Writing Homework Help. Effects of Product Development Process Discussion
“text”: “Writing Homework Help. Effects of Product Development Process Discussion
How does the new product development process differ for different types of products? What are some examples?BelowI?m including some extra information that professor gave us. Productsdiffer in how new they are to customers or to the firm introducing them.From a firm?s perspective, new products can be classified asnew-to-the-world products, new-category entries, additions to productlines, product improvements, or repositionings. New products can comefrom external sources or be developed internally. External sourcingincludes acquisitions or various types of collaborative arrangementsallowing a firm the right to market the products of another firm.Internal development is when a firm is directly involved in thedevelopment of new products. The firm might work with other firms onsome new-product activities, but it is actively involved in the process.The new-product development process consists of the interrelated stagesof idea generation, idea screening, concept development, businessanalysis, prototype development, test marketing, and commercialization.As a firm moves through this process, costs rise substantially. A primeobjective is to eliminate potential product failures as early aspossible and to spend time and resources on the ideas with the largestchances for success. Marketing research goes on throughout thenew-product development process. Specific types of marketing researchare valuable in the prelaunch stages. These studies help to assessmarket acceptance of the product and the likely success of particularmarketing alternatives. Different marketing research approaches are usedto monitor and evaluate results during the commercialization stage. Writing Homework Help”,
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How does the new product development process differ for different types of products? What are some examples?
Below
I?m including some extra information that professor gave us. Products
differ in how new they are to customers or to the firm introducing them.
From a firm?s perspective, new products can be classified as
new-to-the-world products, new-category entries, additions to product
lines, product improvements, or repositionings. New products can come
from external sources or be developed internally. External sourcing
includes acquisitions or various types of collaborative arrangements
allowing a firm the right to market the products of another firm.
Internal development is when a firm is directly involved in the
development of new products. The firm might work with other firms on
some new-product activities, but it is actively involved in the process.
The new-product development process consists of the interrelated stages
of idea generation, idea screening, concept development, business
analysis, prototype development, test marketing, and commercialization.
As a firm moves through this process, costs rise substantially. A prime
objective is to eliminate potential product failures as early as
possible and to spend time and resources on the ideas with the largest
chances for success. Marketing research goes on throughout the
new-product development process. Specific types of marketing research
are valuable in the prelaunch stages. These studies help to assess
market acceptance of the product and the likely success of particular
marketing alternatives. Different marketing research approaches are used
to monitor and evaluate results during the commercialization stage.
Writing Homework Help
