Chapter 8 - Product Strategy

Chapter 8 - Product Strategy - CHAPTER 8 PRODUCT STRATEGY...

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CHAPTER 8 PRODUCT STRATEGY
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PRODUCT STRATEGY Developing New Products Product Life Cycle Branding Strategy Product Replacement
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DEVELOPING NEW PRODUCTS New Product Process New Product Issues
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NEW PRODUCT PROCESS Creative Ideas Time Creative Business Ideas Development and Testing Introduce New Product
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NEW PRODUCT PROCESS Creative Ideas Creative Business Ideas Product Development and Testing Commercialization
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SEARCH FOR CREATIVE IDEAS Create cross-functional committees Develop employee incentive programs Collect stakeholder ideas Listen to customers
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TYPES OF CREATIVE IDEAS Never Been Done Before Improved Product Technology Creative Twist of an Existing Idea
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CREATIVE IDEAS Encourage employees to suggest new ideas It is better to disrupt and cannibalize yourself than for a competitor to do it to you
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CREATIVE IDEAS EXAMPLES Charles Schwab Ralph Lauren Polo Shirts Houston National Bank
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CREATIVE BUSINESS IDEAS Preliminary Company Fit Financial Analysis - Business Plan - Feasibility study
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COMPANY FIT Existing Production Fit Existing Distribution Fit Product Strategy Fit
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FEASIBILITY STUDIES Studies of potential new products, with evaluation of resources and time in screening creative idea
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FEASIBILITY STUDY PROCESS Potential New Products Product Financial Viability Evaluate Time and Resource Investments Recommend to Proceed or Drop Creative Idea
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PRODUCT DEVELOPMENT AND TESTING Product development - Types of new products - Product design Testing - Beta testing - Store audits
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COMMERCIALIZATION Launch new product Design and place promotions Fill distribution pipeline Importance of timing
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Chapter 8 - Product Strategy - CHAPTER 8 PRODUCT STRATEGY...

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