MKT 337 Lecture Notes - Lecture 7: Test Market, Observability, Business Analysis
Document Summary
Product: everything, both favorable and unfavorable, that a person receives in an exchange: tangible goods. A group of closely-related product items based on customers pov. A specific version of a product that can be designated as a distinct offering among an orgs products. A specific unit of inventory that is carried as a separate, identifiable unit. Cannibalization: if you introduce a new product, what amount of people will stop buying the other product for the new one. New product development process: found to be too long and expensive --> lean development: guided by new product strategy. Idea screening: business analysis, more familiar customers are with product category, the more reliable results tend to be. The newer the category, the harder customer reaction is to predict: development - development of being able to produce (not actually producing. Product: test marketing - making final decisions about how best to move forward.
