ABSTRACT
Kotler's eight-stage new product development process is shown in Figure 3.4. As products go through the screening process some will be eliminated and so, for every hundred ideas originally considered, only one or two may be fi nally commercialized. It is important that each stage of the process is conducted as well as possible. Generating ideas is not cost free but the sums are relatively modest. The cost of a failed launch is high.
Branding helps consumers recognize the product and identify it in a competitive marketplace (Figure 3.5). The brand conveys values which the consumer is invited to share. It is a sign of recognized quality and thus branding can increase the customers’ perceived value of the product, at the same time decreasing the level of perceived risk in the purchase.
