class notes 3-2

class notes 3-2 - needs to be tweaked before it is fully...

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3/2/10 Product Development 1. Idea generation 2. Idea screening 3. Business analysis 4. Prototype development 5. Test market 6. Commercialization Idea Screening Stage Industrial -> feasibility study Do we need to build another building? Do we need more employees? Consumers -> concept testing Does this idea have merit? Business analysis Taking the idea and estimating how much you are going to sell. Sales/revenue. Needs to see whether it is profitable by estimating expenses What does it cost? Prototype Development Have a small number or products, an actual working model Gives the consumer an idea of what the product is Takes customer feedback, and works to better the product Packaging What’s the marketing mix going to look like?
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Test Market Testing the product in a specific area- usually diverse in population, to see if the product
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Unformatted text preview: needs to be tweaked before it is fully commercialized Collecting feedback from potential buyers National brands- (wheaties, cheerios) the same product nation/ world wide Private brands- brands that do not have national appeal. (Stop n shop brands). Offer alternatives Generic brands- brands with no label Product line- group of closely related products that are treated as a unit because of similar marketing strategy Product mix- all the products offered by an organization 1) Convenience products (milk eggs tobacco newspapers) 2) Shopping products (cell phones, computers, sporting goods) 3) Specialty products ( don’t have to be expensive but you won’t take a substitute for) 4) Unsort goods (life insurance)...
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