MKT 101 Chapter Notes - Chapter 8: New Product Development, Crowdsourcing, Business Analysis
21 Jan 2019
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Consumer product (customer-centered new product development): new product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences (differentiated, solve major customer problems, offer compelling customer value proposition) Packaging: designing/producing container or wrapper for a product. Intangibility: services can"t be seen, tasted, felt, heard, smelled before bought. Inseparability: services can"t be separated from service providers. Perishability: services can"t be stored for later sale/use. Line extension: extending existing brand name to new forms (color, size, ingredient) of existing product category. Brand extension: extending an existing brand name to new product categories. New product development process: the development of original products, product improvements, product modifications and new brands through the firm"s own product development efforts. Idea generation: the systematic search for new product ideas. Internal sources through formal r&d, company"s people (executives/salespeople/scientists). Crowdsourcing (broad communities of people into product innovation process)
