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NEW PRODUCT DEVELOPMENT Flashcards

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1
Q

refers to comprehensive process of conceptualizing, designing and introducing new products to the market

A

Product development

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2
Q

focuses on entirely new idea or innovation”

A

New Product Development

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3
Q

can present opportunities for smaller organizations to enter an industry and reach smaller target markets.

A

Fragmented Markets

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4
Q

is a cross-functional group charged with developing a specific product or business.

A

NPD team

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5
Q

4ps

A

Product, Place, Price, Promotion

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6
Q

3cs

A

Company, Competition, Customers

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7
Q

defines product idea as a possible product that the company might offer to the market. means to create a large pool of ideas

A

Stage 1: Idea Generation

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8
Q

Internal idea souces:

A
  1. R&D
  2. Firms Employees
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9
Q

External idea sources

A
  1. Competitors
  2. Customers
  3. Distributor Suppliers
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10
Q

process of listing all possible ideas.

A

Brainstorming

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11
Q

is a list of the attributes of an object that
is then modified.

A

Attribute listing

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12
Q

involves starting with a problem,
and then identifying the dimensions, the medium, and the
power source.

A

Morphological analysis

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13
Q
A
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14
Q

The object is to eliminate unsound concepts prior to devoting resources to them. Many companies require their executives to write up new-product ideas on a standard form that can be reviewed by a new-product committee.

A

Stage 2: Idea Screening

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15
Q

Selected ideas are develop into tangible product
concepts

A

Stage 3: Concept Developing and Testing

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16
Q

is a detailed version of the new
product idea stated in meaningful consumer terms.

A

product concept

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17
Q

is an idea for a possible product
that the company can see itself offering to the market.

A

Product Idea

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18
Q

is the way a product is perceived
by consumers.

A

Product Image

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19
Q

is a statistical
technique used in market research
to determine how people value
different attributes ( feature, function, benefits) that make up an individual product or service.

A

Conjoint analysis

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20
Q

This stage involves thorough analysis
of potential product viability such as: Production costs, Pricing Strategy, Competitive Landscape, Projected Sales Volume

A

Stage 4: Business Analysis

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21
Q

Review of the sales, costs, and profit
projections for a new
product

A

Business Analysis

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22
Q

Develop the product concept
into a physical product

A

Stage 5: Product development:

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23
Q

is an early sample, model, or
release of a product built to test a concept.

A

prototype

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24
Q

The developed product
undergoes rigorous
testing to ensure
compliance with safety
regulations, quality
standards and expected
performance

A

Stage 6: Testing and Validation

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25
The product and its proposed marketing program are introduced into realistic market settings.
Test Marketing
26
The product and its proposed marketing program are introduced into realistic market settings.
Standard Test Market
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28
Test in a simulated shopping environment to a sample of consumers.
Simulated Test Market
29
. Begins generating sales and revenue. Detailed marketing, sales, and distribution strategies are executed to introduce the product to the target market effectively
Stage 7: Commercialization
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Following the product launch, ongoing monitoring and product feedback collection are crucial to identify any issues or areas for improvement
Stage 8: Post Launch and Improvement
32
Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by product attributes such as quality, features, and style and design.
Product Attributes
33
is creating customer value and satisfaction.
Product Quality
34
Product quality has two dimensions:
level and consistency.
35
36
means quality consistency, freedom from defects, and consistency in delivering a targeted level of performance.
Quality conformance
37
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are a competitive tool for differentiating the company’s product from competitors’ products.
Product Features
38
describes the appearance of a product. Design contributes to a product’s usefulness as well as to its looks.
Style
39
is the totality of features that affect how a product looks, feels, and functions to a consumer.
Design
40
is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
brand
41
involves designing and producing the container or wrapper for a product.
Packaging
42
A good package should include
Product safety Environmental concerns
43
identifies the product or brand.
label
44
occurs when a company lengthens its product line beyond its current range. Decisions pertaining to line stretching are taken whenever the marketer feels he can increase his profits by either adding or dropping items from the line.
Line stretching
45
adding more items within the current range.
Line filling
46
in product development is the process of identifying and addressing potential issues that considerably impact a project.
Risk Management
47
6M's in Product Development
Man Machine Methodology Materials Measurement Mother Nature
48
the labor of people involve in the design and delivery of a product. We need to consider the equality of all staff irregard;ess of gender, religion and age.
Man
49
the machine, tools, and other machineries to be use.
Machine
50
the production and support processes used.
Methodology
51
the raw materials, components, and consumables to be use in processing.
Materials
52
a category for capturing and binning issues
Measurement
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PDCA Process
Plan Do Act Check
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how can the current process be improved?
Plan
57
Implement Changes
Do
58
Review how changes working for the team
Check
59
Identify opportunities in the process workflow and act immediately for changes.
Act
60
It is a continous process of acquiring knowledge and skills to adapt to a challenging business environment
Lifelong Learning in Business
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help businesses develop new products and services, and improve their work processes.
Innovation
63
it can help businesses retain employees by helping them grow in the company.
Employees Retention
64
it can help businessess become more competitive employers by providing employees with new skills.
Competitive Advantage

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