Respond Through New Products Week 4

Respond Through New Products Week 4 - Respond Through New...

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Respond Through New Products Product and Service Innovation Product Life Cycle Branding Study Tools Product and Service Innovation Marketing professionals thrive on the process of developing new products and services and seeing how their work is received in the marketplace. Innovation is the source of life and growth for any organization, and many companies are using a step approach to new product development. The process begins with the generation of a new product strategy using input from SWOT analysis and the environmental scan. The output of the process is a product protocol identifying a specific market focused on real needs and wants and a full description of the product or service. Listening to the parties interacting with the company, the marketing department generates ideas for new products, which are then subjected to a screening process to eliminate weak product concepts. The surviving product ideas then are subjected to business analysis to determine the commercial viability of a product. The product or service up to this point is just a concept. Translating the concept into a prototype is called product development and this is the step where large resources are starting to be deployed. Ultimately, the product has to be exposed to the targeted consumers and tested to see if the consumer will buy the product. The test results are used to make adjustments to the product, which is again tested in the marketplace. Products that succeed in market testing then are commercialized through product positioning and
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Respond Through New Products Week 4 - Respond Through New...

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