Customer-centered new product development focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
Customer-Centered New Product Development (2 of 2)
– Develops long-run sales, profit goals, and marketing mix strategy
Business Analysis and Product Development
• Business analysis: A review of the sales, costs, and profit projections for a new product
• External idea sources:
– Distributors and suppliers – Competitors – Customers
Idea Generation (2 of 2)
Crowdsourcing:
Inviting broad communities of people into the new product innovation process
• Three parts of the marketing strategy statement:
– Describes the target market, planned value proposition, sales, market-share, and profit goals
– Determines product’s planned price, distribution, and marketing budget