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 Groupon, quick growth but beginning to level off Branding Strategy Store Brand Getting a bigger share of the market
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DEVELOPING NEW PRODUCTS New Product Process New Product Failures
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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 Development and Testing Commercialization
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SEARCH FOR CREATIVE IDEAS Create cross-functional committees Get people from different divisions. Ex marketing, accounting, sales, SCM, engineers to work on project Develop employee incentive programs Toyota had a suggestion box for ideas, if your idea came through then you get bonus Collect stakeholder ideas Employees, customers, government, banks, sales force Listen to customers Customer complaints
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TYPES OF CREATIVE IDEAS Never Been Done Before Improved Product Technology Creative Twist of an Existing Idea Ryan airline Southwest of Europe
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CREATIVE IDEAS Encourage employees to suggest new ideas It is better to cannibalize yourself than for a competitor to do it to you
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Charles Schwab-Financial Collect 10 10,000 Cds for 100,000 for higher interest. Ralph Lauren Polo Shirts Polo for dogs, only online, popular Houston National Bank Started as 1 bank, cox’s friend developed software for bank. Chapter 7 bankruptcy. After 2 years deposits double. Grew and
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This note was uploaded on 04/05/2012 for the course MARK 3336 taught by Professor Cox during the Spring '08 term at University of Houston.

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

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