Management and Organizational Studies 2320A/B Lecture Notes - Test Market, Business Analysis, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Chapter 10: new product development and product life-cycle strategies. All firms must be good at developing new products to replace aging ones (challenge of new-product development) because all products eventually decline. All firms must be good at adapting its marketing strategies in the face of changing tastes, techonologies and competition as products pass through life-cycle stages (challenge of product life-cycle strategies: new-product development strategy. Acquisition: buying a whole company, patent or license to produce someone else"s product. New-product development efforts: development of original products, product improvements, product modifications and new brands through the firms own product- development efforts. Product is poorly designed, incorrectly positioned, launched at the wrong time, priced wrong, poorly advertised: new-product development. Idea generation: systematic search for new product ideas. Internal idea sources: using formal research and development, pick brains of employees, develop intrapreneurial programs encouraging employees to develop new product ideas: external idea sources.