MGMA01H3 Study Guide - Final Guide: Sales Operations, Business Analysis, Test Market
Document Summary
Session 8 product new product development and branding. A set of tangible and intangible attributes, including packaging, color, price, quality, brand name, and seller"s services and reputation. Can be a physical object, service, person, place, organization, idea, or a combination of these. Stages in the new product development process. Idea generation & screening concept development & testing marketing strategy business analysis product development test marketing commercialization. Process by which new products spread through a population. Rate of adoption and diffusion depends upon the risk-taking" ability of individuals. People who buy early tend to influence those who follow them. Innovators (2. 5%) early adopters (13. 5%) early majority (34%) later majority (34%) . Two types of consumers: innovators and imitators. Innovators = a fraction of those who have not yet bought. Imitators = influence by those who have purchased on those who have not. Yt-1 = cumulative sales upto period t-1 p = coefficient of innovation q = coefficient of imitation.
