Idea to reality
Where do new product ideas come from?
From customers, competitors, and market changes
What happens in the product development phase?
Build and test prototypes
What are the four stages of the Product Life Cycle?
Introduction, Growth, Maturity, Decline
What’s the main goal during the introduction stage?
Build awareness
Electric cars in the early 2010s — which stage?
Introduction
What is the purpose of product screening?
To eliminate weak/unrealistic ideas
What is a prototype?
A working model of a product
During which stage do profits peak?
Growth
What marketing strategy is used during growth?
Broaden distribution, lower prices
Energy drinks in the early 2000s — which stage?
Growth
Name one technique companies use to generate ideas.
Brainstorming, surveys, market research
What is commercialization?
Bringing a product to the market
What happens to sales during the maturity stage?
Sales peak, growth slows
How do companies stay competitive in maturity?
Add new features or styles
Smartphones today — which stage?
Maturity
What does “feasibility” mean in product screening?
How realistic or achievable an idea is
During which stage do new competitors usually enter?
Manufacturing, marketing, or distribution planning
During which stage do new competitors usually enter?
Growth stage
What should a company do in the decline stage?
Minimize costs or rebrand
DVDs — which stage?
Decline
Give an example of a company testing prototypes before full production.
Apple gathering feedback before new iPhones
Give an example of a company testing prototypes before full production.
Tesla testing the Cybertruck
What happens during the decline stage?
Sales and profits drop as interest fades
Give an example of a marketing strategy used by Apple during maturity.
Introducing new iPhone versions each year
Tesla testing the Cybertruck — which phase or stage is that?
Product Development & Testing