MKTG3501 Lecture Notes - Lecture 8: Industrial Research Institute, Display Advertising, Social Media Marketing
Document Summary
It is big business => billions of dollars are spent annually on technical development radical innovation (totally new product categories) is the most important business issue of our time. ( Hamel, 2017: accelerating innovation and business growth through innovation are the top business challenges (industrial. Best practices in new products: success rates have remained remarkably consistent over the years, research conducted by the product development & management association (pdma) shows that for every. The best new product firms achieve superior results. In some cases, the savings is passed on to consumers in the form of a lower price, in other cases the firm"s profit margin will increase. 70% of firms use some kind of formal, cross-functional, phased new products process & 47% use clearly defined evaluation criteria after each phase. Phases represent activities that are conducted by the new product team. Between the phases of the process are evaluation tasks or decision points => hard go" or.
