Marketing Chapter 9 New Product Development
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A fundamental change in the market place.
A product that expands and improves on an existing product
Setting up a product to go after a different market segment.
Offering a product at lower cost than before to attract price sensitive customers
Three major activities in new product development
- Identify Product Opportinities
- Define the Product Opportinity
- Develop the Product Opportunity
Sources to help Identify Product Opportunities
- Internal Sources
- External Sources
Steps to Identify Product Opportunities
- Screen and Evaluate Ideas
- Define and Test Product Concept
- Create your Marketing Strategy (The 5 P's)
- Conduct Business Case Analysis
- Develop the product (testing the product)
Define Innovation Diffusion Process
How long it take a product to move from first purchase to last purchase (the last set of users adopt the product)
Five stages of the consumer adoption process
Characteristics of Services
Treating employees as customers, and developing systems and benefits that satisfy their needs
What would you like to do?
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