MGT 3300 Note 8

MGT 3300 Note 8 - June 6th, 2011 Marketing management...

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Marketing management June 6th, 2011
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Innovations What is an innovation? Anything a consumer perceives as NEW Keep in mind that they can be Tangible product - iPod Services - Facebook Ideas –Adopt a lobster Trap
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Innovations can be A new product GPS, iPod, iPad A new style of an existing product When computers went to laptops A new manufacturing technique for an existing product A variation on an existing product A new package for an old product A new deliver system for an existing product
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The innovation Continuous Modification of an existing product, new version or tweak to existing product Most innovations are this type Often used to differentiate from competitors Cherry Coke Dynamically continuous a more pronounced change, a stride Digital cameras
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Even large, successful companies can make bad choices Famous Failures Ford Edsel Microsoft Bob Sony Betamax New Coke Webvan
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Diffusions of innovation How are new products and services accepted in the marketplace by the public?
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Test Marketing A limited introduction of a product in geographic areas chosen to present the intended market Test markets must be a representative sample of the target market The aim is to determine the extent to which customers will buy the product
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Test marketing benefits and risks Benefits Lets marketers measure sales performance in a natural marketing environment An opportunity to identify weaknesses in the product or marketing mix Allows for experimentation with advertising, pricing and packaging. Risks Expensive
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commercialization Refining and finalizing plans and budgets for fell-scale manufacturing and marketing of a product Marketing managers analyze test marketing results and refine product/marketing mix before
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This note was uploaded on 03/06/2012 for the course MGT 3300 taught by Professor Sanjay during the Summer '08 term at Georgia Tech.

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MGT 3300 Note 8 - June 6th, 2011 Marketing management...

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