MGMT 105 Chapter Notes - Chapter 11: Groupon, Observability, Business Analysis
8 Jun 2016
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New products are important to sustain growth, increase revenues and profits, and replace obsolete items. In 2011, the top five companies were apple, twitter, facebook, nissan, and groupon. New product: a product new to the world, the market, the producer, the seller, or some combination of these. New product development process: new product strategy. Links the new product development process with the objectives of the marketing. 1. department, the business unit, and the corporation. New ideas may come from customers, employees, distributors, competitors, vendors, research and development, and consultants. Product development: entails the creation of marketable new products; the process of converting applications for new technologies into marketable products. Brainstorming: getting a group to think of unlimited ways to vary a product or solve a problem. Idea screening the first filter int he product development process, which eliminates ideas that are inconsistent with the organization"s new product strategy or are obviously inappropriate for some other reason.
