Product and New Product Development

What this unit covers

The resources follow a product from first idea to market. Some explain what a product is and how it is classified. Others look at new product development, branding, packaging and launch. All were made by GoConqr users, so styles and course names vary.

Where to begin

Start with the basics. The notes on product classification explain consumer and industrial products, and the mind map Total Product: The Substance sets out the total product, with its service, channels, symbol and price. The flashcard deck Marketing Product then drills the vocabulary, such as durability, tangibility and goods against services.

Next, move to the life cycle. The deck Product Life Cycle and the mind map The Product Life Cycle cover introduction, growth, maturity and decline.

New product development

Once the basics feel familiar, look at how firms create new products. The mind map Developing new products separates invention from innovation and notes that delay can raise the risk of others getting there first. You can then follow the process in order:

1. Idea evaluation, with the mind map Framework for Idea Evaluation.
2. Concept development, with the deck NPD - Concept development.
3. Testing and forecasting, with Sales Forecasting and Financial Analysis.
4. Launch, with the flowchart Product Launch Process.

Using quizzes with maps

Read a mind map first, then take a quiz without looking at it. The quiz Product & Service Innovation Management Exam Revision asks about the ready-fire-aim approach and why firms fail in the new product process. Two quizzes use the Hakimo Corp. wireless speaker as a case, which helps you practise applying ideas to a scenario. Check any wrong answers against the map, then revisit the flashcards.

Where it fits

This unit sits in The Marketing Mix strand of Marketing, advertising and sales, and focuses on the product element. Pick one resource that matches your course, work through it, and add your own notes where something is missing.