Where Do New Products and Services Come From?

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Presentation transcript:

Where Do New Products and Services Come From? Research and Development A set of activities intended to identify new ideas that have the potential to result in new goods and services Basic research Uncovering new knowledge; scientific advancement without regard for its potential use Applied research Discovering new knowledge with some potential use Development and implementation Activities undertaken to put new or existing knowledge to use in producing goods and services Copyright © Cengage Learning. All rights reserved

Where Do New Products and Services Come From? (cont’d) Product extension and refinement Product life cycle The rise and fall pattern of sales associated with the introduction and acceptance of a product in the market place Product refinement Improving a product’s performance characteristics to increase its utility to consumers Product extension Improving and adding additional performance features that extend the want-satisfying capability of the product and its life cycle in the market Copyright © Cengage Learning. All rights reserved

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