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RIT POM CH 11
| Term | Definition |
|---|---|
| New Product | a product new to the world, the market, the producer, the seller, or some combination of these |
| New Product Strategy | a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation |
| New Product Categories | • new-to-the-world<br> • new product lines<br> • product line additions<br> • improvements or revisions<br> • repositioned products<br> • lower-priced products |
| Points of differentiation | The things that you do to make yourself different and unique to the target customer. Can be quality, features, even cost. What are those things that set you apart. Hope that helps.... |
| Product Development | a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products |
| Where new ideas come from | Customers, employees, distributors, competitors, vendors, R&D, consultants |
| Screening process (funnel) for new ideas | first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason |
| Product life cycle curve | ^Introduction^->^^Growth^^->^^^Maturity^^^->^^Decline^^ |
| Product/innovation diffusion curve | ^Innovators^->^^Early Adopters^^->^^^Early Majority^^^->^^^Late Majority^^^->^^Laggards^^ |
| Concept test | a test to evaluate a new-product idea, usually before any prototype has been created |
| Test marketing | the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market solution |
| Success factors | Long-term commitment, company specific approach, capitalize on experience, establish an environment, |
| Success factors | listening to customers, strong leadership, producing the best product, commitment to new-product development, vision of future market, project-based team approach, getting every aspect right |
Created by:
thecrew
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