Phases of New Product Development
Creating a sample or model of a product is called what?
PROTOTYPE
T or F - A product is created and it stays around forever.
FALSE
all of the products that a company makes and sells is called what?
PRODUCT MIX
A visual symbol that represents a brand or business.
What is a LOGO?
This color means BOLD and POWER.
RED
The phase where the company might send employees on a retreat to brainstorm new product ideas?
IDEA GENERATION
The stage when a product has very low sales and there is very little to no consumer knowledge about the product.
INTRODUCTION
1 specific product is called what? example - apple iPhone 15
The Product ITEM
Which principle of logo design relates to the correct height and width of the logo?
What is a PROPORTIONALITY?
This color means NATURE and ENVIORMENT and HEALTH.
GREEN
The phase where good product ideas are kept and the bad ideas are thrown out. (A very similar phase to the first stage)
IDEA SCREENING
the stage where the product is starting to have high sales and more consumer knowledge about the product
GROWTH
The Gatorade product is one of the best selling sports drinks. Some of the variety of flavors include fruit punch, orange, cherry, grape. These flavors are an example of what?
PRODUCT DEPTH
How many colors are appropriate for designing a logo?
1 to 3
This color relates well with YOUTH and it brings EXCITMENT.
ORANGE
A company comes up with a new product and instead of putting it out to the entire market they only put it out in the Southeast first to see how it does.
TEST MARKETING
MATURITY
One of the products that Academy Sports sells is SHOES. They sell Nike, Adidas, Under Armor, Converse etc. This is an example of what?
PRODUCT WIDTH
What is the #1 logo design principle?
Originality
This color means TRUST and RELIABILITY.
BLUE
The final phase of new product development where the marketing team determines if the product is liked or not
EVALUATING CUSTOMER ACCEPTANCE
The stage where sales are going back down and the marketing team must make a decision whether or not to continue producing the product
DECLINE
Pick a grocery store or sporting goods store. Any store. Tell me 3 examples of their different product lines. Now tell me a specific example of their product depth?
Answers will vary. Elrod's example. Publix PL (dairy, beverage, breakfast, fruit, veggie), Depth (M&Ms original, peanut butter, pretzel, etc)
Name 4 of the principles of logo design.
originality
proportionality
simplicity
color scheme
readable fonts
industry trends
This color means ROYALTY.
PURPLE