F11MKT300_NewProducts

F11MKT300_NewProduct - New product development& product Life-cycle strategies Failed Products HOW MANY NEW PRODUCTS DO YOU THINK WOULD FAIL New

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Unformatted text preview: New product development & product Life-cycle strategies # Failed Products HOW MANY NEW PRODUCTS DO YOU THINK WOULD FAIL ? ___ % # New Product Failure Objective Not all creative ideas give rise to NP success. 3000 ideas 1 NP = 1. New product development strategies 2. New product development process Objective New products come and go. 3. Product Life-Cycle (PLC) stages 4. Marketing strategies for PLC stages New Product Development Strategies Two ways to obtain new products Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product New product development refers to original products, product improvements, product modifications, and new Reasons for New Product Failure # Failed Products (1) How to Find New Product Ideas New Product Development (NPD) Process Major Stages of NPD Process (1) Idea Generation Idea generation is the systematic search for new-product ideas (internal and external) Internal sources refer to the company’s own formal research and development, management and staff, and intrapreneurial programs Samsung, VIP Center (1) Idea Generation Idea generation is the systematic search for new-product ideas (internal and external) External sources refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms “Someone outside your organization today knows how to answer your specific question and solve your specific problem. You need to find them and find a way to work collaboratively and productively with them.” – P&G’s CEO (1) Idea Generation (2) Idea Screening...
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This note was uploaded on 01/23/2012 for the course MARKETING 300 taught by Professor Lim during the Fall '11 term at Wisconsin.

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F11MKT300_NewProduct - New product development& product Life-cycle strategies Failed Products HOW MANY NEW PRODUCTS DO YOU THINK WOULD FAIL New

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