New product process includes:
Idea Screening (what do we have? +/-)
In pharmacy, 1 of 5,000 new drug ideas is commonv
In autos, 1 of 20 new car concepts is made to prototype
Point? Brainstorm, then cut via research
Short and long run $ performance
Consumer welfare (Ben and Jerry’s)
Safety ( Marlboro cigarettes) – liability (McDonald’s hot coffee)
Examine consumer perceptions (Coors banquet beer)
Consider view of retailers and wholesaler (Frito Lay)
Product tests (New Coke, movies)
Risky: (leaks, skewed results)
Virtual product development: examine without construction
Prototype product and marketing strategy
Longest process (Minute Rice took 18 years!)