MGMT 105 Lecture 8: Lecture 8

• School: UC-Irvine
• Department: Management
• Course: MGMT 105
• Professor: Vanessa Sheppard

Document Summary

: thinking of the products that would work for consumers picking out ideas that would not work thinking of costs of the new product. Business analysis: demand, cost, sales, profitability. New product develop a product make the product and then we put it into the market with a test market. Brainstorming: process of getting a group to think of unlimited ways to vary a product or solve a problem. Focus group: a facilitated gathering of like-minded individuals to hear their perspective on a particular topic relevant to solving a problem. Test marketing: the limited introduction of a product and a marketing program to determine the reactions of potential consumers in a market situation. Diffusion: the process by which the adoption of an innovation spreads the more complex the product, the slower it diffuses incompatible products diffuse more slowly that compatible ones.