Lecture 1

Question 1

Why new product Development?

Answer 1

New functionality/Consumer benfits
New Supportable claims
Lower price/cost
New & improved
Fit new product positioning
Line Extension/new flavor

Question 2

What is Product Development?

Answer 2

Process of creating & delivering a consumer product (benefits) to a market from a marketing concept through research & development of product characteristics (features) in a prototype to commercial manufacture and distribution in an acceptable form.

Question 3

Product Features

Answer 3

what the product is, what the product contains, its characteristics

Question 4

Product Benefits

Answer 4

What the product does, what it delivers to the consumer, reasons to buy, “what’s in it for me”

Question 5

Market research ideas

Answer 5

consumer surveys, market surveys, focus groups, internal brainstorming

Question 6

Paradigms for new products

Answer 6

Drug (actives) delivery, Holistic product

Question 7

Drug (actives) delivery

Answer 7

personal care products are like drugs- they contain active ingredients that provide product benefits and they need to be delivered in an optimized vehicle

Question 8

Holistic product

Answer 8

the whole product itself delivers the benefits in its composition, mix of ingredients and features.