Principles of Marketing_Chapter 9_New-Product Development and Product Life-Cycle Strategies.pptx

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Chapter 9New-Product Developmentand Product Life-CycleStrategies
New-ProductDevelopment Strategy2
Two ways to obtain newproductAcquisition: by buying a hole company, apatent, or a license to produce someoneelse’s productNew-product development: thedevelopment of original products, productimprovements, product modifications, andnew brands through the firm’s own R&Defforts - in the company’s own research-and-development department3
IdeagenerationIdeaScreeningConceptdevelopmentand testingFigure 9.1Major stages in new-productdevelopmentMarketingstrategydevelopmentBusinessanalysisProductdevelopmentTestmarketingCommercializationThe New-ProductDevelopment Process4
Stage 1: Idea generationInternal idea sources: throughformalresearch and development; pick thebrains of its executives, scientists,engineers, manufacturing staff, and salespeopleExternal idea sources: come fromcustomers,competitors,distributors andsuppliers, and other ideas5
Stage 2: Idea screeningThe first idea-reducing stage which helpsspots good ideas and drop poor ones assoon as possible6
Stage 3: Concept developmentand testingConcept development: to develop the newproduct into alternative product concepts,find out how attractive each concept is to

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Term
Fall
Professor
N/A
Tags
Marketing, new product development

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