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Product Development (s)

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Management (MGM)

Product Development 5.1 Marketing and Product Development Marketing research reveals what consumers want and points the way toward business opportunities. It is 9K0574:.9L43,308LJ390,23499K02,7N09L3J05,7920399K,9,8N8,3Z0574:.0L9,9L89K0 2,7N09L3J05,7920399K,9,8N8,3Z080OOL9 The company launches a feasibility study, which is a study to determine if any business opportunity is possible, practical, and viable. The production department will build a prototype and the marketing department must show the aircraft to potential customers and measure their reactions. 5.2 Invention or Innovation? Inventions are new devices, methods, or processes developed from study and experimentation. Businesses use inventions to create original solutions to meet consumer needs (e.g. the invention of the wheel made the car). Innovations are products or service that uses new technology, items, or processes to change existing products, to change the methods used to produce products, or to change the ways used to distribute them (e.g. shipping companies developed tracking system). 5.3 The stages of product development There are several stages a marketer must go through to bring a new product to market. 1. Idea generation: .425,38marketing research reveals that consumers want either a new product or an existing product modified. They would brainstorm how to make the product better. 2. Idea screening: Companies need to test both consumer reaction to the new idea and the competitive situation in the market. There are many factors that need to be taken into consideration before an idea can move one step closer to becoming a reality. 3. Concept development: The Company might design and make a prototype. A prototype is sample of what the product might look like and how it might operate. It is also market-tested to determine if consumers like it. 4. Market strategy: The Company develops a marketing strategy to target the primary market and puts together a marketing plan to implement this strategy. 5. Feasibility study: A study to determine if any business opportunity is possible, practical, and viable. The product must be one that the company can make and sell, that consumers want and at a price they will pay, and that will produce a profit for the company. 6. Product design: The product design takes into account the preferences of the primary market. The product design also includes the peripherals, such as warranty, instruction manual, packaging, and service information. 7. Test marketing: To test consumer acceptance of the product, the company might allow a few people who fit the primary market profile. Afterward, the company would have the participants fill out a survey that asked how frequently they used the product and specific questions as such. 8. Market entry: At this stage, the product enters the product life cycle. 5.4 Product development and utility Form utility the relationship between a product or services to form its function. Page 1 www.notesolution.com
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