Term
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Definition
| The process of getting a group to think of unlimited ways to vary a product or solve a problem. |
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Term
| What are the top 2 sources of new-product ideas? |
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Definition
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Term
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Definition
| A test to evaluate a new product idea (predict consumer acceptance), usually before any prototype has been created. |
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Term
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Definition
| The first filter in the product development process, which eliminates the most ideas and ideas that are undesirable and inconsistant with the organization's new-product strategy or are inappropriate for other reasons. |
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Term
| What are the considerations in Business Analysis Stage? |
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Definition
Demand
Cost
Sales
Profitability |
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Term
| What are the two types of Research? |
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Definition
Basic Research: also called "pure" research
Applied Research: attemps to discover new and improved products. |
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Term
| __________ converts research into marketable products. |
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Definition
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Term
| Define Simultaneous Product Development. |
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Definition
| A new team-oriented approach to new-product development where all relevant functional areas and outside suppliers participate in the development process. |
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Term
| What is the best source of idea generation of a new product? |
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Definition
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Term
| List the categories of new products. |
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Definition
New to the world
New product lines
Product line additions
Improvements/Revisions
Lower priced products
Repositions Products |
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Term
| What are the success factors of a new product? |
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Definition
Long-term commitment
New product strategy
Capitalize on experience
Establish and environment |
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Term
| What is the final stage of the new product development process? |
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Definition
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Term
| What is the danger in implementing a test market? |
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Definition
| That competitors will find out about the product before it is fully introduced. |
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Term
| What are alternatives to test marketing? |
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Definition
Single-source research using supermarket scanner data
Simulated market testing
Online test marketing |
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Term
| What are the steps included in commercialization? |
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Definition
Production
Inventory buildup
Distribution shipments
Sales training
Trade announcements
Customer advertising
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Term
| Why do new products fail? |
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Definition
No discernible benefits
Poor match between features and customer desires
Overestimation of market size
Incorrect positioning
Price too high or too low
Inadequate distribution
Poor promotion
Inferior product
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Term
| What are the success factors for new products? |
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Definition
Match between product and market needs
Different from substitue products
Benefit to large number of people |
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Term
| List new product strategies: |
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Definition
Link development processess to marketing.
Corporate objectives are part of the marketing strategy.
Specify the needs and rolls new products play in overall company and marketing plan.
Describe the characteristics of the product and the markets the company wants to serve. |
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Term
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Definition
| The process by which the adoption of an innovation spreads (how fast and how far). |
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Term
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Definition
| The first 2.5% who adopt the product |
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Term
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Definition
| oriented to the community and rely on group norms and values. Opinion leaders. |
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Term
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Definition
| those that weigh the pros and cons before adopting a new product. Often collecting information and evaluating more brands than early adopters. Characterized as deliberate. |
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Term
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Definition
| those that adopt new products because most of their friends have already adopted it. Skeptical. |
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Term
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Definition
| Tied to tradition with heavy influence from the past. Dominate value is tradition. |
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Term
| Define Product Life Cycle. |
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Definition
| A concept that provides a way to trace the stages of a products acceptance, from its introduction (birth) to its decline (death). |
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