New Product Development
New Product Development
New Product Development
replaces an
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resources
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Acquisition
New-product development
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Poor design
Incorrect positioning
Wrong timing
Ineffective promotion
Management influence
Competition
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1.
Idea generation
2.
Idea screening
3.
4.
5.
Business analysis
6.
Product development
7.
Test marketing
8.
Commercialization
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Idea Generation
New idea generation is the systematic search for
new product ideas
Sources of new-product ideas
Internal
External
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Part 1:
Part 2:
Part 3:
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Low costs
Management confidence
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Cost
Time
Competitor interference
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Faster
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When to launch
Where to launch
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Customer-centered
Team-centered
Systematic
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Slow
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Product development
Introduction
Growth
Maturity
Decline
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Product class
Product form
Brand
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Takes time
Little or no profit
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Sales increase
New competitors enter the market
Price stability or decline to increase volume
Consumer education
Profits increase
Promotion and manufacturing costs gain economies of
scale
Product quality increases
New features
New market segments and distribution channels are
entered
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Slowdown in sales
Many suppliers
Substitute products
Overcapacity leads to competition
Increased promotion and R&D to support sales
and profits
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Modifying Strategies
Market modifying
Product modifying
Marketing mix modifying
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Modifying Strategies
Market modifying strategy is when a
company tries to increase consumption of
the current product
New users
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Modifying Strategies
Marketing mix modifying strategy is
when a company changes one or more of
the marketing mix elements
Price
Promotion
Distribution channels
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