ch 11 MKTG-Developing and Managing Products

ch 11 MKTG-Developing and Managing Products - Developing...

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Foundations of Marketing Stephen Walls
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Where are we? 5 Cs Customer Competencies Competitors Collaborators Context STP Segmentation Targeting Positioning 4 Ps Product Price Place Promotion
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Today’s basic question What is involved in developing new products & services?
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Agenda Defining “newness” New Product Development (NPD) process Why products fail Global issues Diffusion Product Life Cycle (PLC)
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New Product A product new to the world, the market, the producer, the seller, or some combination of these. New Product
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Categories of New Products New-to-the-World New Product Lines Product Line Additions Improvements or Revisions Repositioned Products Lower-Priced Products
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Defining product “newness” Industry point of view Practically speaking: is different than other products in the market Legally: up to 6 months in “regular distribution” Company point of view Product line extension New product or product line New business Consumer point of view (based on amount of learning required) Continuous Dynamically Continuous Discontinuous
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Defining product “newness” Degree of New Consumer Learning Needed Basis of Comparison Definition Examples Continuous Innovation Discontinuous Innovation Requires no new learning by consumers Disrupts consumers normal routine but does require totally new learning Requires new learning & consumption patterns by consumer Sensor Shaver & New Tide Formula Electric toothbrush & Pulse Perfection Eye Lash Brush VCR, home PC Gain consumer awareness & high distribution Advertise points of difference & benefits to consumers Educate consumers through product trial & personal selling Dynamically Continuous Innovation Marketing Emphasis Low High
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ch 11 MKTG-Developing and Managing Products - Developing...

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