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Mkt 300 Ch. 9 - Mkt Ch 9 pg 256 269 New Product Development...

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Mkt Ch. 9 pg. 256 - 269 New Product Development and Product Life-Cycle Strategies - Apple’s sales plunged when Steve Jobs left in 1980s and 1990s but turned around in the 2000s - A firm can obtain a product through acquisition – by buying a whole company, a patent, or a license to product someone else’s product. The other is through the firm’s own new- product development efforts. - New products = product improvements, product modifications, and new brands - New products are a key source of growth and for customers they bring new solutions and variety to their lives - Many products fail. There are many reasons: overestimated market size, poorly designed, incorrectly positioned, launched at wrong time, priced too high, or poorly advertised. - Idea generation idea screening concept development and testing marketing strategy development business analysis product development test marketing commercialization - Idea generation: IBM held an “innovation jam” to surge ideas - Major sources of new-product ideas include internal sources and external sources such as customers, competitors, distributors and supplies, and others.
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