MOS 2320 - Ch 10.doc

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Management and Organizational Studies
Management and Organizational Studies 2320A/B
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Chapter 10 NotesThe product life cycle presents 2 major challenges 1 because all products eventually decline a firm must be good at developing new products challenge of new product development2 firm must be good at adapting its market strategies in the face of changing tastes challenge of product lifecycle strategies NewProduct Development StrategyFirm can obtain new products in 2 waysAcquisition by buying a whole company patent or license to produce someone elses productThrough a firms own new product development efforts90 of all new products failWhy Company may overestimate market sizeProduct may be poorly designed or incorrectly positioned launched at the wrong time priced too high or poorly advertised The cost of product development are higher than expected and sometimes competitors may fight back harder than expectedThe New Product Development Process8 major steps in this processIdea GenerationSystematic search for new product ideasUsing internal sources the company can find new idea through formal research and developmentExternal sources include distributors and suppliers competitorsSome companies seek the help of outside newproduct consultancies and design firmsMany companies now turning to online collaborative communitiesMost important source of new product ideas are customersIdea Screening Purpose of these next stages is to reduce the number of ideasHelps spot good ideas and drop poor ones ASAPRWW real win worth it newproduct screening framework 3 questions is it real Can we win Is it worth doing Concept Development and TestingAn attractive idea must be developed into a product conceptProduct ideaidea for a possible product that the company can see itself offering to the marketProduct concept detailed version of the idea stated in consumer terms
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