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Chapter 9 : New product development and product life-cycle Strategies -…
Chapter 9 : New product development and product life-cycle Strategies
New-Product Development Strategy
A firm can obtain new products in 2 ways
Acquisition
: buying of a whole company... to produce someone else 's product
New product development
: refers to original products, product improvements, product modifications...
Reason for new product failure
: Overestimation of market size , poor size, incorrect positioning, wrong timing, etc
Managing New-Product Development
Marketing Strategy Development
Sequential new-product development
: company's departments work closely together to complete each stage of the process before moving on to the next department or stage.
Team-based new-product development
: based on the cooperation of many people, of the team.
Customer-center new-product development
: Begins and ends with solving customer problems
Systematic new-product development
: An innovative development method for collecting, reviewing, evaluating, and managing new product ideas.
New-Product Development Process
Marketing Strategy Development
: initial marketing strategy to introduce the product to the market
Part 2
: Price distribution and budget
Part 3
: Long-term sales, profit goals, and marketing mix strategy
Part 1
: Description of the target market
Business analysis
: a review of the sales, costs, and profit projections
Concept Development and Testing
Concept development
: turning ideas into concepts
Concept testing
: Test new products with target consumer groups
Product development
: the creation and testing of one or more physical versions
Idea Screening
: reviewing new-product ideas
Test marketing
: product and marketing program are introduced into more realistic marketing settings.
Idea Generation
: the systematic search for new product ideas.
Sources of new product idea
Internal sources
: company’s own formal research and development
external
: sources outside the company
Commercialization
: Introduction of the new product
Product Life-Cycle Strategies
Growth
Maturity
Introduction
Decline
Product development
PLC describe
Product forms
: have the standard PLC shape
brands
:have changing PLCs due to competitive threats.
Product classes
: have the longest life cycles, with sales of many product classes in the mature stage for a long time.
Style
: basic and distinctive mode of expression.
Fashion
: a currently accepted popular style in a given field.
Fads
: temporary periods of unusually high sales
Additional Product and Service Considerations
International Product and Service Marketing
Product Decisions and Social Responsibility