Chapter 12 Developing & Managing Products Flashcards

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42 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Line extension
Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs-jello- pudding, jello, pops
Line extension
Less expensive, lower risk alternative for increasing sales than new products
Managing existing products
1. line extensions2. product modifications3. quality modifications4. functional modifications5. aesthetic modifications
8 dimensions of product quality
Performance, features, reliability, conformance, durability, serviceability, aesthetics, perceived quality
Aesthetics
How a product looks
Customer services
Human or mechanical efforts or activities that add value to a product
Developing new products
-offers innovative benefits-different and distinctly better than existing-new to world, the firm, the market
New to the world
Never been sold by any organization
New to the firm
Never been sold before by that organization
New to the market
Never been sold in that market
1. not a big enough market2. no benefit3. someone else already doing it4. too expensive5. bad fit6. not doing research first
Why do new products fail
Phases of new product development
Idea generation- screening- concept testing- business analysis -product development -test marketing -commercialization
Idea generation
Seeking product ideas to achieve organizational objectives-internal sources-external sources
Screening
Choosing the most promising ideas for further review-cannibalization?-capability and fit-needs and wants of buyers
Concept testing
Seeking potential buyers' responses to a product idea