PMK - Chapter 6

A new product is a product that is new to the company introducing

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New products are lifeblood of a company which is essential to maintain the business

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There are THREE ways new product development strategy

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Acquisition is when company buy other company, a patent, a license and franchise.

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Good product design is one of the reason for products fail

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There are 8 process in New Product Development

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Company can gain the new product ideas from Competitors

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Crowdsourcing is when companies inviting broad communities of people, customers, employees into the new product innovation process

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Idea screening helps to spot good ideas & drop the poor ones

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Company must select the idea that feasible and workable to develop

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