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chapter 11 outline

chapter 11 outline - BMGT350 Chapter 11 LO1 The Importance...

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BMGT350 Chapter 11 LO1: The Importance of New Products New products are important to sustain growth, increase revenues and profits, and replace obsolete items New product: a product new to the world, the market, the producer, the seller, or some combination of these There are 6 categories of new products: o New-to-the-world products: create an entirely new market o New product lines: allow firm to enter an established market o Additions to existing product lines: supplement a firms established line o Improvements or revisions of existing products o Repositioned products: existing products targeted at new markets or market segments o Lower-priced products: provide performance similar to competing brands @ lower price LO2: The New-Product Development Process Companies most likely to succeed in developing and introducing new products are those that: o o Use a company-specific approach, driven by corporate objectives and strategies, with a well-defined new-product strategy at its core o Capitalize on experience to achieve and maintain competitive advantage o Establish an environment conducive to achieving company-specific new-product and corporate objectives New-Product strategy: a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation o Specifies the roles that new products must play in the organizations’ overall plan o Describes the characteristics of products the organizations wants to offer and the market it wants to serve Idea generation: new product ideas come from many sources, including; o o Employees: marketing personnel often create new-product ideas
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o Distributors: often more aware of customer needs
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chapter 11 outline - BMGT350 Chapter 11 LO1 The Importance...

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