PDF New Product Development and Sensory Evaluation

[Pages:74]NEW PRODUCT DEVELOPMENT

AND SENSORY EVALUATION

TPPHP 2012

? NEW PRODUCT DEVELOPMENT

? GENERATING IDEA ? SENSORY EVALUATION

NEW PRODUCT DEVELOPMENT

DEFINITION - the development of original products, product improvements, product modifications, and new brands through the firm's own R&D efforts.

New products can also come from acquisition of other companies, patents, or licenses

UNDERSTANDING THE PRODUCT LIFECYCLE

Product life cycle (PLC): the course of a product's sales and profits over its lifetime

The product lifecycle has four stages:

Introduction Growth Maturity Decline

PRODUCT LIFE CYCLE

SCIENCE

BASIC RESEARCH

TECHNOLOGY

APPLIED RESEARCH

INDUSTRY

PRODUCT

STAGES OF THE PRODUCT LIFE CYCLE

PLC Stages

Introduction Growth Maturity Decline

To accompany A Framework for Marketing Management, 2nd Edition

Low sales High costs per

customer Negative profits Innovator

customers Few competitors

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