ADM 2320 Lecture Notes - Lecture 12: Kraft Dinner, Conjoint Analysis, Business Analysis
9 May 2016
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Document Summary
New-to-the-world totally innovative, something that never existed before, something that started a new industry, a new lifestyle. Smart phones created a line of products, a whole range of competing products that fall under that category. The concept of phones is not that new but a smart phone started a new line. Improvements all those ads that you see on tv that are improved. Repositioning products being moved from one quadrant to another either through real or psychological changes in products. New products: gillette different blades added - they"re all new products. Innovation: a product that consumers perceive to be new and different from existing products. Developing new products is important to an organization for the following reasons: To diversity its product offering and lower risk. Using new product development as a marketing strategy can be sustainable competitive advantage, provided that the company can maintain the pace.
