MKT 340 CH 8 Devleoping New products - Marketing 340...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Marketing 340: Chapter 8: Developing New Products and Managing the Product Life-Cycle New-product development -the development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts New Products fail because of: Overestimation of market size Design problems Incorrect pricing or positioning High development costs Competitor reaction Major Stages in New-Product Development Idea Generation Internal sources The traditional R&D process Intrapreneurs within the company External sources Distributors and suppliers Competitors and their products Trade magazines and shows Customers Crowdsourcing Idea Generation Cont… Analyze customer questions and complaints to find new products that better solve consumer problems Invite customers to share suggestions and ideas Crowdsourcing - Invites customers, employees, independent scientists and researchers, and even the public at large, into the new-product innovation process
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Idea Screening
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '09
  • Marketing, Physical Product, new-product development

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern