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17 Cards in this Set
- Front
- Back
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Line Extension
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development of a product that is closely related to existing products in the line but meets different customer needs
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Example of Line Extension
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Febreze --> candles and travel size version
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3 Ways to Modify a Product
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1. Quality
2. Function 3. Aesthetic |
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Quality Modification
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changes relating to a product's dependability and durability
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Functional Modification
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changes affecting a product's versatility, effectiveness ,convenience, or safety
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Aesthetic Modification
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changes to the sensory appeal of a product
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Marketers' 5 Key Responsibilities
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1. Envision the market - outcome based
2. Create demand 3. Educate the market 4. Listen to the existing market 5. Accommodate current demand |
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Envision the market, create demand, and educate the market are for breakthrough or incremental products?
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breakthrough
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Listen to the existing market and accommodate current demand are for breakthrough or incremental products?
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incremental
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7 Phases of New Product Development
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idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization
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Idea Generation has how many sources and what are they?
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two: internal and external
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Screening
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choosing the most promising ideas for further review (where most ideas are rejected)
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Concept Testing
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seeking potential buyers' responses to an idea
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Business Analysis
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evaluating the potential contribution of a product idea to the firm's sales, costs, and profits (*don't get confused w/ prod dev)
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Product Development
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determining if producing a product is technically feasible and cost-effective (*don't get confused w/ bus analysis)
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Test Marketing
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limited introduction of a product in geographic areas chosen to represent the intended market
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Commercialization
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deciding on full-scale manufacturing and marketing plans and preparing budgets
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