Title for students-New Product Devlopment.pdf ✅

New Product Development
Learning Objectives After studying this chapter, you should be able to: • Explain how companies find and develop new-product ideas • List and define the steps in the new-product development process and the major considerations in managing this process
New-Product Development Strategy A firm can obtain new products through: • Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product. • New product development refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development.
Reasons for new product failure • Overestimation of market size • Poor design • Incorrect positioning • Wrong timing • Priced too high • Ineffective promotion • Management influence • High development costs • Competition New-Product Development Strategy examples