ADMS 2200 Chapter Notes - Chapter 10: Universal Product Code, Radio-Frequency Identification, Brand Equity

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: C.Hendriks

Document Summary

New product planning (cid:894)co(cid:374)"t(cid:895: the consumer adoption process, adoption process: stages that consumers go through in learning about a new product, trying it, and deciding whether to purchase it again. Interest: awareness, evaluation, trial, adoption or rejection. Adopter categories: consumer innovator: people who purchase new products almost as soon as the products reach the market, diffusion process: process by which new goods or services are accepted in the marketplace. Substantial benefits may be obtained by locating the likely first buyers of new products (innovators and early adopters) Suggestions for modifying the product may be obtained from these individuals. Acceptance or rejection of the innovation by innovators and early adopters can help forecast sales. Rate of adoption determinants: relative advantage, compatibility, complexity, possibility of trial use, observability. Venture teams meet criteria for roi, uniqueness for product, serving a well-defined need, etc. Idea generation: new product ideas come from many sources including: sales force, customers, employees, r&d specialists, the competition, suppliers, retailers,