07 Products and Brands - Developing New Products Product...

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Developing New Products Product life cycle - Y-axis: sales revenue or profit; x-axis stage of the product life cycle - Stages: introduction, growth, maturity, decline - Total industry profit starts below zero, since you invest money in research, manufacturing, takes a while for a product to catch on - Challenge is to keep up with growth - Maturity is important New Product Process - new product strategy development, idea generation, screening and evaluation, business analysis, development, market testing, commercialization - what is “new”?: existing products (how is this new?), new for company, new for consumer - “new products are lifeblood of the industry” - too much choice? - Every year 10 new products are introduced and 7 are discontinued o 30% “creep”/growth every year Why introduce new products? – manufacturer motivations - many are “me too” products; already on the shelf, they just want marketshare; not changing the actual product or technology, just packaging, etc - 1. maintain interest of intermediaries (retailers of your product so they keep
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  • Summer '07
  • MCLAUGHLIN,E.
  • Marketing, new product development, new products

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