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Product Innovation
Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative. Introduction Product innovation is defined as: Numerous examples of product innovation include introducing new products, enhanced quality and improving its overall performance. Product innovation, alongside cost-cutting innovation and process innovation, are three different classifications of innovation which aim to develop companys production methods. Thus product innovation can be divided into two categories of innovation: radical innovation which aims at developing a new product, and incremental innovation which aims at improving existing products. Advantages and disadvantages Advantages of product innovation include: * Growth, expansion and gaining a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods
In economics, goods are anything that is good, usually in the sense that it provides welfare or utility to someone. Alan V. Deardorff, 2006. ''Terms Of Trade: Glossary of International Economics'', World Scientific. Online version: Deardorffs' Glossary of International Economics"good" an Goods can be contrasted with bads, i.e. things that provide negative value for users, like chores or waste. A bad lowers a consumer's overall welfare. Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. Goods are the result of the Secondary sector of the economy which involves the transformation of raw materials or intermediate goods into goods. Utility and characteristics of goods The change in utility (pl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Research
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data. It includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Market research, marketing research, and marketing are a sequence of business activities; sometimes these are handled informally. The field of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payback Period
Payback period in capital budgeting refers to the time required to recoup the funds expended in an investment, or to reach the break-even point. Farris, Paul W.; Neil T. Bendle; Phillip E. Pfeifer; David J. Reibstein (2010). ''Marketing Metrics: The Definitive Guide to Measuring Marketing Performance.'' Upper Saddle River, New Jersey: Pearson Education, Inc. . The Marketing Accountability Standards Board (MASB) endorses the definitions, purposes, and constructs of classes of measures that appear in ''Marketing Metrics'' as part of its ongoinCommon Language: Marketing Activities and Metrics Project For example, a $1000 investment made at the start of year 1 which returned $500 at the end of year 1 and year 2 respectively would have a two-year payback period. Payback period is usually expressed in years. Starting from investment year by calculating Net Cash Flow for each year: \text = \text - \text Then: \text = (\text + \text +\ldots + \text) Accumulate by year until Cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Planning
Product planning (or product discovery) is the ongoing process of identifying and articulating Market requirements document, market requirements that define a product's feature set. It serves as the basis for decision-making about price, Distribution (economics), distribution and promotion. Product planning is also the means by which companies and businesses can respond to long-term challenges within the business environment, often achieved by managing the product throughout its life cycle using various marketing strategies, including product extensions or improvements, increased Distribution (marketing), distribution, price changes and Sales promotion, promotions. It involves understanding the needs and wants of core customer groups so products can target key customer desires and allows a firm to predict how a product will be received within a market upon launch. The product planning process Developing the product concept In the product concept phase, managers generate ideas for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantitative Marketing Research
Quantitative marketing research is the application of quantitative research techniques to the field of marketing research. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the " four Ps" of marketing: Product, Price, Place (location) and Promotion. As a social research method, it typically involves the construction of questionnaires and scales. People who respond (respondents) are asked to complete the survey. Marketers use the information to obtain and understand the needs of individuals in the marketplace, and to create strategies and marketing plans. Data collection The most popular quantitative marketing research method is a survey. Surveys typically contain a combination of structured questions and open questions. Survey participants respond to the same set of questions, which allows the researcher to easily compare responses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Redesign
A design is the concept or proposal for an object, process, or system. The word ''design'' refers to something that is or has been intentionally created by a thinking agent, and is sometimes used to refer to the inherent nature of something – its design. The verb ''to design'' expresses the process of developing a design. In some cases, the direct construction of an object without an explicit prior plan may also be considered to be a design (such as in arts and crafts). A design is expected to have a purpose within a specific context, typically aiming to satisfy certain goals and constraints while taking into account aesthetic, functional and experiential considerations. Traditional examples of designs are architectural and engineering drawings, circuit diagrams, sewing patterns, and less tangible artefacts such as business process models.Dictionary meanings in the /dictionary.cambridge.org/dictionary/english/design Cambridge Dictionary of American English at /www.diction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profitability
In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. It is equal to total revenue minus total cost, including both Explicit cost, explicit and implicit cost, implicit costs. It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An Economists, economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore, economic profit is smaller than accounting profit. ''Normal profit'' is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry. It is the mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Forecasting
Sales operations is a set of business activities and processes that help a sales organization run effectively, efficiently and in support of business strategies and objectives. Sales operations may also be referred to as sales, sales support, or business operations. Categories The set of sales operations activities vary from company to company but often include these five categories: Sales force enablement * Sales process development * Sales process adoption and compliance * Sales development * Sales training * Sales force communications management Business analytics * Sales metrics * Sales forecasting Sales administration * Proposal/contract development * Vendor selection and management * Planning process stewardship Attainment planning * Incentive sales compensation plan design * Go-to-market (GTM) strategy alignment with roles and components * Territory analysis and definition * Goal setting Sales operations mandate and design * Chief of staff to the sales organizati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feasibility Study
A feasibility study is an assessment of the practicality of a project or system. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the natural environment, the resources required to carry through, and ultimately the prospects for success.Justis, R. T. & Kreigsmann, B. (1979). The feasibility study as a tool for venture analysis. ''Business Journal of Small Business Management'' 17 (1) 35-42. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained. A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service, accounting statements, details of the operations and management Management (or managing) is the administration of organizations, whether businesses, nonprofit organizations, or a Government agency, government bodies throu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Test Marketing
A test market, in the field of business and marketing, is a geographic region or demographic group used to gauge the viability of a product or service in the mass market prior to a wide scale rollout. The criteria used to judge the acceptability of a test market region or group include: #a population that is demographically similar to the proposed target market; and #relative isolation from densely populated media markets so that advertising to the test audience can be efficient and economical. Practical use The test market ideally aims to duplicate "everything" - promotion and distribution as well as "product" - on a smaller scale. The technique replicates, typically in one area, what is planned to occur in a national launch; and the results are very carefully monitored, so that they can be extrapolated to projected national results. The area may be any one of the following: *Television area *Internet online test *Test town *Residential neighborhood *Test site A number of d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prototype
A prototype is an early sample, model, or release of a product built to test a concept or process. It is a term used in a variety of contexts, including semantics, design, electronics, and Software prototyping, software programming. A prototype is generally used to evaluate a new design to enhance precision by system analysts and users. Prototyping serves to provide specifications for a real, working system rather than a theoretical one. Physical prototyping has a long history, and paper prototyping and virtual prototyping now extensively complement it. In some design workflow models, creating a prototype (a process sometimes called materialization) is the step between the Formal specification, formalization and the evaluation of an idea. A prototype can also mean a typical example of something such as in the use of the derivation prototypical. This is a useful term in identifying objects, behaviours and concepts which are considered the accepted norm and is analogous with terms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Testing
File:Consumer Reports - product testing - electric light longevity and brightness testing.tif, Testing electric light longevity and brightness testing File:Consumer Reports - product testing - television testing laboratory.tif, Television testing laboratory File:Consumer Reports - product testing - headphones in anechoic chamber.tif, Product testing headphones in an anechoic chamber Product testing, also called consumer testing or comparative testing, is a process of measuring the properties or performance of products. The theory is that since the advent of mass production, manufacturers produce branded products which they assert and advertise to be identical within some technical standard. Product testing seeks to ensure that consumers can understand what products will do for them and which products are the best value. Product testing is a strategy to increase consumer protection by checking the claims made during marketing strategy, marketing strategies such as advertising, w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
