10 Questions
What are the five phases of the new product process?
Opportunity Identification, Concept Generation, Concept/Project Evaluation, Development, and Launch
Why might a company search for new product opportunities?
Due to underutilized or new resources or external or internal mandates
What is the purpose of Concept Generation?
To use ideation tools and the problem find-solve approach
What is the purpose of Concept/Project Evaluation?
To determine which ideas are worth pursuing
What is the purpose of Development?
To give shape to the product
What is the purpose of Launch?
To make the "Go" decision and significant investments
What are some of the specific concepts associated with the new product process?
Opportunity, Idea, Tested, Fully Screened, Protocol, Prototype, Batch, Process, Pilot, Marketed, and Successful
What is the ultimate goal of the new product process?
To meet the goals set for the new product at the start of the project
What does Opportunity Identification involve?
Ongoing marketing planning, corporate planning, and special opportunity analysis
What is required for the new product process?
Hard work
Study Notes
- The new product process has five phases: Opportunity Identification, Concept Generation, Concept/Project Evaluation, Development, and Launch.
- Opportunity Identification involves ongoing marketing planning, corporate planning, and special opportunity analysis.
- Companies may search for new product opportunities due to underutilized or new resources, external or internal mandates.
- Concept Generation involves ideation tools and the problem find-solve approach.
- Concept/Project Evaluation helps determine which ideas are worth pursuing.
- Development involves giving shape to the product and developing the marketing plan.
- Launch involves the "Go" decision and significant investments.
- Each phase has specific concepts, such as Opportunity, Idea, Tested, Fully Screened, Protocol, Prototype, Batch, Process, Pilot, Marketed, and Successful.
- The new product process is challenging and requires hard work.
- The ultimate goal is to meet the goals set for the new product at the start of the project.
Test your knowledge on the new product process with this quiz! From opportunity identification to launch, this quiz covers the five phases and the specific concepts associated with each. Learn about the tools and approaches used in concept generation, how to evaluate ideas, and the steps involved in product development. See how much you know about successfully launching a new product and meeting project goals. Get ready to challenge yourself and test your knowledge on this essential process for businesses.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
