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The marketing mix product (why new products fail? (incorrect positioning,…
The marketing mix product
4 p's products
promotion
place
price
People
these days linked to products aswell
product
3 levels of product
actual product
packaging design
core product
branding- core benefit
augmented product
after care service and support- warranty, installation
4 main types product
speciality
expensive (luxury}
shopping
less frequent purchase
convenience
frequent purchase (milk)
unsought
little knowledge
8 critical success drivers for New product launch
spiral development
build, test, obtain feedback
World product
global/international market
get sharp, early product and project deffinitions
avoid unstable specifications
well conceived proper launch
solid marketing plan
doing the HW and front end loading the project
speed counts
customer focused
market driven
a unique superior product
why new products fail?
incorrect positioning
poor product design
unsuitable launch timing
higher than estimated product development costs
inappropriate pricing
disregard marketing research
poor promotion
overestimation of market size
aggressive competition
new product development
5 step basic new product process
concept/project evaluation
developement
concept generation
launch
opportunity identification and selection
extended list of NPD
5.market/business analysis
3 parts marketing strategy:
planned value propostion
sales, profit goals market share
Break even analysis- how much sales to make to cover costs
target
product development
translate product concept into actual and gauge customer reactions with physical product
concept testing
test product with target consumers
describe in words,images or make presentation and gauge customer reactions
7.test marketing
test the prototype product
lab, virtual store, controlled test market, standard test market
3.idea screening
select most promising idea
set of criteria
is it real?
Can we win?
Is it worth doing?
commercialisation
full scale launch
idea generation
labs- R&D
collaboration, feedback, competitors
open calls- external/internal
new product planning
analysis-micro/macro environment
tools- SWOT and Ansoff matrix
7p's services
processes
physical evidence
people
place
promotion
price
product
(Crawford,1991)
