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Vishwas Gupta, Lovely Professional University Unit 7: New Product Development and Product Life Cycle Strategies

Unit 7: New Product Development and Notes
Product Life Cycle Strategies

CONTENTS
Objectives
Introduction

7.1 New Product Options
7.2 New Product Development Process
7.2.1 Idea Generation
7.2.2 Idea Screening

7.2.3 Concept Testing
7.2.4 Business Analysis
7.2.5 Product Development

7.2.6 Test Marketing
7.2.7 Commercialisation
7.3 Concept of Product Life Cycle

7.4 Stages of Product Life Cycle
7.4.1 Strategies at Introduction Stage
7.4.2 Growth Stage

7.4.3 Maturity Stage
7.4.4 Decline Stage
7.5 Implications and Limitations of Product Life Cycle Concept
7.6 Summary

7.7 Keywords
7.8 Review Questions
7.9 Further Readings

Objectives

After studying this unit, you will be able to:

Identify the new product options
Discuss the new product development process
State the concept of product life cycle (PLC)

Explain the strategies adopted at various stages of PLC
Know the implications and limitations of PLC

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