mp week eight - Marketing Principles This week Chapter 9...

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MKTG1001: Semester 1 Marketing Principles This week… N ew P rod ucts Success/failu re of N roducts T he N uct D evelopm en t rocess roduct L ife C ycle (P L C ) Chapter 9
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MKTG1001: Semester 1 D eveloping and L aun ching a C red it C ard A Marketing Case Study
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MKTG1001: Semester 1 The idea… Credit Union (Lacking a Credit Card) Executive team agrees that it should be developed Research identifies that it is a key ‘relationship ’ product W hat is a credit union?
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MKTG1001: Semester 1 The Concept Development Com petitive research is conducted Product design is discussed w ith the IT people A product design is developed – for a com petitive advantage The product design is reviewed The product design is now ith the C EO
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MKTG1001: Semester 1 Back to Square One. .. Then. .. Long lead tim e to convince Eventually goes into development E ssentially the “no frills” credit card IT development and testing Marketing development
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MKTG1001: Semester 1 Marketing Development Direct mail letter 1 Newspaper commercial Branch posters Direct mail letter 2 Radio commercial Staff training External telemarketing Media release (TV show) Staff bonuses (Sales team)
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MKTG1001: Semester 1 Great success and (big problem) Around a 10% response rate from the direct mail External telemarketing limited to top 1,000 T/M customers Sales people earning $5 an application – very happy But not all the staff were happy – in the loans section
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MKTG1001: Semester 1 The Steps. .. The idea Concept Development – how it actually works Business Analysis – deciding to go ahead and launch Technical (IT) and marketing development Launch phase Controlling for problems after launch
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MKTG1001: Semester 1 What are NEW Products?
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What is a New Product? New to the world Brand new invention, not available in the market before New category Existing product in market, but NEW type of product to the firm Product line extension Variety of existing product already offered by the firm Product improvement “New and improved” existing product Repositioning Change of image, use, or target market for an existing product
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Famous Australian Inventions Black box flight recorder 1954 Hills hoist clothes line 1912 Pre-paid postage 1838 Bionic ear 1978 Milo 1932 Electric drill 1889 Vegemite 1923 Aspro 1915 Ute 1934 Two stroke lawn mower 1930 Wine cask 1965 First movie 1906 Box kite 1894 Roller door 1956 Electronic pacemaker 1926 Freestyle swimming 1905
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MKTG1001: Semester 1 New Product Return New to the world High risk/return Breakthrough opportunity New category Medium risk/return Takes firm into new product area Product line extension Low risk/return More of similar products Product improvement Low risk/return Maintain competitiveness Repositioning Medium risk/return For poor performing products
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Why introduce NP’s Growth via increased sales to existing markets Growth via new segments Meet changing needs Attack competitors Stronger customer relationships Maintain market positioning Company goals Underutilised assets New technology Need to diversify Leverage brand Legislative changes
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Some examples Firm’s plan to be no. 1 in the
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mp week eight - Marketing Principles This week Chapter 9...

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