Chapter 9: New Product Development and Product Life-Cycle Strategies.

1. Business Analysis step5.

1.1. A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objective

2. Product Development step6

2.1. Process of developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

3. Test Marketing step7

3.1. The stage of new product development in which the product and its proposed marketing program are tested in realistic market settings.

4. Commercialization step8

4.1. -To introduce a new product into the market -When to launch? -Where to launch? -Planned market rollout? Product Life-Cycle Strategies PLC -The course of a product’s sale and profits over its lifetime.

5. New Product Development Process.

5.1. To create successful new product, we need to: Understand consumer market and competitors. Plan to drive superior value to customers. Systematic new product development process. Idea Generation step1 The systematic search for new product ideas.

6. Product Development and Testing step3

6.1. Concept Development

6.2. Concept Testing

7. Market Strategy Development

7.1. Designing an initial marketing strategy for a new product based on the product concept.

7.2. Consists of 3 things.

7.2.1. Target market description

7.2.2. Marketing strategy statement outline

7.2.3. Plan in long-run