MGMA01H3 Chapter : Product Development (s)
Document Summary
Marketing research reveals what consumers want and points the way toward business opportunities. 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. 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). There are several stages a marketer must go through to bring a new product to market: idea generation: . 425,38marketing research reveals that consumers want either a new product or an existing product modified.
