Lernkarten
Product Development
3 Tools
1. Product development Process
2. The Diffusion of Innovation
3. The Product Life Cycle
Product Development Process
6 Steps
1. Idea Generation
2. Concept Testing
3. Product Development
4. Market Testing
5. Product Launch
6. Evaluation of Results
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
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.
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”
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.
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
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.
