MGST 391 Lecture Notes - Marketing Strategy, Business Analysis, Test Market
28 Apr 2013
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Document Summary
That opens up an entirely new market. That broadens the market of an existing product. The costs of producing the product may have been higher than expected. 5 product characteristics affecting rate of adoption for new product: Relative advantage i. e. new technology making it superior. Compatible with values and experience of potential consumers. Internal sources (r&d: external sources (customers, competitors, distributors, suppliers) Evaluation against criteria to spot good ideas and drop poor: concept development and testing. Product concept is a detailed version of the new-product idea stated in meaningful consumer terms. Concept testing involves testing the concepts with a group of target consumers to find out if the concepts have strong consumer appeal: marketing strategy development. This is a statement of the planned strategy for a new product that outlines the target market, positioning, market mix and market share, long term sales, profit goals and marketing budget for the first few years: business analysis.
