Screening a New Product
Rahul's Noteblog
Notes on Marketing Management
Screening a New Product
What is New Product Screening?
Screening a new product involves filtering out the bad product ideas and keeping the new product ideas. When a new product is launched, the manufacturing team brainstorms a list of ideas for the new product design. This is a lengthy process but worth it because bad product designs might cost the company unnecessary funds. It is imperative to keep the good product ideas consistent with the company's overall goals and ideals. Product ideas are screened in terms of:
1. High profitability.
2. Applicable to a wide market element.
3. Production facility must be available.
4. Raw materials must be available.
5. Financing must be available.
6. Managerial ability must be available.
7. Product must offer a unique service to the public.
Additional Readings:
1. Functions and Elements of Growth in Marketing Management
2. Marketing Organization and Functions of a Marketing Manager
3. Functions and Essentials of New Project Planning
4. Types and Various Stages of Market Studies
5. Naming Products and Name Testing Research
6. Planning of Advertizing Budgets
7. Basic Steps of Test Market Studies
8. Trade through Selected Agencies
9. Price and Motivation of Marketing
10. Marketing Functions at different levels of Development
11. Elements of a Marketing Mix
12. Advantages and Disadvantages of Branding
13. Packaging and Sales Promotion
14. New Product Development Strategy
15. Screening a New Product
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