Answered: Please tell me how marketers screen…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

Please tell me how marketers screen ideas to find appropriate product ideas during product development. What does it mean that a product is a good “fit” for a company?

Expert Solution

Introduction

New product development is the process of building a new product which will act as a solution for the challenges and pains which the customers are facing in achieving their goal. The approach should be as lean as possible.

The new product development process is as follows:

Idea generation: We have to get creative and draw as many ideas as you can for a new product.
Idea screening: It involves converging and cutting down all the above ideas based on some factors.
Concept testing: Here a minimum viable product is made and is tested quickly in a small market.
Product development: Once we have enough confidence on the project, we can move towards building the final model of the product.
Test marketing: Here a bigger market is chosen for final testing.
Commercialization: You can finally launch the product here and start your business.