Management and Organizational Studies 2320A/B Study Guide - Marketing Mix, Sales Promotion, Test Market

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Angela White

Document Summary

Chapter 10- new-product development and life cycle strategies. Firms can obtain new products in two ways, through acquisition or development. New-product development: the development of original products, product improvements, modifications and new brands through the firm"s own product development efforts. Idea generation is the systematic search for new product ideas. Internal sources refer to the company own formal research and development, management and staff, and intrapreneurial programs. External sources refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms. Idea screening: screening new-product ideas to spot good ideas and drop poor ones as soon as possible. Is it real? (is there a need and will customers buy it) Can we win? (will it satisfy the market) Is it worth doing? (does it offer sufficient profit potential) Product concept is a detailed version of the idea stated in meaningful consumer terms. Product image is the way consumers perceive an actual or potential product.