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All the 8 stages of New Product Development has been added to understand better
Typology: Study notes
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A firm can obtain new products through:
Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product New product development refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development
New idea generation is the systematic search for new product ideas Sources of new-product ideas
Idea screening refers to reviewing new-product ideas in order to drop poor ones as soon as possible Idea Screening
Concept Development and Testing Product idea is an idea for a possible product that the company can see itself offering to the market Product concept is a detailed version of the idea stated in meaningful consumer terms Product image is the way consumers perceive an actual or potential product
Marketing Strategy Development Marketing strategy development refers to the initial marketing strategy for introducing the product to the market
Marketing Strategy Development Marketing strategy statement
Marketing Strategy Development Product development involves the creation and testing of one or more physical versions by the R&D or engineering departments
Marketing Strategy Development Test marketing is the stage at which the product and marketing program are introduced into more realistic marketing settings Test marketing provides the marketer with experience in testing the product and entire marketing program before full introduction
Approaches to test marketing
Marketing Strategy Development Standard test markets are small representative markets where the firm conducts a full marketing campaign and uses store audits, consumer and distributor surveys, and other measures to gauge product performance. Results are used to forecast national sales and profits, discover product problems, and fine- tune the marketing program.