New Product Strategy Notes

New Product Strategy Notes - MKTG 3104 New Product Strategy...

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MKTG 3104 New Product Strategy
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CLASS OBJECTIVES 1. What are innovations and why are they important? 2. What makes new products fail? Diffuse quickly or slowly? 3. How can you use the adoption process model to diagnose problems for new products?
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TYPES OF INNOVATION New defined from a customer perspective? Does it change behavoir? Continuous Dynamically Continuous Discontinuous ( no change dipping ketchup ( significant change in customer behavior) packets in customer behavior) less risk/reward high risk/reward
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Why do new products fail? MARKETING REASONS Insignificant points of difference *** Overestimated market attractiveness Poor product quality Bad timing No economical access to buyers -hard for new products to get into grocery stores because of limited shelf space ORGANIZATIONAL REASONS (see
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SPEED OF DIFFUSION How quickly an innovation spreads through a market or culture. What makes innovations diffuse more
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New Product Strategy Notes - MKTG 3104 New Product Strategy...

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