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15 Cards in this Set
- Front
- Back
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Product Strategies
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- Developing New Products
- Product Life Cycle - Branding Strategy |
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What are the steps to "New Product Process"?
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- Creative Ideas
- Creative Business Ideas - Product Development and Testing - Commercialization/Introduce New Product |
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How to search for Creative Ideas?
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- Create cross-functional committees
- Develop employee incentive program - Collect stakeholder ideas - Listen to customers |
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Creative Ideas Examples
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- Charles Schwab
- Ralph Lauren Polo Shirts - Houston National Bank - Blue Chip Forecast |
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Creative Business Ideas
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- Preliminary Company Fit
- Financial Analysis |
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Preliminary Company Fit
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- existing production fit
- existing distribution fit - product strategy fit - customer niche fit |
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Feasibility Studies are:
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preliminary studies into potential new product; evaluate both resources and time in screening ideas
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Feasibility Studies steps:
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- preliminary study
- determine product viability - make a decision to proceed or not - analyze possible alternative solutions |
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Product Development
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- types of new products
- product design |
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Testing
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- beta testing (testing that does not involve the developers and provide the quality of product to stakeholders)
- store audits |
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Commercialization
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- launch new product
- design and place advertising and other promotions - fill distribution pipeline with new product - importance of timing |
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developing new products involve:
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- new product process
- new product issues - diffusion of information |
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New Product Issues
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- Types of New Products
- New Product Acquisitions - Why New Products Fail |
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Types of New Products
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- new for everybody
- new product lines - revision of existing products - replacement products at lower costs |
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new product acquisitions
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- buy a company
- acquire patents/licenses - buy a franchise |
