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Ch 11 - Chap 11 Developing and Managing Products New...

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Chap. 11 Developing and Managing Products
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New Product A product new to the world, the market, the producer, the seller, or some combination of these. Why new products are important?
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Categories of New Products New-to-the-World New Product Lines Additions to existing product lines Improvements or Revisions Repositioned Products Lower-Priced Products
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New Product Success Factors Long-term commitment A Company-specific approach Capitalize on experience Establish an environment
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New-Product Development Process New-Product Strategy Idea Generation Idea Screening Business Analysis Development Test Marketing Commercialization
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Idea Generation Customers Employees Distributors Competitors Vendors R & D Consultants Sources of New- Product Ideas
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Brainstorming The process of getting a group to think of unlimited ways to vary a product or solve a problem. Creativity
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Idea Screening The first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are inappropriate for some other reason.
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Concept Testing A test to evaluate a new-product idea, usually before any prototype has been created. One method for idea screening
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Group Activity eBay, Amazon, Samsung, Whole Foods, Google, Yahoo!, Apple, Nike, Coach, and Victoria’s Secret: Selected as the top ten high growth brands with the most expansion potential 1.
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