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Product Innovation
Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative. Introduction Product innovation is defined as: Numerous examples of product innovation include introducing new products, enhanced quality and improving its overall performance. Product innovation, alongside cost-cutting innovation and process innovation, are three different classifications of innovation which aim to develop companys production methods. Thus product innovation can be divided into two categories of innovation: radical innovation which aims at developing a new product, and incremental innovation which aims at improving existing products. Advantages and disadvantages Advantages of product innovation include: * Growth, expansion and gaining a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good (economics And Accounting)
In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying Product (business), product. A common distinction is made between goods which are transferable, and Service (economics), services, which are not transferable. A good is an "economic good" if it is useful to people but scarcity, scarce in relation to its demand so that human effort is required to obtain it.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them. Private goods are things owned by people, such as Television, televisions, living room furniture, wallets, cellular telephones, almost anything owned or used on a daily basis that is not food-related. A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Research
Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data. It includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making. Market research, marketing research, and marketing are a sequence of business activities; sometimes these are handled informally. The field of ''marketing researc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payback Period
Payback period in capital budgeting Capital budgeting in corporate finance is the planning process used to determine whether an organization's long term capital investments such as new machinery, replacement of machinery, new plants, new products, and research development project ... refers to the time required to Recoupment, recoup the funds expended in an investment, or to reach the Break-even (economics), break-even point. Farris, Paul W.; Neil T. Bendle; Phillip E. Pfeifer; David J. Reibstein (2010). ''Marketing Metrics: The Definitive Guide to Measuring Marketing Performance.'' Upper Saddle River, New Jersey: Pearson Education, Inc. . The Marketing Accountability Standards Board (MASB) endorses the definitions, purposes, and constructs of classes of measures that appear in ''Marketing Metrics'' as part of its ongoinCommon Language: Marketing Activities and Metrics Project For example, a $1000 investment made at the start of year 1 which Profit (economics), returned $500 a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is to generate a return from the invested asset. The return may consist of a gain (profit) or a loss realized from the sale of a property or an investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a combination of capital gain and income. The return may also include currency gains or losses due to changes in the foreign currency exchange rates. Investors generally expect higher returns from riskier investments. When a low-risk investment is made, the return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio. Diversification has the statistical effec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantitative Analysis (finance)
Quantitative analysis is the use of mathematical and statistical methods in finance and investment management. Those working in the field are quantitative analysts (quants). Quants tend to specialize in specific areas which may include derivative structuring or pricing, risk management, investment management and other related finance occupations. The occupation is similar to those in industrial mathematics in other industries. The process usually consists of searching vast databases for patterns, such as correlations among liquid assets or price-movement patterns (trend following or mean reversion). Although the original quantitative analysts were "sell side quants" from market maker firms, concerned with derivatives pricing and risk management, the meaning of the term has expanded over time to include those individuals involved in almost any application of mathematical finance, including the buy side. Applied quantitative analysis is commonly associated with quantitative investm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Redesign
A design is a plan or specification for the construction of an object or system or for the implementation of an activity or process or the result of that plan or specification in the form of a prototype, product, or process. The verb ''to design'' expresses the process of developing a design. In some cases, the direct construction of an object without an explicit prior plan (such as in craftwork, some engineering, coding, and graphic design) may also be considered to be a design activity. The design usually has to satisfy certain goals and constraints; may take into account aesthetic, functional, economic, or socio-political considerations; and is expected to interact with a certain environment. Typical examples of designs include architectural and engineering drawings, circuit diagrams, sewing patterns and less tangible artefacts such as business process models. Designing People who produce designs are called ''designers''. The term 'designer' generally refers to someone who works ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profitability
In economics, profit is the difference between the revenue that an economic entity has received from its outputs and the total cost of its inputs. It is equal to total revenue minus total cost, including both explicit and implicit costs. It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore, economic profit is smaller than accounting profit. ''Normal profit'' is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry. It is the minimum profit level that a company can achieve to justify its cont ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Forecasting
Sales operations is a set of business activities and processes that help a sales organization run effectively, efficiently and in support of business strategies and objectives. Sales operations may also be referred to as sales, sales support, or business operations. Categories The set of sales operations activities vary from company to company but often include these five categories:< Sales force enablement * Sales process development * Sales process adoption and compliance * Sales development * Sales training * Sales force communications management Business analytics * Sales metrics * Sales forecasting Sales administration * Proposal/contract development * Vendor selection and management * Planning process stewardship Attainment planning * Incentive sales compensation plan design * GTM strategy alignment with roles and components * Territory analysis and definition * Goal setting Sales operations mandate and design * Chief of staff to the sales organization * Stewardship ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feasibility Study
A feasibility study is an assessment of the practicality of a project or system. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the natural environment, the resources required to carry through, and ultimately the prospects for success.Justis, R. T. & Kreigsmann, B. (1979). The feasibility study as a tool for venture analysis. ''Business Journal of Small Business Management'' 17 (1) 35-42. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained. A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations. Generally, feasibility studies precede technical development and project ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Test Marketing
A test market, in the field of business and marketing, is a geographic region or demographic group used to gauge the viability of a product or service in the mass market prior to a wide scale roll-out. The criteria used to judge the acceptability of a test market region or group include: #a population that is demographically similar to the proposed target market; and #relative isolation from densely populated media markets so that advertising to the test audience can be efficient and economical. Practical use The test market ideally aims to duplicate "everything" - promotion and distribution as well as "product" - on a smaller scale. The technique replicates, typically in one area, what is planned to occur in a national launch; and the results are very carefully monitored, so that they can be extrapolated to projected national results. The area may be any one of the following: *Television area *Internet online test *Test town *Residential neighborhood *Test site A number of de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prototype
A prototype is an early sample, model, or release of a product built to test a concept or process. It is a term used in a variety of contexts, including semantics, design, electronics, and Software prototyping, software programming. A prototype is generally used to evaluate a new design to enhance precision by system analysts and users. Prototyping serves to provide specifications for a real, working system rather than a theoretical one. In some design workflow models, creating a prototype (a process sometimes called materialization) is the step between the Formal specification, formalization and the evaluation of an idea. A prototype can also mean a typical example of something such as in the use of the derivation 'prototypical'. This is a useful term in identifying objects, behaviours and concepts which are considered the accepted norm and is analogous with terms such as stereotypes and archetypes. The word ''wikt:prototype, prototype'' derives from the Greek language, Greek ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Testing
File:Consumer Reports - product testing - electric light longevity and brightness testing.tif, Testing electric light longevity and brightness testing File:Consumer Reports - product testing - television testing laboratory.tif, Television testing laboratory File:Consumer Reports - product testing - headphones in anechoic chamber.tif, Product testing headphones in an anechoic chamber Product testing, also called consumer testing or comparative testing, is a process of measuring the properties or performance of products. The theory is that since the advent of mass production, manufacturers produce branded products which they assert and advertise to be identical within some technical standard. Product testing seeks to ensure that consumers can understand what products will do for them and which products are the best value. Product testing is a strategy to increase consumer protection by checking the claims made during marketing strategies such as advertising, which by their nature ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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