ENG ELC 220 Lecture Notes - Lecture 39: Marketing Strategy, New Product Development, Competitive Advantage
Document Summary
Chapter 8 new product development and product life-cycle. Through acquisition a firm can obtain new products buying a whole company, patent, or license to produce someone else"s product. New product development development of original products, product improvements, product modifications, and new brands through the firm"s own product development efforts. Systematic search for new product ideas. Internal idea sources: formal research & development, heads of company business units, employees, sales force. Intrapreneurial programs that encourage employees to develop new product ideas. Inviting broad communities of people customers, employees, independent scientists and researchers, and even the public at large into the new product innovation process. Truly innovative companies don"t rely only on one source or another for new product ideas. They develop extensive innovation networks that capture ideas and inspirations from every possible source; employees and customers to outside innovators and multiple points beyond. The purpose of idea generation is to create a large number of ideas.
