term1 Definition1term2 Definition2term3 Definition3
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refers to the buying of a whole company, a patent, or a license to produce someone else’s product
Acquisition
refers to original products, product improvements, product modifications, and new brands through the firm’s own product development efforts
New product development
Major Stages in New-Product Development
Idea generation, idea screening, concept development and testing, marketing strategy development business analysis, product development, test marketing, commercialization
The systematic search for new-product ideas
Idea generation
Sources of new product ideas
Internal and external sources
refer to the company’s own formal research and development, management and staff
Internal sources
refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms
External sources
Inviting broad communities of people—customers, employees, independentscientists and researchers, and even the public at large—into the new-product innovation process
Crowdsourcing
Screening new-product ideas to support good ideas and stop the poor ones as soon as possible
Idea screening
RWW screening framework
•Is it real? •Can we win? •Is it worth doing?
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