New Products Management Chapter 1 – Flashcards

these products are inventions that create a whole new market

products that take a firm into a category new to it. The products are not new to the world, but new to the firm

these are "flanker" brands, or line extensions, designed to flesh out the product line as offered to the firm's current markets

current products made better

products that are retargeted for a new use or application

new products that simply replace existing products in the line, providing the customer similar performance but at a lower cost. May be more of a "new product" in terms of design or production than marketing. About 11% of new products

applies to functions, especially the manufacturing or distribution process, and every new product benefits from this type of innovation.

applies to the total operation by which a new product is created and marketing and it includes innovation in all of the functional processes

the number one reason for success is a

refers to the dimension of uniqueness--the form,formulation, function of something. Usually patentable

refers to the overall process whereby an invention is transformed into a commercial product that can be sold profitably