COMM 223 Study Guide - Midterm Guide: New Product Development, Business Analysis, Test Market
8 Dec 2018
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Chapter #10 new product development and product life-cycle strategies (lecture 5) New product development the development of original products, product improvements, product modifications, and brands through the firms own developmental efforts. Idea generation the systematic search for new product ideas. Crowdsourcing inviting broad communities of people customers, employees, independent scientists and researchers, and even the public at large into the new product innovation process. Idea screening screening new product ideas to spot good ideas and drop poor ones as soon as possible. Product concept a detailed version of the new product idea stated in meaningful consumer terms. Concept testing testing new product concepts with groups of target consumers to find out if the concepts have strong consumer appeal. Marketing strategic development designing an initial marketing strategy for a new product based on the product concept. Business analysis a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company"s objectives.
