COMM 223 Chapter Notes - Chapter 10: Business Analysis, Marketing Strategy
12 Dec 2016
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The systematic search for new product ideas. Process of identifying the best product ideas, while dropping the poor ones: concept development and testing. Concept development creates a detailed version of the idea stated in meaningful consumer terms. Ask target customers to evaluate the product concepts, to find out attractiveness: marketing strategy development. Design an initial marketing strategy for the new product/service. Marketing strategy consists of 3 parts: target market, value proposition and sales/market share in the next few years: business analysis. Review of the sales, costs and profit projections for a new product to determine if they will satisfy company objectives: product development. Developing the product concept into a physical product to ensure that it can be done: test marketing. Testing the product and marketing program in more realistic market settings: commercialization capacity to launch a product. Market rollout or full-scale introduction depends on the company"s confidence, capital and. The course of a product"s sales and profits over its life.
