1) What are the strategy components of the NPD “ New product Development” ch 7 * The expected life cycle of the product ( 2 years – 5 years ) before we develop it or 10 years. e.g. Peugot 504 Model 1968 was expected to stay in the market undeveloped for 5 years, it stayed for 17 years and there is still demand which affected the demand of other Peugot Models * How are you going to approach the market?
* Why are people going to accept your product?
Attributes of new products which affect their acceptability
* Relative advantage: the perception that the idea is better than the one it supercedes * Compatibility. Consistency with existing values, past experience, and needs of a firm’s buyers and influencers * Complexity: more complex ideas are adopted more slowly. * Trialability: if a firm can try out a small aspect for a new idea it will be accepted more quickly than a firm has to make a major switch * Observability: if the effects of an innovation can be easily observed this innovation maybe adopted more quickly.
* Opportunity identification and selection: where new product opportunities are identified and selected. * Concept generation: research with customers and preliminary analysis take place. * Concept evaluation: careful review of new product concepts on technical, marketing and financial variables. Choose the most promising concepts to move forward to the next phase. * Development: both technical and marketing development takes place. Prototypes are designed and tested and the production pro * Launch: how are you going to launch this product and for which prospects?
2) Description of services offered (Pure Services/ Pure tangible goods) as well as pricing strategies of services. Ch 8 Combinations of service and physical product
* Pure tangible good: products no service
* Tangible good with accompanying services: this is a tangible...