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Related Flashcards
Cards In This Set
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New Product Categories
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New-to-the-word (Discontinuous innovations)New product linesAdditions to existing product linesImprovements or revisions to existing productsRepositioned ProductsLower-priced Products
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New to the World Products
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Discontinuous innovations- products that create an entirely new market. Represent the smallest category of new products.
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New product lines
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These products, which a firm has not previously offered, allow it to enter an established market.
i.e Beach Bunny swimwear starting to offer a pajama line |
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Additions to existing product lines
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New products that supplement a firm's established line.
i.e Nintendo DS added Nintendo 3DS. |
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Improvements or revisions to existing products
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"new and improved" products may be significantly or only slightly changed.
i.e Ipad 2 to the Ipad 3 |
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Repositioned Products
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Existing products targeted at new markets or market segments.
i.e Gatorade- G2 is targeted at females now in addition to males |
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Lower-priced products
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Products that provide performance similar to competing brands at a lower price.
i.e HP LaserJet 3100 is a scanner, copier, printer, & fax machine combined that is cheaper than other competing products |
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New Product Success Factors (LCCE)
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Long-term commitment Company Specific approach- must have a well defined new-product strategyCapitalize on experience- achieve competitive advantageEstablish an environment- management and organizational style
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New Product Development Process (Exam)Know the stages and what occurs during each stage of the NDP Process
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 Seven-step process that helps filter out unworkable ideas. |
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New-Product Strategy
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Part of the organization's overall marketing strategy. Links the new-product development process with the objectives of the marketing department, business unit, and corporation.
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Idea Generation (Exam)What are the different ways New Product ideas are generated?
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New ideas that are either generated from customers, employees, distributors, competitors, vendors, research and development, or consultants.
Brainstorming- getting a group to think of unlimited ways to vary a product or solve a problem Focus Group- interviews meant to stimulate insightful comments through group interactions |
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Idea Screening
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First filter in the product development process that eliminates ideas.
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Concept Test
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Used during the screening stage to rate product alternatives. It evaluates a new-product idea before any prototype has been created.
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Business Analysis (DCSP)
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Products that move through the screening process move to this stage where preliminary figures for demand, cost, sales, and profitability are calculated.
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Development (PMLPF)
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-Prototype is developed -Sketch marketing strategy
Company should decided on the product's:-Packaging, branding, labeling, etc. -Promotion, price, and distribution-Manufacturing feasibility |
