Textbook Notes (381,228)
CA (168,426)
UTSC (19,325)
MGM (268)
MGMA01H3 (184)
Aggrawal (13)
Chapter 9

Ch. 9 and 10 Notes

3 Pages
127 Views

Department
Management (MGM)
Course Code
MGMA01H3
Professor
Aggrawal

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Ch10: New Product Development Process
1. Idea Generation: The search for new product ideas
a. Internal Idea Sources: The company can generate ideas through formal R&D or em-
ployee involvement
b. External Idea Sources: The company can obtain ideas from suppliers, competitors,
trade magazines, shows, marketing firms and customers
2. Idea Screening: Select the possible ideas developed from idea generating process
3. Concept Developing and Testing:
Product Concept: Detailed version of the idea stated in a meaningful consumer terms
Product Testing:
4. Marketing Strategy Development: Designing an initial marketing strategy for a new prod-
uct based on the product concept
First part consists of a forecast of sales, value proposition and market share. The sec-
ond part outlines the price, distribution and marketing budget. The third section dis-
cusses the long-run sales, profit goals and marketing mix strategies.
5. Business Analysis: The process of reviewing the sales, costs and profit projections
6. Product Development: The process of developing the product concept into a physical
product
7. Test Marketing: The process of testing the product and marketing program in a realistic
market setting
The amount of testing depends on how new the product is and how much risk is in-
volved
Standard Test Markets: The company finds a small number of cities to test the product.
The process helps to forecast sales and profits, discover potential problems and adjust
April 24, 2011 4:28 PM
W7.Ch9&10
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Description
April 24, 2011 4:28 PM W7.Ch9&10 Ch10:NewProductDevelopmentProcess 1. Idea Generation: The search for new product ideas a. Internal Idea Sources: The company can generate ideas through formal R&D or em- ployee involvement b. External Idea Sources: The company can obtain ideas from suppliers, competitors, trade magazines, shows, marketing firms and customers 2. Idea Screening: Select the possible ideas developed from idea generating process 3. Concept Developing and Testing: Product Concept: Detailed version of the idea stated in a meaningful consumer terms Product Testing: 4. Marketing Strategy Development: Designing an initial marketing strategy for a new prod- uct based on the product concept First part consists of a forecast of
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