BMGT 350 Chapter Notes - Chapter 8: Innovation Management, Ford Escape, Marketing Mix

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: boyd

Document Summary

20:20: new product development strategy, a firm can obtain new products in two ways. Acquisition: buying a whole company, a patent, or a license to produce someone else"s product. New product development: the development of original products, product improvements, product modifications, and new brands through the firm"s own product development efforts. New products: important to both customers and the marketers who serve them: bring new solutions to customers" lives and they are a key source of growth for a company. Many companies have developed successful internal social networks and intrapreneurial programs to encourage employees to develop new product ideas. External idea sources: companies generate ideas through a number of outside sources. Distributors: close to the market and can pass along information about consumer problems and new product possibilities. Suppliers: can tell the company about new concepts, techniques, and materials that can be used to develop new products.