F10 MKTG 3104 Student 10. New Product Strategy

F10 MKTG 3104 Student 10. New Product Strategy - Heard of...

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Click to edit Master subtitle style 11/5/10 MKTG 3104 New Product Strategy
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11/5/10 CLASS OBJECTIVES 1. Evaluate the importance and types of innovations 1. Examine the influences on rate of diffusion and common reasons for new product failure 3. Evaluate the adoption process model as a diagnostic tool
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11/5/10 TYPES OF INNOVATION What is really new ? Continuous Dynamically Discontinuous Continuous (no real change (significant change in customer behavior) in customer behavior)
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11/5/10 Why do new products fail? Insignificant point of difference *** Failure to define product benefits and target market Overestimated market attractiveness Poor product quality Bad timing No economical access to buyers
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11/5/10 DIFFUSION OF INNOVATION The spread of innovations through a market or culture. What influences the speed of new product diffusion? Relative advantage *** Communicability Complexity Compatibility with norms and values
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Click to edit Master subtitle style 11/5/10 AW ARENESS | KNOW LEDGE | LIKING | PREFERENCE | TRIAL
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Unformatted text preview: Heard of it . ADOPTION PROCESS MODEL Know what it is. Positive attitude Use at least once Like more than alternatives Use on continuing basis 11/5/10 MOST NEW PRODUCTS FAIL Your sales data show that adoption of your innovation is far below projections (21% of the potential market). What strategy will help to improve the situation? WHY HAVE THEY NOT ADOPTED IT? Click to edit Master subtitle style 11/5/10 AWARENESS | KNOWLEDGE | LIKING | PREFERENCE | TRIAL | ADOPTION 85% 81% 33% 29% 26% % reaching each stage (100% = total potential market) CASE A Adoption Process Model Data Click to edit Master subtitle style 11/5/10 Relevant Strategy Solutions for Problems AWARENESS | KNOWLEDGE 11/5/10 Takeaway for new product strategy Innovation is a critical source of advantage, but new products usually fail. Be alert to the reasons why (see textbook) and problem solve. Use your diagnostic tools (adoption process model, marketing research,...
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F10 MKTG 3104 Student 10. New Product Strategy - Heard of...

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