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Developing New Products and Managing the Product Life-Cycle

8. Developing New Products and Managing the Product Life-Cycle. Chapter Outline. New-Product Development Strategy The New-Product Development Process Managing New-Product Development Product Life-Cycle Strategies Product Decisions and Social Responsibility

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Developing New Products and Managing the Product Life-Cycle

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  1. 8 Developing New Products and Managing the Product Life-Cycle

  2. Chapter Outline • New-Product Development Strategy • The New-Product Development Process • Managing New-Product Development • Product Life-Cycle Strategies • Product Decisions and Social Responsibility • International Product and Services Marketing

  3. Today’s Outline • New product development process • Class activity three

  4. What do you think about these NEW PRODUCTS? • Smucker’s ketchup • Gerber’s beef mushroom gravy • Fruit of loom detergent • Eagle snacks (Anheuser-Busch)

  5. Why New Products Fail • No discernible benefits • Poor match between features and customer desires • Overestimation of market size • Incorrect positioning • Price too high or too low • Inadequate distribution • Poor promotion • Inferior product LO3

  6. New-product Development Strategy • New-product development is the development of original products, product improvements, product modifications, and new brands through the firm’s own product- development efforts.

  7. The New-product Development Process

  8. Idea Generation

  9. Idea Generation

  10. Idea screening • Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible. • Real • Any real need and wants from customer? • Win • Any competitive advantage? • Worthdoing • Sufficient profit?

  11. Concept Development and Testing • Product concept is a detailed version of the new-product idea stated in meaningful consumer terms.

  12. Concept Development and Testing • Concept testing is testing new-product concepts with a group • of target • consumers to find out if • the concepts have strong • consumer appeal.

  13. Concept Testing QuestionsBattery-Powered Electric Car

  14. Marketing Strategy Development Marketing Strategy Statement

  15. Business Analysis • Business analysis is a review of the sales, costs, and profit projections for a new product to find • out whether • these factors • satisfy the • company’s • objectives.

  16. Product development • Product development is developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.

  17. Test marketing • Test marketing is the stage of new-product development in • which the product • and marketing • program are • tested in realistic • market settings.

  18. Commercialization Commercialization involves introducing a new product into the market.

  19. New Product Development Process

  20. Customer-Centered New-Product Development • New-product development that focuses on finding new ways to solve customer problems and create more satisfying customer experiences.

  21. Class activity four • New product development

  22. Systematic New-Product Development • The new-product development process should be holistic and systematic rather than compartmentalized and haphazard.

  23. Product Life-cycle Strategies

  24. Style, Fashion, and Fads

  25. Summary of Product Life-Cycle Characteristics, Objectives, and Strategies

  26. Summary of Product Life-Cycle Characteristics, Objectives, and Strategies

  27. General Mills Video Case

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