Ch. 11 - Developing and Managing Products CONTINUED:new product development

I wanted to include this in my blog too because I think it was very interesting to read and it could be useful to aspiring business owners.
There are 7 steps in the New-Product Development Process.

1. New Product Strategy: links the new-product development process with the objectives of the marketing department, the business unit, and the corporation.
2. Idea Generation: This can come from a lot of sources, not only management, includes (customers, employees, distributers, competitors, vendors, research and development, and consultants)
3. Idea Screening: this eliminates ideas that are inconsistent with the organization's new product strategy or are obviously inappropriate for some other reason.
4. Business Analysis: where preliminary figures for demand, cost, sales, and profitability are calculated.
5. Development: the stage in the product development process in which a prototype is developed and a marketing strategy is outlined. This can last a loooooooong time and/or be expensive.
6. Test Marketing: the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation. This is a difficult task because you have to pick a location or people that best demonstrated the businesses target market. And it could be a huge problem if somehow the media get a hold of the concepts which can lead to competition reacting quickly.

Justin Timberlake. Thank You.

7. Commercialization: the decision to market a product. Many tasks are involve with this. like ordering production materials, training sales force, and advertising to potential customers.

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NO WAY.... NIKE WILL BE.......

THE OFFICIAL OUTFITTER FOR THE NFL!

once Reebok's contract expires Nike will supply all the profession teams with their slick and modern jerseys. I love how they are revolutionizing the jerseys into a "era" I can not wait to be sitting on the couch on a Sunday afternoon and seeing the cool mix matching of colors they use. Touchdown for Nike!

Link:another bloggers perspective

My Favorite Football Team. Look how cool the design on the shoulders look!

Nike, as the market share leader, will continue their successes with the jerseys and their brand will be further cemented into our heads! JUST DO IT!