| What is New Product Development? | The development of original products, product improvement, modification and new brands. |
| What are the 8 Major Stages in New product Development? | 1. Idea Generation.
2. Idea Screening.
3. Concept development and testing.
4. Marketing strategy development.
5. Business analysis.
6. Product development.
7. Test marketing.
8. Commercialization. |
| What is Idea Generation and how can it be achieved? | It is the search for new product ideas through internal (R&D) or external sources. |
| What is Marketing Strategy Development? | Designing a marketing strategy for a new product based on the product concept. |
| What are the 3 Parts of The Marketing Strategy Statement? | 1. Describes the target market and planned value proposition.
2. Outlines product's planned price, distribution and marketing budget.
3. Describes the planned long-run sales, profits and marketing mix strategy. |
| What is Team-Based New Product Development approach? | An approach in which various company departments work together in the product development process. |
| What is Systematic New Product Development approach? | An approach of innovation management systems collect, review, evaluate, and manage new product ideas. |
| In which ways can a firm obtain new products? | By Acquisitions & New product development. |
| Creating successful new products requires to have 2 things. What are the 2 things? | Understanding consumers, markets and competitors, and delivering superior value to customers. |
| What is Crowdsourcing? | Inviting broad communities of people, customers, and public at large into the new product innovation process. |
| What is a Business Analysis? | A review of the sales, cost, and profit projections for a new product to find out whether these factors satisfy the company's objectives. |
| What is the Product Life Cycle(PLC)? | The course of a product's sales and profits over its lifetime. |
| What are the 5 Stages of the PLC? | 1. Product development.
2. Introduction stage.
3. Growth stage.
4. Maturity stage.
5. Decline stage. |
| What is the Introductory Stage of the PLC Stages? | The PLC stage in which a new product is first distributed and made available for purchase. |
| What is the Growth Stage of the PLC Stages? | The PLC stage in which a product's sales start climbing quickly. |
| What is the Maturity Stage of the PLC Stages? | The PLC stage in which a product's sales growth slows or levels off. |
