What are the major implications of the new-product development process and the diffusion process to marketing managers?

What will be an ideal response?

ANSWER: The funnel shape of the new-product development process indicates that many new product ideas are necessary to produce one successful new product. The new-product development process is sometimes illustrated as a decay curve with roughly half of the ideas approved at one stage rejected at the next stage. While the actual numbers vary widely among firms and industries, the relationship between the stages can be generalized. This reinforces the notion that an organized effort to generate any ideas from various sources is important for any firm that wishes to produce a continuing flow of new products. The major implication of the diffusion process to marketing managers is that the message may need to change over time. The targeted adopter and media may need to shift based on how various categories of adopters gather product information. A message developed for and targeted toward early adopters will not be perceived similarly by late majority adopters.