MKTG1025 Lecture Notes - Lecture 5: Management System, Services Marketing, Target Market

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16 Aug 2018
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Can obtain new products in two ways: acquisition. Buyi(cid:374)g a (cid:449)hole (cid:272)o(cid:373)pa(cid:374)y, a pate(cid:374)t or a li(cid:272)e(cid:374)se to produ(cid:272)t so(cid:373)eo(cid:374)e else"s produ(cid:272)t: new-product development. Refer to a variety of products that the business develops through its own research and development efforts. Includes original products, product improvements, product modifications, new brands. 60% of all new consumer packaged products introduced by established companies fail. 2/3 of new-product concepts are never even launched. Internal idea sources: r&d and employees: idea generation. External idea sources: distributors/suppliers, competitors, customers, crowdsourcing: idea screening. To spot good ideas and drop poor ones as soon as possible in order to reduce investment in product development with little potential: concept development and testing. Product idea idea for a possible product to offer to the market. Product concept detailed version of idea stated in meaningful consumer terms. Product image the way consumers perceive a potential or actual product. Concept testing using questions: strategy development.

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