9. Innovation and new product
development
Type Lecture
Completed
https://app.jungleai.com/deck/ZgxG7wf0Df3pJ47UHk5k/marketing---ch91-flashcards-
Flashcards multiple-choice-questions-quiz?r=m9iaHSxCYeYwBXX4JWoHrSYNOqez2U
Prac prac 2
1. New product development strategy
1.1 Innovations
2. New product development process
1. Idea generation
2. Idea screening
3. Concept development & testing
4. Marketing strategy development
5. Business analysis
6. product development
7. Test Marketing
8. Commercialization
3. product life PLC
1. New product development strategy
New products
New products ⇒ Innovations ⇒ product, service, idea, proces
that is new (or feels new) for customers
original new inventions, product improvements
Perceived as new
9. Innovation and new product development 1
, diffusion of innovations ⇒ adoption process = process where a
new product/service or idea is accepted and spreads through
populations
Ways to obtain new products
acquisition
Buying of a whole company, a patent or a license to produce someone else’s
product
New product development (NPD)
development of original products, product improvements, product
modifications, & new brands through the firm’s own product development
efforts
1.1 Innovations
⇒ innovations often fail, which means that innovating can be risky and expensive
reasons for failure
→ overestimated market size, bad design, wrong positioning, bad pricing,…
Types of innovations
Continuous innovation
→ slight modification of an existing product, no change in C behaviour
→ majority of new products
e.g. Hand lotion with new ingredient
Dynamically continuous innovation
→ incremental innovation
→ continuous improvement but with more pronounced change to a product,
which has modest impact on the way people do things
e.g. Hand lotion in a spray
Discontinuous innovation
→ disruptive innovation
→ major inventions, creating major changes how C do things, disrupts the
market or creates a new market
e.g. A hair regrowth serum with anew discovered ingredient
2. New product development process
9. Innovation and new product development 2
development
Type Lecture
Completed
https://app.jungleai.com/deck/ZgxG7wf0Df3pJ47UHk5k/marketing---ch91-flashcards-
Flashcards multiple-choice-questions-quiz?r=m9iaHSxCYeYwBXX4JWoHrSYNOqez2U
Prac prac 2
1. New product development strategy
1.1 Innovations
2. New product development process
1. Idea generation
2. Idea screening
3. Concept development & testing
4. Marketing strategy development
5. Business analysis
6. product development
7. Test Marketing
8. Commercialization
3. product life PLC
1. New product development strategy
New products
New products ⇒ Innovations ⇒ product, service, idea, proces
that is new (or feels new) for customers
original new inventions, product improvements
Perceived as new
9. Innovation and new product development 1
, diffusion of innovations ⇒ adoption process = process where a
new product/service or idea is accepted and spreads through
populations
Ways to obtain new products
acquisition
Buying of a whole company, a patent or a license to produce someone else’s
product
New product development (NPD)
development of original products, product improvements, product
modifications, & new brands through the firm’s own product development
efforts
1.1 Innovations
⇒ innovations often fail, which means that innovating can be risky and expensive
reasons for failure
→ overestimated market size, bad design, wrong positioning, bad pricing,…
Types of innovations
Continuous innovation
→ slight modification of an existing product, no change in C behaviour
→ majority of new products
e.g. Hand lotion with new ingredient
Dynamically continuous innovation
→ incremental innovation
→ continuous improvement but with more pronounced change to a product,
which has modest impact on the way people do things
e.g. Hand lotion in a spray
Discontinuous innovation
→ disruptive innovation
→ major inventions, creating major changes how C do things, disrupts the
market or creates a new market
e.g. A hair regrowth serum with anew discovered ingredient
2. New product development process
9. Innovation and new product development 2
