INTBUS 6 Lecture Notes - Lecture 14: New Product Development, Marketing Strategy, Socalled
5 Oct 2020
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Chapter 8 (mt): developing new products and managing the product life cycle. New product development: the development of original products, product improvements, product modifications, and new brands through the firm"s own product development efforts. Important to both customers and marketers who serve them: they bring new solutions and variety to customers and are a key resource of growth for companies. Reasons why innovations fail: company overestimates the market size, poorly designed product, executive pushes an idea besides poor marketing research findings, costs are higher than expected. Companies must understand its consumers, markets, and competitors and develop new products that deliver superior value to customers. The sequential product development approach: idea generation. Truly innovative companies do not rely on one source or another, but develop extensive innovation networks that capture ideas and inspiration from every possible source: idea screening. Idea screening: screening new product ideas to spot good ones as soon as possible.
