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New product development and product life cycle strategies - Coggle Diagram
New product development and product life cycle strategies
New- Product Development
Strategy
A firm can obtain new products through
New-product development
Acquisition
Reasons for failure
Priced too high
Ineffective promotion
Wrong timing
Management influence
Incorrect positioning
High development costs
Poor design
Competition
Overestimation of market size
Process
Marketing strategy development
Business analysis
Product development
Marketing strategy statement
Test marketing
Commercialization
Business analysis
Concept development and testing
Product concept
Product image
Product idea
Concept testing
Product development
Idea screening
Test marketing
Idea generation
Internal
External
Commercialization
Marketing Strategy Statement
Part 2: Price distribution and budget
Part 3: Long-term sales, profit goals, and marketing mix
Part 1
Product positioning, sales, market share, and profit
goals
Description of the target market
Additional Product and Service
Considerations
Public regulation regarding:
developing and dropping quality
developing and dropping patents
developing and dropping product
developing and dropping safety
International Product and Service Marketing challenges
Standardization versus customization
Packaging and labeling
Determining what products and services to introduce
in which countries
Customs, values, laws
Product life-cycle
Growth
Maturity
Introduction
Decline
Product development
PLC Describes
Product form
Brand
Product class
Trends
Fashion is a currently accepted popular style
in a given field
Fads
1) Rises considerably
2)Reach the peak fastest
3)Fall much faster due to temporary short consumerism
Style is a basic and distinctive mode of
expression
Development
2) Growth stage
3)Maturity stage
1) Introduction stage
4) Decline stage
Modifying Strategies
Product modifying
Marketing mix modifying
Market modifying
Managing New-Product Development
New-Product Development Strategies
Sequential new-product development
Customer-center new-product development
Team-based new-product development
Systematic new product development
Marketing strategy development (Successful new-product development should be
Team-centered
Systematic
Customer-centered