Developing new products
18 important questions on Developing new products
... Is the development of original products, products improvements, product modifications and new brands through the frim's own product development efforts.
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Companies can't just hope that they'll stumble across good new products. Instead they must develop a systematic new product ...
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Idea generation consists out of four sources. What are these sources?
- Internal source
- Competitors
- Costumers
- Crowdsourcing
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... Means inviting broad communities of people, customers, employees, independent scientists and researchers and even the public at large into the new product innovation process.
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... Is screening new product ideas to spot good ones and drop poor ones as soon as possible.
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One marketing expert describes an R-W-W (real-win-worth doing) new product screening framework that asks 3 questions. Name all 3.
2. Can we win?
3. Is it worth doing?
... Is a detailed version of the new product diea stated in meaningsul consumer terms.
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... Calls for tessting new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
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... Involves a review of the sales, costs and profit projections for a new product to find out whether these factors satisy the company's objectives.
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... Consists of developing the product cencept into physical product to ensure that the product idea can be turned into a workable market offering.
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... Is the stage of new product development in which the product and its proposed marketing program are tested in realistic marketing settings.
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... Is a new product development that focuses on finding new ways to solve customer problems and create more customer satisfying experiences.
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... Is a new product development in which various company departments work closely together, overlapping the steps in the product developement process t save time and increase effectiveness.
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... Is a basic and distincitve mode of expression.
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... Is a currently accepted or popylar style in a given field.
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... Is a temporary period of unusually high sales driven by consumer enthusiasm and immidiate product or brand popularity.
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... Is in the PLC stage in which a new product is first distributed and made available for purchase.
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... Is the PLC stage in which a product's sales growth slows or levels off.
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