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16 Cards in this Set
- Front
- Back
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Stages of the new product development process
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Idea generation Idea screening Concept development and testing Business analysis Product development Test marketing Product launch |
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Product life cycle |
The course of a products sales and profits over its lifetime |
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Stages of product life cycle |
Product development Introduction Growth Maturity Decline |
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How is new product development modified for special product categories |
New to the world product High risk product |
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Idea generation |
Internal idea sources through R&D or external idea sources |
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Idea screening |
Ideas are evaluated against criteria Real? Is there real need and desire? Win? Can we win? Worth of doing? |
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Concept development and testing |
Creates detailed version of the idea stated in meaningful consumer terms |
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Business analysis |
Involves a review of the sales, costs and profit projections to find out whether they satisfy the company's objectives |
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Product development and testing |
Involves the creation and testing of one or more physical versions by the R&D or engineering departments |
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Test marketing |
The stage and which the product and marketing program are introduced into more realistic marketing settings |
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Product launch |
Commercialization Introduction of the new product |
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Product development |
Begins when the company develops a new-product idea Sales are zero Investment costs are high Profits are negative |
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Introduction |
Slow sales growth Little or no profit Create product awareness and trial Target innovators High distribution and promotion expense |
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Growth |
Sales and profits increase Increase market share Target early adaptors Price stability or decline to increase volume Consumer education New competitors enter the market Promotion and manufacturing costs gain economies of scale |
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Mature |
Slowdown in sales and profits decrease Maximize profits while maintaining market share Many suppliers Substitute product Overcapacity leads to competition Stress brand differences and brand switch |
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Decline |
Sales and profits fall Target laggards Reduce the expenditures - Maintain the product - Harvest the product - Drop the product |
