during which stage of new-product development does the firm consider profitability? course hero

What is the second stage of the product development process?

 · New product development is about converting new and untried ideas into workable products. The rule of thumb for New Product Development is to focus on innovating while delivering value. According to Statista’s survey (n= 544), 29% of tech companies planned to focus on new product development post the onset of COVID-19.

What is the idea generation stage of product development?

 · A ) business feasibility plan. B ) marketing strategy development. 27 ) During which stage of new - product development will management most likely estimate minimum and maximum sales to assess the range of risk in launching a new product ? A ) concept testing. B ) marketing strategy development.

What are the technical development processes for a product?

New Product Development. The Need for New Products ... New product generation involves multiple stages and a high level of financial investment, and has no guarantee of success. When a new product is introduced, companies must still convince buyers to adopt them into their routines, in order for sales to be consistent. ...

What is the product launch stage of the life cycle?

The marketing strategy for a new product is tested during the _____ stage of the new product development process. test marketing. firms sell consumer sample products that are unavailable in stores through their websites allowing the firm to keep costs down while still obtaining vauable information. online test market.

What are the three conditions that must be met to improve a firm's product mix?

In product modification, three conditions must be met to improve a firm's product mix: the product must be modifiable, customers must be able to perceive that a modification has been made , and

What questions are often proposed during a product review?

Questions such as "How often would you buy this product?" and "Which features are of little or no interest to you?" are often proposed during

What should marketers focus on when choosing products?

If buyers choose certain types of products by the way they look, smell, taste, or sound, marketers should focus most on appropriate

What is product modification?

With product modifications, the original product is replaced in the product line while both the old and the new products remain in the case of line extension.

What are the factors that contribute to the rapid rise in new product development?

They are faster and more economical transportation, the advent of electronic communication, and A. mass marketing.

What does "mass produced" mean?

D. any good or service that is mass produced and sold in more than one market.

Is a product time consuming to develop?

A. The product can be time-consuming to develop .

Can a new product be advertised alongside existing products?

E. The new product can be advertised alongside existing products.

What is the second stage of product development?

The second stage of the product development process is idea screening. This is the first of many screening points. At this early stage much is not known about the product and its market opportunity. Still, product ideas that do not meet the organization’s overall objectives should be rejected at this stage. If a poor product idea is allowed ...

How many stages are there in a new product development process?

There are probably as many varieties of new-product development systems as there are types of companies, but most of them share the same basic steps or stages—they are just executed in different ways. Below, we have divided the process into eight stages, grouped into three phases. Many of the activities are performed repeatedly throughout the process, but they become more concrete as the product idea is refined and additional data are gathered. For example, at each stage of the process, the product team is asking, “Is this a viable product concept?” but the answers change as the product is refined and more market perspectives can be added to the evaluation.

What is the process of product marketing?

Through this process, product marketing must prepare a complete marketing plan—one that starts with a statement of objectives and ends with a coherent picture of product distribution, promotion, and pricing integrated into a plan of marketing action.

What is the marketing department?

While the technical development is under way, the marketing department is testing the early product with target customers to find the best possible marketing mix. Ideally, marketing uses product prototypes or early production models to understand and capture customer responses and to identify how best to present the product to the market.

What is the first step in generating new product ideas?

Stage 1: Generating New Product Ideas. Generating new product ideas is a creative task that requires a particular way of thinking. Coming up with ideas is easy, but generating good ideas is another story. Companies use a range of internal and external sources to identify new product ideas. A SWOT analysis might suggest strengths in existing ...

What is a product concept test?

The product concept is a synthesis or a description of a product idea that reflects the core element of the proposed product. Marketing tries to have the most accurate and detailed product concept possible in order to get accurate reactions from target buyers. Those reactions can then be used to inform the final product, the marketing mix, and the business analysis.

What is technical development?

A product that has passed the screening and business analysis stages is ready for technical and marketing development. Technical development processes vary greatly according to the type of product. For a product with a complex manufacturing process, there is a lab phase to create specifications and an equally complex phase to develop the manufacturing process. For a service offering, there may be new processes requiring new employee skills or the delivery of new equipment. These are only two of many possible examples, but in every case the company must define both what the product is and how it will be delivered to many buyers.