mktg330_ch.8 class.docx - MKTG330 \u2013 Johnson Chapter 8 Developing New Products New product development the development of original products product

mktg330_ch.8 class.docx - MKTG330 – Johnson Chapter 8...

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MKTG330 – Johnson Chapter 8: Developing New Products 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 ones and drop poor ones as soon as possible. Product concept: a detailed version of the new product idea stated in meaningful consumer terms Concept testing: testing new product concepts with a group 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.
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MKTG330 – Johnson Business analysis: a review of the sales, costs, and profit projections for a new product to find out
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  • Spring '14
  • Marketing, Product life cycle management, new product development, new products

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