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