Concept Development and Testing
Product idea is an idea for a possible product that the company can see itself offering to the market
Product concept is a detailed version of the idea stated in meaningful consumer terms
Product image is the way consumers perceive an actual or potential product
Concept testing refers to testing new-product concepts with groups of target consumers
Marketing Strategy Development
Marketing strategy development refers to the initial marketing strategy for introducing the product to the market
Marketing strategy statement includes:
Description of the target market
Value proposition
Sales and profit goals
Business analysis involves a review of the sales, costs, and profit projections to find out whether they satisfy the company’s objectives
Marketing Strategy Development Product development
Involves the creation and testing of one or more physical versions by the R&D or engineering departments
Requires an increase in investment
Shows whether the product idea can be turned into a workable product