Chapter_10_-_product_management

Chapter_10_-_product_management - Study Guide for Marketing...

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Unformatted text preview: Study Guide for Marketing 431 Summer 2009 Chapter 10 Product Management New product development Need for innovation Marketing is a moving target Technological change Competition Copycat products In order to thrive, a business must introduce successful new products Profit leaders 39% of sales from new products Profit laggards 23% of sales from new products Tretheway, 1998 Definition of new What is a new product FTC: Significantly changed Less than six months old New to the company Study Guide for Chapter 10 Product Management Page 1 Marketing 431, Summer 2009 2009 Line extension New technology Revolutionary new product Consumer perspective Continuum from small, incremental changes to radically different products Continuous innovation Modification of an existing product Create distance from the competition Positioning Eliminate distance from competition Knockoffs Easy to do, easy to imitate Incremental vs sustainable advantage Dynamically continuous innovation New to the customer Same benefits, new package Requires consumer education Convergence Coming together of two or more technologies to create synergies Study Guide for Chapter 10 Product Management Page 2 Marketing 431, Summer 2009 2009 Discontinuous innovations New to the world Major changes to the way we live Internet Why new products fail Innovation is not easy 80%* of new products fail Good ideas dont make it to the market Bad ideas make it to the market From research Insignificant point of difference Incomplete market and product definition Too little market attractiveness Poor execution of marketing mix Poor product quality Bad timing Study Guide for Chapter 10 Product Management Page 3 Marketing 431, Summer 2009 2009...
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This note was uploaded on 10/16/2011 for the course MKTG 431 taught by Professor Brucerobertson during the Spring '07 term at S.F. State.

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Chapter_10_-_product_management - Study Guide for Marketing...

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