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New Product development (Process (Idea generation: systematic search for…
New Product development
Strategy
Developing new product strategy: the development of original products, product improvement
MKT strategy
Elements
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Profit goals, market share
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Process
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Business analysis: review of sales, costs & profits :arrow_right: reach goals?
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Product life-cycle
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Introduction stage: product first distributed & available for purchase :arrow_right: slow sale rate & struggle to gain recognition
Eg: self-driving cars
Growth: product's sale start to increase quickly
Eg: electronic cars, tablet & PC
Maturity stage: product's sales growth slows or level off
Eg: laptops, Coke
Decline: product's sales decline
Eg: diesel car, typewriter