The Product Development stage begins when the company finds and develops a new-product idea. This involves translating trends in the macroenvironment, taking diverse pieces of information, and incorporating them into a product concept.
Product concepts typically undergo several iterations, involving considerable time and money, before they are exposed to target consumers via test markets. Concepts that survive test market scrutiny are ready for market introduction. "Time to market," or the amount of development time necessary to move from product concept to finished product, can be critical, especially when competitors are working on similar products. Forward-thinking marketing managers are using interactive concept testing via the In
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