IBM 301 Chapter 6

Product
The specific combination of goods, service or ideas that a firm offers to its target market
New product
new products can be good, ideas or services that new to the market, new to the company, an products extensions and a revamped product
New-to-market-product
means that the products is never been marketed before, its is new to the company and the market itself. It could carry most potential risk for introducing them or even the opposite. It can be time consuming and expensive.
ex, lytro camera
New categories entries
the product are new to the company but not new to the market. They are less risky that new-to-the -market products
ex. The Chevy Volt. an electric car that known to the market but new to the GM company
Product Line Extensions
product that extend and supplement a company’s established product line.
advantage : brand name recognizing
ex. Vaseline intensive care was released due to the slow sale of regular body lotions.
Revamped products
a product that has a new packaging, different features, and updated designs and functions.
ex. the design of urban decay all nighter products,
Stages of new products development
1. new product strategy ( what direction that co take)
2. idea generation (new concept that new product can be selected)
3. idea screening ( determine if the idea fits the marketing strategy and future developments)
4. Business analysis ( profitable or not)
5. product development ( testing is new product attract the consumer interest or not)
6. test marketing ( introducing product to a new, geographically, to see if its sells)
7. Products launch ( initially introducing, distributing, and promoting a new product)