Marketing Notes - New product development-idea...

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New product development -idea generation -sources of new ideas -customers, salespeople, service providers, anyone with direct customer contact -product concept development -expand ideas into more complete product concepts -describe features the product should have and benefits those features will provide -evaluate chance for success -marketing strategy development -develop a marketing strategy that can be used to introduce the product to the marketplace -identify the target market, estimate its size, determine how the product can be positioned; plan pricing, distribution, and promotion -business analysis -assess how the new product will fit into the firm’s total product mix -evaluate whether the product can be a profitable contribution for the organization’s product mix -technical development -work with engineers to refine the design and production process -develop one or more prototypes -evaluate prototypes with prospective customers
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-if applicable, apply for a patent -market testing -try out the complete marketing plan (the four p’s) in a small geographic area that is similar to larger target market -traditional test marketing is expensive and gives competition a chance to evaluate the new product -simulated test markets eliminate competitive viewing and cost less -commercialization -launch the product!! -full scale production, distribution, advertising, sales promotion, and more -commercialization is no guarantee of success (FluMist) Focus on increasing sales/revenue Total Revenue-Total Cost=Profits Total Revenue = Unit Price (P) x Quantity Sold (Q) Total Cost: Fixed and Variable
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This note was uploaded on 04/20/2011 for the course MARKETING 300 taught by Professor Romyerong during the Spring '11 term at Saint Louis.

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Marketing Notes - New product development-idea...

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