Mkt 3000 Ch Something

Front 1

Aquisition

Back 1

Refers to the buying of a whole company, a patent, or a license to produce some else's product

Front 2

New Product Development

Back 2

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Front 3

Major Stages in a New-Product Development

Back 3

Idea generation-->idea screening-->concept-->etc.... (diagram)

Front 4

Idea Generation

Back 4

Systematic search for new-product ideas

Sources of new product ideas:

-internal

-external

Front 5

Internal Sources

Back 5

Refer to the company's own formal research and development, management and staff, and intrapreneurial programs

Front 6

External Sources

Back 6

Refers to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms.

Front 7

Crowdsourcing

Back 7

Inviting broad communities of people- customers, employees, independent scientists and researchers, and even the public at large- into the new-product innovation process.

Front 8

Idea Screening

Back 8

Identify good ideas and drop poor ideas

RWW Screening Framework:

-Is it Real?

Can we Win?

Is it Worth doing?

Front 9

Product Ideas

Back 9

An idea for a possible product that the company can see itself offering to the market

Front 10

Product Concept

Back 10

A detailed version of the idea stated in meaningful consumer terms

Front 11

Product Image

Back 11

The way consumers perceive an actual or potential product.

Front 12

Concept Testing

Back 12

Testing new-product concepts with groups of target consumers

Front 13

Marketing Strategy Development

Back 13

Initial marketing strategy for introducing the product to the market

Front 14

Marketing strategy Statement Includes...

Back 14

Description of the target market

Value Proposition

Sales and Profit Goals

Front 15

Business Analysis

Back 15

Involves a review of the sales, costs, and profit projections to find out whether they satisfy the company's objectives.

Front 16

Product Development

Back 16

Involves the creation and testing of one or more physical versions by the R&D or engineering departments

Requires an increase in investment

Show...

Front 17

Test Marketing

Back 17

Stage at which the product and marketing program are introduces into more realistic marketing settings

Provides the marketer with experience in testing the products and entire marketing program before full introduction.

Front 18

Types of Test Markets

Back 18

Standard Test Markets-advertising on news and tv and in stores nation wide

Controlled Test Markets- only available in certain areas with no advertising

Simulated Test Markets- simulations, not real store

Front 19

Standard Test Markets

Back 19

Advertising on news and tv and in stores nation wide

Front 20

Controlled Test Markets

Back 20

Only available in certain areas with no advertising

Front 21

Simulated Test Markets

Back 21

Simulations, not real store

Front 22

Advantages of Simulated Test Markets

Back 22

-Less expensive than others

-Faster

-Restricts competition

....

Front 23

When Firms Test Market

Back 23

-New product with large investment

-Uncertainty about product or marketing program

Front 24

When Firms May Not Test Market

Back 24

-Simple line extension

-Copy of competitor product

-Low Costs

-Management Confidence

Front 25

Commercialization

Back 25

Introduction of the new product

-When to launch

-Where to launch

-Planned market rollout

Front 26

Successful New-Product Development Should Be:

Back 26

Customer centered

Team-based

Systematic

Front 27

Customer-Centered New Product Development:

Back 27

New ways to solve customer problems and create more customer satisfying experiences

Front 28

Sequential New-Product Development

Back 28

Company departments work closely together individually to complete each stage of the process before passing it along to the next department or stage

Increased control...

Front 29

Team-Based New-Product Development

Back 29

Company departments work closely together in cross-functional teams, overlapping in the product- development process to save time and increase effectiveness.

Front 30

Systematic New-Product Development

Back 30

Innovative development approach that collects, reviews, evaluates, and manages new-product ideas

Creates an innovation-oriented culture

Yields a large number of new-product ideas

Front 31

Product Life Cycle

Back 31

During product development, the company losses funding by creating the new product. During the introduction, sales slowly increase and no profits are really coming in yet. During its growth and maturity, it rises in both areas at its highest peak. Then it declines when people lose interest or find alternative product.

Front 32

Product Development

Back 32

Sales are zero and investment costs mount

Front 33

Introduction

Back 33

Slow sales growth and profits are nonexistent

Front 34

Growth

Back 34

Rapid market acceptance and increasing profits

Front 35

Maturity

Back 35

Slowdown in sales growth and profits level off or decline

Front 36

Decline

Back 36

Sales fall off and profits drop