NEW PRODUCT DEVELOPMENT

Involves cultural trends and observing customer behaviors.

• introducing the product

• evaluating acceptance

• testing the product

• generating ideas

Eliminating possibilities until one or two ideas are selected for development.

• generating ideas

• screening ideas

• introducing the product

• evaluating customer acceptance

A prototype is made and tested.

• testing the product

• evaluating customer acceptance

• screening ideas

• generating ideas

Evaluates proposed product in terms of size of market, potential sales, costs, profit potential, technology, the competition, and the level of risk involved.

• screening ideas

• testing the product

• business proposal

• introducing the product

Companies make plans relating to production, packaging, labeling, branding, promotion, and distribution.

• Testing the product

• developing the product

• evaluating customer acceptance

• generating ideas

This stage is also called "commercialization". New products are advertised to introduce benefits to consumers.

• Developing the product

• Testing the product

• Developing a proposal

• Introducing the product

Marketers track customer responses to the product.

• Evaluating customer acceptance

• Developing the product

• Testing the product

• Testing a product proposal

New product development generally involves ______ key steps.

• 9

• 8

• 10

• 5

Creativity is essential in this step of new product development.

• Testing the product

• Development of the product

• Generating ideas

• Introduction of the product

A model of a new product.

• protagonist

• prototype

• proton

• production