Textbook Notes (363,127)
Canada (158,212)
MCS 1000 (215)
Chapter 9

Chapter 9 Introductory Marketing Notes

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University of Guelph
Marketing and Consumer Studies
MCS 1000
Douglas Adlam

Chapter 9 Marketing Summary DevelopingMarketing New ProductsNew Product Development in Canada Canadians are leader in technologyecommerce The New Product Development Process Companies must develop steady stream of new productsservices through acquisition by buying a whole company a patent or a license to product someone elses product or Through New Product Development The development of new products brands and product improvements and modifications through the firms own researchdevelopment efforts New to the worlda product class or form that never existed before New product doesnt have to be a new invention it can be an improvement or modification to an existing product Sometimes cost of product development is higher than expected or competitors fire back harder than expectedStage 1 Idea Generation The systematic search for new product ideas For every 1000 ideas only 100 will have enough commercial promise to merit a smallscale experiment only 10 of those will warrant substantial financial commitment and only a few of those will be a success Some companies seek help of outside new product consultanciesdesign firmsStage 2 Idea Screening Sorting through new product ideas to identify good ideas and separate them from the notsogood ideas Many companies require execs to write new product proposals so they can be reviewed by new product committee Proposal describes the product target market and the competition rough market size estimates product price estimate etc Committee then evaluates the idea against set of general criteriaStage 3 Concept DevelopmentTesting Developing the new product idea into various alternative forms and testing the concepts with a group of potential customersProduct Concept A detailed version of the new product idea that can be shown to potential customersStage 4
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