ADM 2320 Chapter 10: Chapter 10 - New Product Development.docx
Document Summary
First movers: product pioneers that are the first to creates a market or product category making them readily recognizable to consumers and thus establishing a commanding and early market share lead. Diffusion of innovation: the process by which the use of an innovation whether a product or a service, spreads throughout a market group over time and over various categories of adopters. Gap 1: currier companies know that fast and timely delivery is critical, but what they don"t realize is that the quality of the service has surpassed consumer expectations to a point where the product is delivered on time. 99. 9% they are good, so it"s not like they have to worry about it anymore. Beta testing: having potential consumers examine a product prototype in a real use setting to determine its functionality, performance, potential problems, and other issues specific to its use.
