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Ch 8New Product Development and Products Life

Cycle Strategies
05/08/2015
New Product Development
Development of new products through the firms own research and
development efforts
o New product - Original products, product improvement and
modifications, and new brands
Creating successful new products requires:
o Understanding consumers, markets, and competitors
o Developing products that deliver superior value customers
Major Stages in New Product Development

Idea Generation (Stage 1)


o Systematic search for new product ideas
o Internal idea sources:
Intrapreneurial programs
Internal social networks
o External idea sources:
Competitors
Customers
Distributors and suppliers
o Crowdsourcing:
Inviting broad communities of people into the new
product innovation process
Idea Screening (Stage 2)
o Screening new product ideas to spot good ones and drop poor
ones as soon as possible
o Way of screening new ideas:
New idea write-up reviewed by a committee
R-W-W frameworkReal, win, worth doing
Product Concept (Stage 3)

o A product concept is a detailed version of the new product


idea stated in meaningful consumer terms
o A product idea is an idea for a possible product that the
company can see itself offering to the market
o A product image is the way a product is perceived by
consumers
Concept Development (Stage 3)
o Developing a new products into alternative product concepts
Find out how attractive each concept is to consumers
Choose best one
Concept Testing (Stage 3)
o Testing a group of target consumers to find out the degree of
consumer appeal toward the concepts
o Methods:
Presenting the concepts to consumers symbolically or
physically or with a word or picture description
Asking customers about their reactions to the concepts
Marketing Strategy Development (Stage 4)
o Initial marketing strategy for a new product
o The marketing strategy statement:
Describes the target market, the planned value
proposition, and the sales, market-share, and profit
goals for the first few years
Outlines the planned product price, distribution, and
marketing budget for the first year
Describes the planned long-run sales, profit goals, and
marketing mix strategy
Business Analysis (Stage 5) and Product Development
(Stage 6)
o Business analysis: Review of the sales, costs, and profit
projections for a new product
To find out whether the projections satisfy the
companys objectives
o Product development: Develop the product concept into a
physical product
To ensure that the product idea can be turned into a
workable market offering
Test Marketing (Stage 7)
o The product and its proposed marketing program are
introduced into realistic market settings

o Gives the marketer an experience with marketing a product


before the introduction
o Tests the product and its marketing program
o Costs can be high
o Time consuming
o Alternatives to standard markets
Controlled test markets
Simulated test markets
o Reasons for using alternative test markets
Reduce the costs of test marketing
Speed up the process
Commercialization (Stage 8)
o Introducing a new product into the market
o Considerations for launching a new product
Time
Place
Single location, region, national market, or
international market
Managing New Product Development
Requires a holistic approach
o Customer-centered New Product Development
Focuses on finding new ways to solve customer
problems and create more customer-satisfying
experiences
o Team-based New Product Development
Various company departments work together,
overlapping the steps in the product development
process
Saves time and increases effectiveness
May create more organizational tension and confusion
than a sequential approach

o Systematic New Product Development


Innovation management systems collect, review,
evaluate, and manage new product ideas.
Avoids the surfacing and sputtering of ideas
Helps create an innovation-oriented company
culture
Yields a larger number of new product ideas
Sales and Profits over the Products Life from Inception to
Decline

Styles, Fashions, and Fads

Summary of Product Life-Cycle Characteristics and Objectives

Summary of Product Life-Cycle Strategies

Additional Product issues:


Product Decision and Social Responsibility
o Considerations for companies
Public policy issues
Regulations regarding acquiring or dropping products
Patent protection
Product quality and safety
Product warranties

International Product and Services Marketing


o Challenges
To find what products and services to introduce and in
which countries
To decide on how much standardize or adapt the
products and services for world markets