COMM 223 Study Guide - Final Guide: Integrated Marketing Communications, Sales Promotion, Test Market
7 Apr 2017
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Document Summary
The major stages in the new-product development process: This is the systematic search for new product ideas. Internal this is the company"s own formal research and development management and staff and intrapreneurial staff. External these are sources outside the company such as customers, competitors, distributors, suppliers and outside design firms. Idea generation creates a large number of ideas. The purpose of idea screening is to identify the good ideas and drop the bad ones as soon as possible. An attractive idea has to be transformed into a product concept. This is the initial marketing strategy for introducing the product to the market. The first part describes: the target market, the planned value proposition, sales, market share, profit goals for the first few years. The second part of the marketing strategy statement outlines: product"s price, distribution, marketing budget for the first year. The third part of the statement describes: planned long-run sales, profit goals, marketing mix strategy.
