Marketing Ch20 part1

Marketing Ch20 part1 - Chapter 20: Introducing New Market...

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Chapter 20: Introducing New Market Offerings A company can add new products by buying other companies, acquiring patents from other companies, or buying a license or franchise from another company. Seven Notions of Innovation: See the future through the eyes of your customer, Intellectual property and brand power are key assets, use digital technology to create tools for customers, build a championship team, innovation is a state of mind, speed is critical, so push your organization, partner up if you’re not the best. New product failure rat: 3,000 raw ideas, 100 exploratory projects, 10 well-developed projects, 2 full-fledged product launches, 1 successful product. Some factors hindering new-product development are: shortage of important ideas in certain areas, fragmented markets, social and governmental constraints, cost of development, capital shortages, shorter required development time, and shorter product life cycles. Many companies use customer-driven engineering to design new products.
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Marketing Ch20 part1 - Chapter 20: Introducing New Market...

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