MGM230H5 Lecture Notes - Lecture 7: New Product Development, Crowdsourcing, Marketing Mix
Lecture 7: new product development and life cycle strats, new product development: all products eventually decline, firm must be good at developing/acquiring new products to replace aging products. Development of original products, product improvements, product mods, and new brand through firms own product development efforts. Idea generation: systematic search for product ideas: internal sources: r&d, employees from all depts, external sources: customers, competitors, distributors, suppliers and others, crowd sourcing. Idea screening: screening new-product ideas to identify good ideas and drop poor ones: criteria used. Worth doing: concept development & testing, concept development creates a product concept. Product concept is a detailed version of the idea stated in a meaningful consumer terms: concept testing: have consumers evaluate product concept. Product concepts presented to consumers symbolically or physically: marketing strategy development, designing an initial marketing strategy for a new product based on the product concept, marketing strategy statements.