitability
5) Development - prototype created, testing, gov. approval, detailed marketing strategy; represents a significant cost commitment
6) Test Marketing - limited introduction to determine consumer reactions
disadvantages: element of surprise lost and competitor sabotage
7) Commercialization - decision to market a product
production begins, inventories build, train sales force, advertising
The Most important factor in successful new product introduction is a GOOD MATCH BETWEEN THE PRODUCT AND THE MARKET NEEDS.
1) New Product Strategy - strategy for how new products will fit into overall corporate success
2) Idea Generation - come up with ideas, DON'T SCREEN THEM
ideas come from employees, customers, vendors, competitors, R&D, and consultants
3) Idea Screening - eliminate ideas inconsistent or inappropriate, legality
Concept tests are used to gauge consumer's acceptance
4) Business Analysis - Will the numbers work? Demand, cost, sales, profitability
5) Development - prototype created, testing, gov. approval, detailed marketing strategy; represents a significant cost commitment
6) Test Marketing - limited introduction to determine consumer reactions
disadvantages: element of surprise lost and competitor sabotage
7) Commercialization - decision to market a product
production begins, inventories build, train sales force, advertising
The Most important factor in successful new product introduction is a GOOD MATCH BETWEEN THE PRODUCT AND THE MARKET NEEDS.
Karteninfo:
Autor: savhighsmith
Oberthema: Economics
Thema: Marketing
Schule / Uni: UGA
Ort: Athens
Veröffentlicht: 14.12.2010