Principles of Marketing - Discuss the steps in the...

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Discuss the steps in the new-product development processes and themajor considerations in managing this process.There are 8 main processes in the process. First is idea generation, where companiesbrainstorm for all possible ideas. McDonald’s regularly comes up with more than 1800 ideasevery year, before Idea Screening to eliminate weak ideas and choose a few key ones. Theythen go into Concept planning to come up with a strong concept line or description thatdescribes the product and its promised benefits. Once decided it goes into Concept Testing tofind out consumer reactions to the proposed concept planning. It is usually in the form of aseries of questions, with the last question asking what the probability of the consumer buyingthe product is. Based on these test results the firm fine tunes the concept planning andproceeds to Marketing Strategy Development, where the firm identifies target segments,
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Term
Spring
Professor
ProfChan
Tags
Marketing, market testing, Simulated Market Testing

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