MKTG 2201 Chapter Notes - Chapter 8: Erms, Customer Switching, Innovation Management
19 Mar 2017
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New product development strategy: de(cid:448)elopi(cid:374)g (cid:374)e(cid:449) produ(cid:272)ts through the fir(cid:373)"s resear(cid:272)h a(cid:374)d de(cid:448)elop(cid:373)e(cid:374)t efforts, creating successful new products requires, understanding consumers, markets, and competitors, developing products that deliver superior value to customers. Idea generation: systematic search for new product ideas. Intrapreneurial programs: external idea sources, distributors and suppliers, competitors, customers, crowdsourcing: inviting broad communities of people into the new product innovation process. Idea screening: screening new product ideas to spot good ones and drop poor ones as soon as possible, ways of screening new ideas, new idea write-up reviewed by a committee, r-w-w framework- real, win, worth doing. Concept testing- testing new product concepts with a group of target consumers to find out if the concept have strong consumer appeal. Business analysis- a review of the sales, costs, and profit projections for a new product to find out (cid:449)hether these fa(cid:272)tors satisfy the (cid:272)o(cid:373)pa(cid:374)y"s o(cid:271)je(cid:272)ti(cid:448)es.
