New Product Concepts
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How does one generate new product concepts? Is it done through internal research and development activities? Can it be accomplished by surveying the customers? Is it a combination of both or are there other alternatives available to generate new product concepts?
How does one weigh the relative importance of each element of the Four P's to maximize revenue and return on investment and what if anything determines if one element is favored more than another when allocating resources? For example does one place more emphasis on price instead of the other three P's?
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Solution Summary
This solution of 1,105 words explains the process of generating a new product concept by defining the marketing strategies, incorporating the Four P's, and mentioning promotions and distribution decisions.
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Marketing
How does one generate new product concepts? Is it done through internal research and development activities? Can it be accomplished by surveying the customers? Is it a combination of both or are there other alternatives available to generate new product concepts?
There are many ways to generate new product concepts; it seems to be a combination of both internal and external research and development; surveying customers via feedback systems; and by consulting with professionals in one's industry. A firm that innovates successfully and is rewarded with high profits usually encourages rivals to come up with a superior innovation, and thus the cycle of movement and change in the universe continues. New product concept or development refers to the overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product (good or service) new to the firm. Some ways to generate new product concepts are:
* Screen concepts against your company's marketing strategies. Concept screening against new or pre-existing company marketing strategies will reinforce company focus and use of scarce resources to successfully introduce new products.
A good overall company marketing strategy acts as a guideline for action. The marketing strategy should:
* define the target buyer, demographically and by lifestyle, if appropriate
* translate the company mission into a measurable annual objective
* tell how the goal will be accomplished in terms of:
o marketing spending vs. competition in the category
o brand positioning
o pricing actions
o product quality
* establish new product introduction standards
o frequency
o achievement of overall marketing objective
o ...
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