Chapter 11 notes - Chapter 11 Product Innovation &...

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Chapter 11 Product mix - the collective entirety of product lines and products a company offers Product planning - outlines the focus given to core businesses (current products in current segments), market development (new segments for current products), product development (new products for current segments), or diversification (products totally new to the company for new segments). Market development - occurs when existing products are offered to new segments. Example: Ralph Lauren extended to include big and tall customers. Product development - occurs when companies make new products for existing market segments. Example: Pizza Hut’s Tuscani Pastas. Line extension - developing new products that are closely related to existing ones Diversification - occurs when new products are introduced into new market segments. Example: Nintendo released the Wii. Types of product innovation Continuous innovation - a minor change to a familiar product, such as a new style or model that can be easily adopted without significant alterations in consumer behavior. Example: Campbell’s Soup at Hand. Dynamically continuous innovation - endows a familiar product with additional features and benefits that require or permit consumers to alter some aspect of their behavior.
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This note was uploaded on 12/04/2011 for the course MKT 300 taught by Professor Gilbertharrell during the Spring '09 term at Michigan State University.

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Chapter 11 notes - Chapter 11 Product Innovation &...

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