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What are the five phases of the new product process?
What are the five phases of the new product process?
- Opportunity Identification, Concept Generation, Concept/Project Evaluation, Implementation, and Launch
- Idea Generation, Concept Screening, Product Development, Marketing, and Launch
- Planning, Testing, Development, Launch, and Evaluation
- Opportunity Identification, Concept Generation, Concept/Project Evaluation, Development, and Launch (correct)
Why might a company search for new product opportunities?
Why might a company search for new product opportunities?
- Due to underutilized or new resources or external or internal mandates (correct)
- Due to internal mandates only
- Due to overutilized resources
- Due to external mandates only
What is the purpose of Concept Generation?
What is the purpose of Concept Generation?
- To give shape to the product
- To use ideation tools and the problem find-solve approach (correct)
- To determine which ideas are worth pursuing
- To develop the marketing plan
What is the purpose of Concept/Project Evaluation?
What is the purpose of Concept/Project Evaluation?
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What is the purpose of Development?
What is the purpose of Development?
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What is the purpose of Launch?
What is the purpose of Launch?
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What are some of the specific concepts associated with the new product process?
What are some of the specific concepts associated with the new product process?
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What is the ultimate goal of the new product process?
What is the ultimate goal of the new product process?
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What does Opportunity Identification involve?
What does Opportunity Identification involve?
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What is required for the new product process?
What is required for the new product process?
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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.
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