ADM 1300 Lecture Notes - Lecture 7: Mick Jagger, Mothers Against Drunk Driving, Brainstorming
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ADM 1300 Full Course Notes
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A product. : anything that is of value to a consumer and can be offered through a marketing exchange, can be: A new product : new to the world but also, a product that improves existing concepts. Development of viable new product ideas: concept testing. Testing the new product idea among a set of potential customers: product development. Development of prototypes and/or the product: market testing. Testing the actual products in a few test markets: product launch. Full-scale commercialization of the product: evaluation of results. Analysis of the performance of the new product and making appropriate modifications. Internal r&d: typically by large firms, high product development costs, often the source of technological products, often the source of breakthrough products. Licensing: firms purchase the rights to technology or ideas from other research-intensive firms, biotechnology firms are research intensive but typically lack the resources and expertise to do their own marketing.
