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Questions and Answers
What does 'acquisition' refer to in the context of new product development?
Which department is likely to be a source of new-product ideas internally?
What is the main focus of 'idea generation' in the new-product development process?
How does 3M Corp. involve its employees in the generation of new product ideas?
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What does 'new product development' refer to in the context of the chapter?
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What are the two ways mentioned in the text to obtain new products?
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What is the main focus of crowdsourcing in the context of new product innovation?
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What is the purpose of idea screening in the new product development process?
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What is the definition of a product concept in the context of new product development?
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What is the purpose of concept testing in new product development?
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What does the marketing strategy statement include in the context of new product development?
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In the context of new product development, where do externally sourced ideas come from?
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Which technique emphasizes creativity and imagination in generating new product ideas?
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What does the R-W-W Screening Framework evaluate in idea screening?
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What is the main focus of concept development and testing in new product development?
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What is included in the initial marketing strategy for introducing a new product to the market?
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Study Notes
New Product Development
- Acquisition refers to buying or licensing a product or technology from another company.
Idea Generation
- The R&D department is likely to be a source of new-product ideas internally.
- The main focus of idea generation is to generate as many ideas as possible.
Employee Involvement
- 3M Corp. involves its employees in generating new product ideas through the "15% rule," which allows employees to spend 15% of their work time on side projects.
New Product Development
- New product development refers to the process of creating and introducing new products to the market.
Obtaining New Products
- The two ways to obtain new products are through internal development and acquisition.
Crowdsourcing
- The main focus of crowdsourcing is to obtain new product ideas from external sources, such as customers, suppliers, and partners.
Idea Screening
- The purpose of idea screening is to evaluate and filter out poor ideas to identify the most promising ones.
Product Concept
- A product concept is an idea for a product that includes its features, benefits, and target market.
Concept Testing
- The purpose of concept testing is to evaluate product concepts with a target market to gather feedback and refine the concept.
Marketing Strategy
- A marketing strategy statement includes the target market, product positioning, and sales and revenue projections.
External Ideas
- Externally sourced ideas come from customers, suppliers, partners, and competitors.
Creative Techniques
- Brainstorming is a technique that emphasizes creativity and imagination in generating new product ideas.
R-W-W Screening Framework
- The R-W-W Screening Framework evaluates ideas based on their Realism, Worth, and Winning potential.
Concept Development and Testing
- The main focus of concept development and testing is to refine and evaluate product concepts to create a product definition.
Initial Marketing Strategy
- The initial marketing strategy for introducing a new product to the market includes target market identification, product positioning, and sales and revenue projections.
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Description
Test your knowledge of the new product development process with this quiz based on Chapter Four of 'It’s good and good for you' by Pearson Education. Explore concepts related to new product development strategy, acquisition, and the process of developing original products, product improvements, modifications, and new brands.
