Smith, L. George (Lloyd George), 1930-||Hendrickson, William J.
M.S. (Master of Science)
School of Business
Marketing; New products
The new product evolution process requires a great deal of both time and expense. Each stage within the process becomes successively more time consuming and costly, making various approaches and techniques that are used to screen ideas valuable tools for distinguishing between profitable new product ideas and unprofitable ideas. The problem basic to this study is an analysis of approaches used in the exploratory phase of new product evolution. The total investigation includes an analysis of the nature of the approaches used in the exploratory phase of the new product evolution process, the strengths and weaknesses associated with each approach, the identification of problems associated with the implementation of each approach, and the methods used to resolve the problems of implementation characteristic of each approach. The purpose of the study was to provide insight into and enhance understanding of the exploratory phase of new product evolution as a part of the total marketing management task. Two more specific objectives that were to be fulfilled included (l) the providing of insights into the approaches most commonly used in the exploratory phase of new product evolution and (2) the development of generalizations relative to the effectiveness and use of the approaches analyzed. Solution of the problem and fulfillment of the purpose and objectives of the study was accomplished through the use of library research procedures, involving data from secondary sources including data from research studies and excerpts from current speeches. Key approaches in the exploratory phase of new product evolution were investigated and an analysis of each was offered. These approaches included (1) the intuitive approach, (2) checklist, (3) rating scales, (4) the risk-spectrum concept, (5) the payback approach, and (6) return or investment approaches. The results of the analysis of the approaches were summarized and generalizations were drawn therefrom in the form of inferences and a concluding observation. The four inferences drawn from the findings were: 1. An inseparable relationship exists between the exercise of judgment and the approaches used in the exploratory phase of the new product evolution process. 2. The approaches used in the exploratory phase of the new product evolution process, tend to be subject to managerial bias. 3. A need exists for more refined and objective approaches to the evaluation of new product ideas used in the exploratory phase of new product evolution. 4. The generation and collection of qualitative data as well as the conversion of qualitative data tend to be subjective and susceptible to error. The concluding observation was: No one approach that is presently used in the exploratory phase of new product evolution is sufficient in its application to determine the potential success of a new product.
Entrikin, Richard Lee, "An analysis of the various approaches used in the exploratory phase of new product evolution" (1967). Graduate Research Theses & Dissertations. 1168.
viii, 104 pages
Northern Illinois University
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