MKTG 300 Chapter Notes - Chapter 9: Business Casual, Consumer Product Safety Act, Weight Watchers

• School: University of San Diego
• Department: Marketing
• Course: MKTG 300
• Professor: O'' Neal Carlton

Document Summary

New product development strategy (cid:314) development of original products, product improvements, product modifications, and new brands through the firm"s own product development efforts. New products bring new solutions and variety to customers" lives; key source of growth for companies. Innovations fail bc product may be poorly designed, incorrectly positioned, overestimate market size, costs of development are higher than expected, competitors fighting harder, poor mktg research findings. Major stages: idea generation (cid:314) idea screening (cid:314) concept development and testing (cid:314) mktg strategy development (cid:314) business analysis (cid:314) product development (cid:314) test mktg (cid:314) commercialization. Idea generation (cid:314) systematic search for new product ideas. Major sources: internal/external sources like customers, competitors, suppliers, distributors, and others. Crowdsourcing (cid:314) open-innovation new product idea programs; company invites broad communities of people (customers, employees, independent scientists, researchers, even the public) into the innovation process. Idea screening (cid:314) helps spot good ideas and drop poor ones asap (reduce # of ideas to profitable products)