OSC 3050(all solved)

New Product Development correct answers the overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product (good or service) NPD Process correct answers A disciplined and definite set of tasks and steps that describe the normal means by which a company repetitively converts embryonic ideas into salable products or service More than 30,000 are introduced 80% Fail correct answers Poor market research Problems or defects Inferior designs Poor timing of their introduction Poor communication to potential customers Costs higher relative to benefits derived Competitors introduce a superior product Ineffective operations, such as supply chain or inventory policy Market Share Gain correct answers • New products introduced in the marketplace provide additional " first mover advantages " to the company. • By developing new products, a company can quickly capture a big share of the market before competitive products are introduced. brand equity correct answers the monetary or relative value of a brand perceived in the marketplace by its customers. Introduction Stage correct answers The product is still being fine tuned and its design is undergoing revisions based on evolving customer feedback and evolving preferences. • Typically sales is low during this phase; therefore the company incurs a net loss on the product. • During this period, most processes are not standardized fully and are still being adjusted • The Demand has to be created , and potential customers have to be encouraged to try the new product. Growth Stage correct answers • The product design begins to stabilize during the growth stage