Unit V: Developing New Products

The process of creating new products or services to satisfy consumer desires and build sales.

The process of trying out a new product or service on a small group of potential consumers before a wider release.

High percentage of new product introductions that fail in the market. A significant portion do not survive in the market.

The stages a product goes through from its introduction to its decline in the market.

The tendency of consumers to change their preferences and attitudes unexpectedly.

The pressure on businesses to offer better products or deals to stay competitive with others.

The expenses associated with creating a new product or service.

The process of coming up with new product concepts.

Information obtained from customers to understand their needs, preferences, and dissatisfaction.

Evaluating new product ideas to ensure compatibility with company strategies and resources, and gathering feedback from target consumers.

A roadmap outlining the company's long-term goals and objectives.

A small group of target consumers who are interviewed to gather their feedback on a new product idea.

A physical model of a new product that helps consumers visualize and interact with the product.

Applying various methodologies to gauge consumer acceptance of new consumer goods in the market.

Events where companies showcase their products to potential buyers and industry professionals.

Feedback collected from a limited group of consumers to assess a product's viability before a full launch.

To gauge consumer interest and identify any potential issues before full-scale commercialization.

Evaluating if a product aligns with a company's overall strategies and resources.

A systematic approach involving several stages, from idea generation to market launch, to assess a product's potential.

Strong consumer interest and positive feedback indicating a product's potential for commercialization.

Bringing a product to market by manufacturing, distributing, and promoting it to consumers.

A comprehensive document outlining essential information about a new product or service for planning and control.

A test where potential buyers answer questions about product preferences, view marketing materials, and then shop for a product. Their purchasing behavior is observed.

Product is placed in a limited number of stores and locations, with variations in shelf positioning, displays, and pricing. Sales are tracked through technology.

Product is launched in a few representative cities with full advertising and promotion. The product's success is measured through real-world sales.

Early stage testing with a few select customers. Focus is on gathering feedback on functionality, features, and problems.

Later stage testing with more customers, after the product is closer to its final form. Feedback is gathered for improvements before official release.

A test where customers are given a free trial of the product and then offered the product again at a discounted price. This evaluates repeat purchasing and satisfaction.

Developing actual product samples with branding and packaging for testing in real-world settings with real customers.

Strategies for testing business goods, such as alpha testing and beta testing, with select customers.

The name given to a product, essential for branding and marketing.

The specific group of consumers a product is intended for.

The specific characteristics or attributes that make a product stand out.

The method used to determine the price of a product, considering cost, competition, and customer value.

The path a product takes from the manufacturer to the consumer, like stores or online platforms.