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Developing New Market Offerings

Developing New Market Offerings. Otterbein College Winter 2000. Chapter Content. Challenges in New Product Development (NPD) Organizational Structure & NPD Stages & Management of NPD Diffusion & Adaption of New Products. Why New Products Fail. “Over Championing” Overestimated Demand

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Developing New Market Offerings

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  1. Developing New MarketOfferings Otterbein CollegeWinter 2000

  2. Chapter Content • Challenges in New Product Development (NPD) • Organizational Structure & NPD • Stages & Management of NPD • Diffusion & Adaption of New Products

  3. Why New Products Fail • “Over Championing” • Overestimated Demand • Poor Design • Poor Marketing Execution • High Development Costs • Strong Competitive Reaction

  4. Challenges in NPD • Idea Shortage • Fragmented Markets • Social & Governmental Constraints • Cost • Capital Shortage • Need for Speed • Shorter Product Life Cycles

  5. Marketing Strategy Development Business Analysis Concept Development and Testing Product Development Idea Screening Market Testing Commercialization New Product Development Process Idea Generation

  6. 1. Develop Product Ideas into Alternative Product Concepts 2. Concept Testing - Test the Product Concepts with Groups of Target Customers 3. Choose the Best One Concept Development & Testing

  7. Expensive High price/oz. Brand C Cold cereal Bacon and eggs Quick High in calories Slow Low in calories Pancakes Instant breakfast Brand B Hot cereal Brand A Inexpensive Low price/oz. Product & Brand Positioning (a) Product-positioning map (breakfast market) b) Brand-positioning map (instant breakfast market)

  8. Brand name Retail Price -- -- -- -- -- -- -- -- -- -- 1.0 1.0 Utility Utility | | | K2R Glory Bissell | | | $1.19 $1.39 $1.59 0 0 Money-Back Guarantee? Good Housekeeping Seal? -- -- -- -- -- -- -- -- -- -- 1.0 1.0 Utility Utility 0 | | No Yes | | No Yes 0 Conjoint Analysis

  9. Consumer-Goods Market Testing Controlled Test Market A few stores that have agreed to carry new products for a fee. Simulated Test Market Test in a simulated shopping environment to a sample of consumers. Sales- Wave Research Test offering trail to a sample of consumers in successive periods. Standard Test Market Full marketing campaign in a small number of representative cities.

  10. Whom When Product Price Place Promotion Where Commercialization

  11. 34% Late majority 34% Early majority 13 1/2% Early adopters 16% Laggards 2 1/2% Innovators Adopter Categorization of the Basis ofRelative Time of Adoption of Innovations Time of adoption of innovations

  12. Characteristics of the Innovation Rate of Adoption • Relative advantage • Compatibility • Complexity • Divisibility • Communicability

  13. Next... Designing Global Market Offerings

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