COMM 320 Lecture Notes - Lecture 14: New Product Development, Outsourcing, Strategic Alliance
7 Dec 2018
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Key developing innovative products that aren"t me too products entering an already saturated market. Find a need and fill it: develop product that adds value, get price and quality right consumers will pay more for higher quality and accept lower quality for a lower price. Focus on a specific target market: conduct ongoing feasibility analysis focus groups, surveys. Extending product lines: additional versions of same product to appeal to different clientele. Geographic expansion: most common in retail. Establish legitimacy of business concept: don"t isolate expansion location. Selling overseas: answer requests promptly and clearly. Replies (other than fax/email) should be communicated through some form of overnight delivery or airmail. Set up file with lists of names from foreign inquiries. Keep promises: all correspondence should be personally signed. Be polite, courteous, and respectful and avoid using business slang. Personal meetings should be with people of equal rank. Levels the playing field between smaller and larger firms.
