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Marketing mix - Product (NEW PRODUCT DEVELOPMENT (Dibb et al 2016 Extended…
Marketing mix - Product
one of the traditional 4 P's
could be goods or services
4 types of product p49
Convenience
shopping
speciality
unsought
NEW PRODUCT DEVELOPMENT
5 phases (Crawford and Di Benidetto 2014 p19)
Opportunity identity and selection
concept generation
concept/project evaluation
Development
Launch
Dibb et al 2016 Extended the steps
New product planning
Idea Generation
Idea Screening
Real Win Worth it Day 2007
Concept testing
Market/business analysis Kotler and Armstrong 2016
The planned value proposition
sales and market share
Target Market
Product development
Test marketing
Commercialisation
Small business dont screen Corviello and Joesph 2012
Failure or Success?
Rates of failure assumed to be 80-90% Research actually 40%
Castellion and Markham 2013
Reasons products fail (Kotler and Armstrong 2016)
incorrect positioning
unsulaunch timingitable
poor product design
inappropriate pricing
higher than expected product development costs
poor promotion
disregarding marketing research
aggressive competition from competitors
Overestimation of market size
Why new products succeed
building in the voice of the customer
doing the homework and front end loading the project
unique superior product
getting sharp and early product and project definition
spiral development
build test feedback revise
The world product
a well conceived properly executed launch
speed counts!