New product development and product life-cycle strategies

3 important questions on New product development and product life-cycle strategies

How can a firm obtain products in a new way?

1. Acquisition
2. New product developments

What are external idea resources?

Obtaining ideas from external sources like; distributors and suppliers.
Also, competitors because they are the testing ground to see if the products are valuable.
But, the most important one is the customers.

What is the R-W-W product screening frame?

R; is it Real? is there a real need and desire for the product?
W; can we Win? does the product offer a competitive advantage
W; is it Worth doing? does the product match the overall growth strategy of the company.

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