[Moodle] BUS2001_2017-18_Sem. 1_Topic 07.pptx - BUS2001 Principles of Marketing Topic 07 Product(II Ref Chp.9 of the textbook 1 Importance of new

[Moodle] BUS2001_2017-18_Sem. 1_Topic 07.pptx - BUS2001...

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BUS2001 Principles of Marketing Topic 07 Product (II) Ref .: Chp.9 of the textbook 1
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Importance of new product development Every product seems to go through a life cycle —it is born, goes through several phases, and eventually dies as newer products come along that better serve consumer needs. A company must be good at adapting its marketing strategies in the face of changing tastes, technologies, and competition as products pass through life-cycle stages. 2
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New-product Development Strategies A firm can obtain new products in two ways: 1. Acquisition — to produce someone else’s product, by buying one of the following: (a) a whole company (b) a license (c) a patent 2. New-product development efforts. 3 e.g. : Google YouTube e.g. : Buy a license to use Garfield ( 加菲 ) e.g. : Buy a patent to produce a particular drug
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Reasons for new product failure 1. Overestimation of market size 2. Poor design 3. Incorrect positioning 4. Wrong timing 5. Priced too high 6. Ineffective promotion 7. Management influence 8. High development costs 9. Competition 4
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The New-Product Development Process 5 Please refer to textbook p. 286 to 296; and listen to the mini-presentation next week
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Managing New-Product Development Successful new-product development requires three kinds of the following effort: 1. Customer-centered 2. Team-based 3. Systematic effort 6
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Managing New-Product Development 1. Customer-centered New-product Development refers to new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences. 2. Team-based New-product Development refers to new-product development that various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.
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