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Key Concepts

The New-Product Development Process


New Product Success Factors

Long-term
Long-term commitment
commitment

Company-specific
Company-specific approach
approach

Capitalize
Capitalize on
on experience
experience

Establish
Establish an
an environment
environment
New-Product
Development Process

New-Product Strategy

Idea Generation

Idea Screening
Business Analysis

Development
Test Marketing
Commercialization

New Product
Idea Generation
Where Good Product Ideas Come From

Customers
Employees
Distributors
Competitors
Sources of Vendors
New-Product
R&D
Ideas
Consultants
Tips for Successful
New Product Development
Disperse R & D around the globe

Keep teams small and empower employees

Flatten hierarchy

Encourage generation of crazy new


ideas

Welcome mistakes
Business Analysis
To Ensure Project is Feasible

Demand

Considerations
Considerations Cost
in
in
Business
Business
Analysis
Analysis Stage
Stage Sales

Profitability
Product Development
Different Aspects of Development

Creation of prototype
Marketing strategy
Packaging, branding,
labeling
Promotion, price, and
distribution strategy
Manufacturing feasibility
Final government approvals if needed
Test Marketing

Test The limited introduction of


Test
Marketing a product and a marketing
Marketing
program to determine the
reactions of potential
customers in a market
situation.
Alternatives to Test Marketing
Single-source research
using supermarket scanner
data

Simulated (laboratory)
market
testing

Online test marketing


Commercialization
Bringing Product to Market

Production
Production

Inventory
Inventory Buildup
Buildup

Distribution
Distribution Shipments
Shipments

Sales
Sales Training
Training

Trade
Trade Announcements
Announcements

Customer
Customer Advertising
Advertising
New-Product Development Process
From Ideas to Market
Why New Products Fail
No discernible BENEFITS
POOR MATCH between features
and customer desires
Overestimation of market SIZE
Incorrect POSITIONING
PRIE too high or too low
Inadequate DISTRIBUTION
Poor PROMOTION
INFERIOR product
Factors in Successful New Products

Match between product and market needs

Different from substitute products

Benefit to large number of people


Success Factors

Listening to customers Strong leadership

Producing the best Commitment to new-


product product development

Project-based team
Vision of future market
approach

Getting every aspect right


The Spread of New
Products

The diffusion process and how new


products are adopted
Diffusion

Diffusion
Diffusion
The process by which the
adoption of an innovation
spreads.
Categories of Adopters

Innovators
Innovators

Early
Early Adopters
Adopters

Early
Early Majority
Majority

Late
Late Majority
Majority

Laggards
Laggards
Product Characteristics and
how fast new products are adopted

Complexity
Complexity

Compatibility
Compatibility

Relative
Relative Advantage
Advantage

Observability
Observability

Trialability
Trialability
Sales of New Audio Products
Marketing Implications
of the Adoption Process

Word
Word of
of Mouth
Mouth

Communication
Communication
Aids
Aidsthe
the
Diffusion
DiffusionProcess
Process

Direct
Directfrom
from
Marketer
Marketer
Diffusion Process for New Products
Product Life Cycle

Product
Product A concept that provides a
Life
LifeCycle
Cycle way to trace the stages of
a products acceptance,
from its introduction
(birth) to its decline
(death).
Product Life Cycle

Introductory Growth Maturity Decline


Stage Stage Stage Stage Sales
Dollars

Profits
0

Time
Product Life Cycles for
Styles, Fashions, and Fads
U.S. Sales of Televisions
Introductory Stage

High failure rates


Little competition
Frequent product modification
Limited distribution
High marketing and production
costs
Negative profits with slow sales
increases
Promotion focuses on awareness
and information
Communication challenge is to
stimulate primary demand
Introductory Stage
How it works in Europe
Growth Stage

Increasing rate of sales


Entrance of competitors
Market consolidation
Initial healthy profits
Aggressive advertising
of the differences
between brands
Wider distribution
Maturity Stage

Sales increase at a decreasing rate


Saturated markets
Annual models appear
Lengthened product lines
Service and repair assume important roles
Heavy promotions to consumers and dealers
Marginal competitors drop out
Niche marketers emerge
Decline Stage

Long-run drop in sales


Large inventories of
unsold items
Elimination of all
nonessential
marketing expenses
Organized abandonment
Diffusion Process and PLC Curve

Introduction Growth Maturity Decline

Product
life cycle
Sales

curve
Early majority
Late majority
Early adopters
Innovators
Laggards
Diffusion
curve
Product Life Cycles
INTRODUCTION GROWTH MATURITY DECLINE
Product Limited models More models Eliminate
Large number
Strategy Frequent Frequent unprofitable
of models.
changes changes. models

Distributio Limited Expanded Extensive. Phase out


Sales

n Wholesale/ dealers. Long- Margins drop. unprofitable


Strategy retail distributors term relations Shelf space outlets

Awareness. Aggressive ads. Advertise. Phase out


Promotion
Stimulate Stimulate Promote promotion
Strategy
demand. Sampling demand heavily

High to recoup Fall as result of Prices


competition & Prices fall
Pricing development (usually). stabilize at
Strategy costs efficient low level.
production.

Time

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