MARK 201 Study Guide - Quiz Guide: Business Analysis, Marketing Strategy, Three Steps
16 Dec 2015
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Explain the 8 steps of the development process in order. Concept testing marketing strategy development business analysis product development test marketing commercialization. Idea generation: first step in the development process. Company usually generate thousands of ideas to find one good one. Major sources of ideas include internal and external sources such as customers, competitors, distributors, and suppliers. Idea screening: second step in the development process, consists in spotting good ideas and drop the poor ones as soon as possible. Devolepment cost increases significantly the more you go on, so the earlier you drop it, the less money you lose. Concept development and testing: third step in the process. Attractive ideas must be developed into a product concept, a detailed version of the new prodcut idea stated in meaningful consumer terms. The marketer then has to create different product concept and see how customers react and choose the best one.
