MKTG Chapter 11 - MKTG Chapter 11 Deeloping Managing Products New Product Development Process 1 New Product Strategy 2 Idea Generation 3 Idea Screening

MKTG Chapter 11 - MKTG Chapter 11 Deeloping Managing...

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MKTG Chapter 11: Deeloping & Managing Products New Product Development Process 1. New Product Strategy 2. Idea Generation 3. Idea Screening 4. Business Analysis 5. Development 6. Test Marketing 7. Commercialization Idea Generation Come from both internal & external. Newest- Consultants Idea Screening Point is to eliminate ideas that are inconsistent with organization's strategy. Includes a concept test- point is to find if there is demand "Will you buy? How much are you willing to pay?" Business Analysis Calculate demand, cost, sales, and profitability. Impact of new product? Interaction with our existing products? Benefit to current customers? Affect employees? Development 1. Create a prototype (cost to produce) 2. Sketch marketing strategy 3. Determine manufacturing feasibility Test Marketing
1-2% of the projected market, EXACTLY as you plan to commercialize Commercialization Production, Inventory buildup, Distribution shipments, Sales force training, Trade announcements, Customer advertising. Very

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