Flashcards on New Product Development and Product Life Cycle
New Product Development & Product Life Cycle Explained
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UNIT 7 New product development and life cycle
52 cards
Card 1
Question: What are the two main sources of ideas for new product development?
Answer: Internal sources (executives, scientists, engineers, employees, vendors) and external sources (consumers, competitors, distributors, suppliers, consul
Card 2
Question: What is the purpose of idea screening in new product development?
Answer: To detect good ideas and discard bad ones as soon as possible using quick and shallow analysis.
Card 3
Question: Why must product concepts be tested after idea generation?
Answer: The same idea can lead to different product concepts, so testing identifies which concept is most interesting to the target group.
Card 4
Question: List four elements that a product concept should describe.
Answer: Expected functions or benefits, target group of buyers, technology to be used, and examination with a target group of consumers.
Card 5
Question: What should a marketing strategy statement for a new product include?
Answer: Target market, product positioning, sales targets, market share and profits for the first years; estimated product price, distribution, communication
Card 6
Question: What is the goal of the economic analysis in new product development?
Answer: To review sales prospects, costs and benefits of a new product.
Card 7
Question: What happens during the product development stage?
Answer: Transformation of the product concept into a physical product and creation of a prototype or preliminary version.
Card 8
Question: Name three types of tests performed on prototypes or products with end consumers.
Answer: Individual or competitive testing, branded or blind tests, and instant or extended use tests (at home, purchase places, or other places).
Card 9
Question: What is a monadic test, paired comparison test, and multiple comparison test?
Answer: Monadic: one product presented individually. Paired comparison: two products. Multiple comparison: three or more products.
Card 10
Question: What are the three timings/places for product tests?
Answer: Instantaneous test (at the moment), use test (intermediate duration in real situation), consumption/long-term test (long period to check real effects