Product Development

Question 1

refers to original
products, product
improvements, product
modifications, and new
brands developed from
the firm’s own research
and development.

Answer 1

NEW PRODUCT
DEVELOPMENT

Question 2

Many new products fail
because of meager
competitive advantages,
overestimation of market
size, poor product
positioning, poor
marketing mix or bad
timing.

Answer 2

NEW PRODUCT FAILURE

Question 3

New Product Development Process

Answer 3

Idea Generation-> Idea Screening, Idea Evaluation, Product Development-> Commercialization

Question 4

Analyze new and different views of the companys markets

Answer 4

Idea Generation

Question 5

The first idea-reducing stage is
idea screening, which helps spot
good ideas and drop poor ones as
soon as possible.

Answer 5

IDea Screening

Question 6

Concept testing, Reactions From Customers, Rought EStimates of costs, sales and profits

Answer 6

Idea Evaluation

Question 7

Develops the product concept into a physical product

Answer 7

Product development

Question 8

Commercialization is introducing the new
product into the market. Decisions must
be made concerning timing, where to
launch the new product, and how to
implement the market rollout.

Answer 8

Commercialization