Answers Chapter 9 Part 1

Answers Chapter 9 Part 1 - Chapter 9: New Product...

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Chapter 9: New Product Development Study Questions 1. Name and describe the major steps in the product development process a. Idea Generation – brainstorming for new ideas b. Idea Screening – dropping the worst and keeping the best ideas c. Concept Development – testing ideas with consumers to gauge potential response, create detailed version of new product idea stated in meaningful consumer terms d. Marketing Strategy Development – STP and the 4 Ps, design initial marketing strategy for product concept e. Business Analysis – Forecasting, cost analysis, profit and loss statement, etc. f. Product Development – prototyping to determine feasibility and to discover and resolve potential problems g. Market Testing – selling the product in select markets to gauge consumer response (standard test markets, controlled test markets, or simulated test markets) h. Commercialization – full launch, full production, full advertising, etc. into market 2. What are the three stages of prototyping and what is the purpose of each
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This note was uploaded on 11/27/2011 for the course BUS M 341 taught by Professor Scottsmith during the Fall '10 term at BYU.

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Answers Chapter 9 Part 1 - Chapter 9: New Product...

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