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Applied Managerial Marketing

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Applied Managerial Marketing Institutional Affiliation Name Introduction  Product development is creating a novel product which be sold to its target consumers.  Great products are not just designed they evolve countless hours, design studies, prototyping, analysis, as well as test modifying and re-testing until they are approved as being perfect.  Eight basic steps of product development include idea screening, idea screening, generation, concept development and testing, market strategy development, business analysis, product development, test marketing, as well as commercialization. Idea Generation  We use defined idea generation to uncover opportunities.  successful idea generation is the quest for vastly superior yet; undiscovered idea as well as its secret ingredients that may make a product stand out in the global market. Idea Screening  Idea screening avoids product failure.  some ideas can be misleading and less active.  It is advisable to consider ideas objectively and ideally by all organizational members. Concept Development And Testing  The process evolves predicting the income and expenses likely to be gained during the launch of a new product.  Pricing based on cost of raw materials, pricing based on demand and pricing based on competition are major elements of concept development and testing. Marketing Strategy Development  Target audience is an integral part of product development and it is included in marketing s ...
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