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Product Development

3 Tools

1. Product development Process

2. The Diffusion of Innovation

3. The Product Life Cycle

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Product Development Process 

6 Steps

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1. Idea Generation 
2. Concept Testing
3. Product Development
4. Market Testing
5. Product Launch
6. Evaluation of Results

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1. Idea Generation

6 Different Sources

Development of new product ideas

- Internal R&D

- R&D Consortia

- Licensing (Buy Ideas)

- Brainstorming

- Competitors’ Products

- Customer Input

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2. Concept Testing

Testing the new Product idea among a set of potential customers.

Concept - Brief written descriptions of the products working principles, might include visual images of the product. 

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3. Product Development

Development of prototypes and the Product.

Prototype

The first physical form of a new product. 

Alpha Testing

Alpha tests occur in the firm’s R&D department

Beta Testing.

Uses potential consumers, who examine the product prototype in a “real use”

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4. Market Testing

Testing the actual Products in a few testmarkets.

 Premarket Test

- A small group of potential consumers will try and then continue to use the product before coming to market.

Test Market

Introduces the offering to a limited geographical area prior to a national launch.

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5. Product Launch 

Full scale commercialization (vermarktung) of the Product.

All aspects of the Marketing Mix

Promotion - communications strategy

Place - quantity of products available,

Price - get the price right

Timing - may be important

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6. Evaluation of Results

Firms Measure by three interrelated Factors

Analysis of the performance of the new product and making appropriate modifications.

1.ISatisfaction of technical requirements

2. Customer acceptance

3. Sales and profits.