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| the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts |
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| systematic search for new-product ideas. often companies brainstorm hundreds of new ideas to find a few they like |
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| drawing ideas from employees who already work for the firm |
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| drawing new-product ideas from people outside the company. ex: distributers, suppliers, competitors |
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| new-product generation steps |
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| idea generation -> idea screaning-> concept development and testing -> marketing strategy development -> business analysis -> product development -> test marketing -> commercialization |
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| screening new-product ideas in order to spot good ideas and drop poor ones asap |
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| a detailed version of the new-product idea stated in meaningful consumer terms |
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| testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal |
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| marketing strategy development |
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| designing an initial marketing strategy for a new product based on the product concept |
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| marketing strategy statement |
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Definition
3 parts:
1-- describes target market, planned value prop, and sales, market share and profit goals for the year
2-- outlines product's planned price, distribution, and marketing budget for first year
3-- describes planned long-run sales, profit goals, and marketing mix strategy |
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| a review of the sales, costs, and profit projections for a new product to find out if these factors satisfy the company's objectives |
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| developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering |
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| product and marketing programs are tested in a realistic market setting |
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| introducing a new product into the market. companies need to decide first on timing of introduction and then where to launch the product (market rollout) |
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| customer centered new-product development |
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| new product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences |
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| team based new-product development |
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| various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness |
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Definition
the course of a product's sales and profits over its lifetime. five stages:
1-- product development
2-- introduction
3-- growth
4-- maturity
5-- decline |
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| ex: gas-powered automobiles |
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| basic and distinctive mode of expression. a style has a cycle that shows several periods of renewed interest |
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| currently accepted or popular style in a given field. fashions grow slowly, stay popular for a while, then decline slowly |
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| temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity. fads rise fast and fall fast |
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| new product is first available. intro takes time and sales growth is apt to be slow. profits are negative or low because of low sales and high distribution and promotion expenses |
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| product's sales start climbing quickly. will attract new competitors, unit manufacturing costs fall, profits increase. in growth stage companies face trade off b/w high market share and high current profit. |
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| sales growth slows or levels off. normally lasts longer than previous stages, weaker competitors start dropping out, sales, increased promotions, sometimes companies try to find new users and segments, may also try modifying product |
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| product sales decline. may reduce prices, eliminate segments, may "harvest" product which means reducing various costs |
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