BMGT 350 Chapter 8: Chapter 8.docx

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: Whitney

Document Summary

New product development strategy: a firm can obtain products in 2 ways, acquisistion buying a whole company, patent, license to produce someone elses product, new product development development of orgininal products, product improvements, product modifications, new brands through the firms own product development efforts, new products bring variety and solutions to customers lives but they also fail a lot when they are introduced and only a few are successful, when developing a new product, the odds weigh heavily against you. Step 3 concept development and testing: product concept a detailed version of a new product idea stated in meaningful consumer terms, distinguish between, product idea an idea for a possible product that the comp can see itself offering the market, product concept detailed version of the idea stated in meaningful consumer terms, product image way custoemrs perceive an actual or potential product.