Chapter 6 - Announcements Chapter 6: New product...

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Unformatted text preview: Announcements Chapter 6: New product development and the management of the product life cycle Learning Outcomes 1. Indicate why new products are important to businesses. 2. Explain what is meant by the concept new product by providing relevant examples of the five categories. 3. Discuss the different steps of the new product development process. 4. Provide reasons for the failure of new products. 5. Discuss the adoption process whereby consumers accept new products. 6. Differentiate between the basic stages of the product life cycle. 7. Predict how marketing objectives, strategies and characteristics could change as the product moves through the product life cycle. IMPORTANCE OF NEW PRODUCTS IMPORTANCE OF NEW PRODUCTS To remain competitive. Growth and profitability objectives Replace declining products Product obsolescence Changing consumer needs TYPES OF NEW PRODUCTS TYPES OF NEW PRODUCTS 5 categories: New-to-the-world products New product line Additions to existing product lines Product improvements and replacements Repositioning of products PRODUCT DEVELOPMENT PROCESS PRODUCT DEVELOPMENT PROCESS End development process Not viable 1. Idea generation 1. Idea generation 2. Idea screening 2. Idea screening2....
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This note was uploaded on 06/02/2011 for the course ECON 231 taught by Professor Anon during the Spring '11 term at Rotterdam Business School.

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Chapter 6 - Announcements Chapter 6: New product...

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