Session 17 - New Products 1

Session 17 - New Products 1 - New Products 1 Session 17...

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Session 15 – New Products 1 1 New Products 1 Session 17 Introduction to Marketing Professor Greenleaf Fall 2011
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Session 15 – New Products 1 2 Today’s Agenda Why firms need new products New product successes and failures Consumer adoption of new products New Product Development Process
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3 Why do firms need new products? Many great marketing successes (and failures) involve new products Success Failure Apple iPhone Apple Newton Cell phones Iridium satellite phone DVD RCA laser disc Solid state memory Zip drives (brief success)
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Session 15 – New Products 1 4 The Product Life Cycle
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Session 15 – New Products 1
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7 Are wristwatches in decline? NYT 3.19.11
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8 Product life cycles are getting shorter NYT 8.23.11
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9 Some products have a long decline or even a “second life” NYT 10.26.11
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Session 15 – New Products 1 10 Why do firms need new products? New products are a firm’s “life blood” Need new products to replace declining ones Firms that cannot create successful new products disappear Polaroid Blockbuster Video Kodak?
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(Artwork by Andy Warhol)
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Session 15 – New Products 1 14 Many firms are scared of new products Expensive $10-$100 million for new food product Risky 80% failure consumer package goods RJR lost $250 million on Premier cigarettes Motorola lost $5 billion on Iridium Proctor & Gamble lost hundreds of millions on Olestra fat substitute
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Session 15 – New Products 1 17 WSJ 4.24.10 New drug failures can cost over $1 billion each
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18 Don’t wait too long to introduce new products CNET News 8.10.10
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Session 15 – New Products 1 19 Firms need to encourage new products NYT 9.26.10
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Session 17 - New Products 1 - New Products 1 Session 17...

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