BUS2 130 Lecture 8: Lecture 8
Document Summary
The development of original products, product improvements, modifications, and new brands through the firm"s own product development efforts. Screening new-product ideas in order to spot good ideas and drop poor ones asap. Product concept is detailed version of the new-product idea stated in meaningful consumer terms. Concept testing is new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal. Business analysis is a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company"s objectives. Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering. The stage of new-product development in which the product and marketing program are tested in realistic market settings. Involves introducing a new product into the market.
