New Product Development
2007/// Filed in: Marketing
An important point to keep in mind when considering issues related to new product development is the fact that most "new products" are in fact "not new." Firms typically consider 1) New product lines (which other companies may already have), 2) continuous improvement to existing products, and 3) additions to product lines as "new products."
Two important concepts related to new product development are the "adoption" and "diffusion" processes. The adoption process involves the following steps: 1) awareness, 2) interest, 3) evaluation, 4) trial, and 5) adoption. The diffusion process divides the adopters into 1) innovators, 2) early adopters, 3) early majority, 4) late majority, and 5) laggers.
References:
[1] Doyle, "Marketing Management & Strategy"
[2] Chong, "International Marketing Study Guide -- U.London (External)"
[3] Drucker, "Innovation and Entrepreneurship"
Two important concepts related to new product development are the "adoption" and "diffusion" processes. The adoption process involves the following steps: 1) awareness, 2) interest, 3) evaluation, 4) trial, and 5) adoption. The diffusion process divides the adopters into 1) innovators, 2) early adopters, 3) early majority, 4) late majority, and 5) laggers.
References:
[1] Doyle, "Marketing Management & Strategy"
[2] Chong, "International Marketing Study Guide -- U.London (External)"
[3] Drucker, "Innovation and Entrepreneurship"