MGCR 352 Chapter Notes - Chapter 10: Bengay, Target Market, Test Market
26 Mar 2013
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New-product development: development of original products, product improvements, product modifications, and new brands through the firm"s own product-development efforts. Can get new products in 2 ways: acquisition (buying another company) and new-product development efforts. Picture: newproductworks smuckers ketchup, ben-gay aspirin, etc: visiting the newproductworks is like finding yourself in some nightmare version of a supermarket. Each product failure represents squandered dollars and hopes. Internal new-product idea sources: samsung built a special value innovation program. Center in which company researchers, engineers, and designers co-mingle to come up with creative new-product ideas: external idea sources. Product ideas from customers: advice from 250 train-set enthusiasts resulted in lego. Santa fe super chief set, a blockbuster new product that sold out in less than 2 weeks. Idea screening: screening new-product ideas to spot good ideas and drop poor ones as soon as possible. Product concept: detailed version of the new-product idea stated in meaningful consumer terms.
