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Idea Generation:
the systematic search for new product ideas. Major sources include internal sources and external sources such as customers, competitors, distributors and suppliers.
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Crowdsourcing:
- invites broad communities of people, customers, employees, independent scientists and researchers into the new-product
- innovation process.
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Idea Screening
the first idea-reducing stage, helps spot good ideas and drop poor ones as soon as possible.
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Product concept
- a detailed version of the idea
- stated in meaningful consumer terms.
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Product Idea
an idea for a possible product that the company can see itself offering to the market.
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Product Image
the way consumers perceive an actual or potential product.
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Business Analysis
Involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives.
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Test Marketing
the stage at which the product and its proposed marketing program are introduced into realistic market settings
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simulated test marketing
researchers measure consumer responses to new products and marketing tactics in laboratory stores or simulated online shopping environments
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Commercialization
introducing the new-product into the market.
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Team-Based New-Product Development
department work closely together in cross-functional teams, overlapping the steps in the product development process to save time and increase effectiveness
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Product Life-Cycle
- the course of a product’s sales and profits
- over it’s lifetime
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Product Development
begins when the company finds and develops a new-product idea.
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Introduction
a period of slow growth when the product is introduced in the market. Profits do not exist because of the heavy expenses of introduction
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Growth
period of rapid market acceptance and increasing profits. Profits increase as promotion costs are spread over a large volume and a unit manufacturing costs decrease
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Maturity
- period of slowdown in sales growth because the product has achieved acceptance by most buyers. Profits level off because marketing resources are used to defend against
- competition
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Decline
the period where sales drop off and profits drop. - due to technological advances, shifts in consumer tastes, increased competition
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Style
basic and distinctive mode of expression
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Fashion
a currently accepted or popular style in a given field
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Fads
temporary periods of unusually high sales driver by consumer enthusiasm and immediate product or brand popularity
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