IBM 301 Lecture Notes - Lecture 11: Focus Group, Brainstorming

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Published on 20 Mar 2019
Chapter 11: Developing and Managing Products
Approaches for New Product Development
Brainstorming: The process of getting a group to think of unlimited ways to vary a
product or solve a problem
Focus Group: The objective of focus group interviews is to stimulate insightful comments
through group interaction.
Test Marketing
The limited introduction of a product and a marketing program to determine the reactions
of potential customers in a market situation
Product Failure
Despite the amount of time and money spent on developing and testing new products, a
large proportion of new product introductions fail
The most important factor in successful new-product introduction is a good match
between the product and market
The process by which the adoption of an innovation spreads
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