Product Development (s)

45 views4 pages
16 Nov 2010
School
Course
Professor
Page | 1
Product Development
5.1 ± Marketing and Product Development
Marketing research reveals what consumers want and points the way toward business opportunities. It is
WKHSURGXFWLRQDQGGHVLJQWHDPQRWWKHPDUNHWLQJGHSDUWPHQWWKDWDVNV³&DQZHSURGXFHLW,WLVWKH
PDUNHWLQJGHSDUWPHQWWKDWDVNV³&DQZHVHOOLW
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: $FRPSDQVmarketing 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.
www.notesolution.com
Unlock document

This preview shows page 1 of the document.
Unlock all 4 pages and 3 million more documents.

Already have an account? Log in

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.

Get access

Grade+20% OFF
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers