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Unit 2 Lecture 1

Unit 2 Lecture 1. What is Product planning? Explain new product development process? . Learning Objectives. What is Product planning? Explain new product development process? . Product Planning Developing New Products: . Six categories of new products New-to-the-world products

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Unit 2 Lecture 1

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  1. Unit 2 Lecture 1 What is Product planning? Explain new product development process?

  2. Learning Objectives What is Product planning? Explain new product development process?

  3. Product PlanningDeveloping New Products: • Six categories of new products • New-to-the-world products • New product lines • Additions to existing product lines • Improvements and revisions of existing products • Repositioning • Cost Reductions

  4. Few Challenges in New-Product Development • Change in customers needs and tastes • New Technologies • Increased Competition • Why do products fail? • Improper market research • Small market size • Product not well designed • Incorrect positioning • High developmental costs

  5. Organizing New-Product Development: • Product managers • New-product managers • High-level management committee • New product department • Venture teams

  6. Managing the New Product Development Process: • Step 1: Idea Generation • Step 2: Idea Screening • Drop Error and Go Error • 3 Types of product failures: Absolute, Partial & Relative • Step 3: Concept Development & Testing • Product Idea leads to Product Concept • Use of Conjoint Analysis in Concept Testing • Step 4: Marketing Strategy Development • Developing the 4Ps Strategy

  7. Managing the New Product Development Process (Cont.): • Step 5: Business Analysis • Estimating Total sales, Cost and Profit • Step 6: Product Development • Step 7: Market Testing • Step 8: Commercialization • When (Timing) • Where (Geographic Strategy) • To Whom (Target Customers) • How (Market Strategy)

  8. 1. IDEA GENERATION 2. IDEA SCREENING 3. CONCEPT DEVELOPMENT & TESTING 4. MKTG. STRATEGY DEVELOPMENT 5.BUSINESS ANALYSIS 6. PRODUCT DEVELOPMENT 7. MARKET TESTING 8. COMMERCIALIZATION The 8-Step New Product Development Process Summarized:

  9. The Consumer-Adoption Process • Adopters of new products move through five stages • Awareness • Interest • Evaluation • Trial • Adoption

  10. Adopter Categorization on the Basis of Relative Time of Adoption of Innovation

  11. Summary • Six categories of new products • New-to-the-world products • New product lines • Additions to existing product lines • Improvements and revisions of existing products • Repositioning • Cost Reductions • Why do products fail? • Improper market research • Small market size • Product not well designed • Incorrect positioning • High developmental costs

  12. Assignment • Explain what are the steps in New Product Development • SAQs and LAQs • Define • Product planning • IDEA GENERATION • CONCEPT DEVELOPMENT & TESTING • MKTG. STRATEGY DEVELOPMENT • BUSINESS ANALYSIS

  13. Reference Marketing Management – Kotler, Keller, Koshy, Jha Principles of Marketing – Kotler, Armstrong, Agnihotri, Haque

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