MARK 201 Chapter 10: Chapter 10.docx
Document Summary
Marketing management i (comm 223) - winter 2013. Idea generation: systematic search for new ideas i. Idea screening: screening new product ideas to spot good ideas and drop for ones as soon as possible: r-w-w (real, win, worth it) Does the product offer a sustainable competitive advantage. Does the product set the company"s overall growth strategy: concept development and testing, product concept: detailed version of the new product idea stated in meaningful consumer terms ii. If the company goes ahead with commercialization, it will face high costs: things to consider: Otherwise, a few new ideas will surface, and many good ideas what sputtered and died. To avoid these problems, company can install an innovation management system to collect, review, and evaluate new product ideas: the innovation management system approach yields two favourable outcomes. First, it helps create an innovation-oriented company culture. It shows that top management supports, encourages and rewards innovation.
