MGMA01H3 Chapter 9-11: Definitions
17 Aug 2015
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Chapter 10-new product development and product life-cycle strategies. New-product development: the development of original products, product improvements, product modifications and new brands through the firm"s own product development 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 asap. Product concept: a detailed version of the new product idea stated un meaningful consumer terms. Concept testing: testing new products with groups of target consumers to find out if the concepts have strong consumer appeal. Marketing strategy 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 company"s objectives.
