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New_product_development - 1 New product development Co can...

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New product development Co can add new product through acquisition in three forms Can buy a co 2:can acquire co patent 3: Buy a license from another company the development can take two forms developing new product in own lab contract with independent researchers or new product development firm Booze Allen Hamilton six categories of new product 1:New to the world 2;New product line : entering established mkt with new product line first time ( Olper’s) 3:Additions to existing product:( packages, size flavor) 4: Improvement & revision of existing products: new product that provide improved performance or greater perceived value and replace existing products 5;Repositioning: existing products that are targeting to new mkts or mkt segment 6:Cost reduction: new product ---- similar preference at lower cost Mananging the development process: idea Generation Idea Generation The process starts with idea generation Management defines produc and mkt scope and new product objective Decision about modifying existing product bringing completely different product or copy competitor’s product Source for new product idea could be customer scientists competitors, employees, channel members and top management , universities , advertising agencies Customer needs and wants logical place to start with idea 1
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Idea Screening Attracting good ideas need organization Idea manager receives ideas from employees
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