09-New-Product+Development+and+Product+Life-

09-New-Product+Development+and+Product+Life- -...

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    New-Product Development  and Product Life-Cycle  Strategies *Powerpoints refined from  Pearson
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    Objectives  1. Explain how companies find and develop new- product ideas 2. List and define the steps in the new-product  development process and the major considerations  in managing this process 3. Describe the stages of the product life cycle 4. Describe how marketing strategies change during  the product’s life cycle 5. Discuss two additional product and services issues:  socially responsible product decisions and  international product and services marketing
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    New-Product Development Strategy A firm can obtain new products through: Acquisition New-product development 9-4
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    New-Product Development Strategy Reasons for new product failure Overestimation of market size Poor design Incorrect positioning Wrong timing Priced too high Ineffective promotion Management influence High development costs Competition 9-6
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    New-Product Development Process 1. Idea generation 2. Idea screening 3. Concept development and testing 4. Marketing strategy development 5. Business analysis 6. Product development 7. Test marketing 8. Commercialization 9-7
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    New-Product Development Process New idea generation  is the systematic search  for new product ideas Sources of new-product ideas Internal  External 9-8 Idea Generation
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    New-Product Development Process Idea Generation Internal sources  refer to the company’s own formal  research and development, management and staff,  and intrapreneurial programs External sources  refer to sources outside the company  such as customers,  competitors, distributors,  suppliers, and outside design firms 9-9
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    New-Product Development Process Idea screening  refers to reviewing new- product ideas in order to drop poor ones   as soon as possible 9-10 Idea Screening
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    New-Product Development Process Concept Development and Testing Product idea  is an idea for a possible product that the  company can see itself offering to the market Product concept  is a detailed version of the idea  stated in meaningful consumer terms Product image  is the way consumers perceive an  actual or potential product 9-11
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    New-Product Development Process Concept testing  refers to new-product  concepts with groups of target  consumers 9-12 Concept Development and Testing
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    New-Product Development Process Marketing Strategy Development Marketing strategy development  refers to the  initial marketing strategy for introducing the  product to the market 9-13
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    New-Product Development Process Marketing Strategy Development Marketing strategy statement Part 1:
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