Product Types
A product that is a new invention and creates a new market
New-To-World
The 1st step of the new product development process
Idea Generation
Increasing revenue streams is a _____ of new product development.
Reward
Sources through which a business earns income from the sales of goods or services
Revenue Streams
If Coca-Cola adds releases new flavors is it a(n)____?
Addition To An Existing Product Line
The final stage in the development process
Evaluation of results
Financial feasibility is a _____ of new product development
Risk
A group of related products marketed under a single brand.
Product Line
Nature Valley introduces granola bars that could be eaten "on the go".
New To Firm
The product development stage, and engineering will develop a physical version of the product
Prototyping
Lack of _______ a risk.
Differentiation
This is put through functional and customer tests to see how well it perform.
Prototype
A product that is retargeted for a new audience
Repositioned Products
The product idea can be turned into several product concepts
Concept Development/Testing
A reward of product development is the ability to capture more
Market Share
The product is introduced in a limited number of stores or in a few geographic regions in order to gauge customer acceptance.
Test Marketing
When an updated version of a product is released
Improvements & Revisions To Existing Products
The company launches the product, complete with full-scale production, distribution, advertising, and sales promotion.
Commercialization
The ability to target ________ is a reward if product development
New Markets
How your product is different from others on the market.
Product Positioning