Chapter 10 Study Notes

Chapter 10 Study Notes - Chapter 10 1. Steps in new-product...

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Chapter 10 1. Steps in new-product development process 2. Stages of product life cycle 3. How marketing strategies change during a product’s life cycle 8 steps in new product Development Process 1 IDEA GENERATION Internal Idea Sources:  New ideas through formal research and development. Some  companies even allow their employees time to experiment on innovation. External Idea Sources:  Researching consumer trends and how to meet problems  with the use of surveys, questions, observations, etc. 2 IDEA SCREENING Now we need to reduce the number of ideas as later steps will get very expensive.  Evaluated on market size, product price, development cost, etc. Then ask questions such  as “Does this really solve a need?” 3 CONCEPT DEVELOPMENT AND TESTING Product Concept:  detailed version of idea stated in meaningful consumer terms Product Image:  The way a consumer sees and actual or potential product Concept Development:  Brain storm as to what niche you would like to occupy,  who you want to reach, etc. Concept Testing:  Testing these multiple concepts with groups of target  consumers so that you can select one. 4 MARKETING STRATEGY DEVELOPMENT
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This note was uploaded on 05/22/2008 for the course COMM 212 taught by Professor Brentpearce during the Spring '08 term at McGill.

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Chapter 10 Study Notes - Chapter 10 1. Steps in new-product...

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