Lesion 7 Overview For many organizations developing a new product or revising

Lesion 7 overview for many organizations developing a

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Lesion 7 Overview For many organizations, developing a new product or revising the marketing mix for an existing one is a hit-or-miss procedure. Decisions about branding, packaging, and even product attributes are often made quickly without consulting all internal departments or even confirming what customers want. This type of casual attitude to products results in a high number of product failures in the market and can be detrimental to a company’s bottom line. There are some easy steps companies can follow to help increase a product’s chances for success. Lesson 7 explores these steps in detail. It is estimated that nearly 80 per cent of new consumer packaged goods fail. Companies who want to thrive must become good at developing and maintaining new products. All products go through a life cycle of introduction, growth, and decline. However, companies can take steps to manage this life cycle, either to lengthen the life of the product or to make changes to the product and so breathe new life into it. Lesson 7 describes ways to manage the new-product development cycle. It also provides tips on how to get the most out of the life of both new and existing products on the market. Readings Read Chapters 8 and 9 of the textbook. Read the Notes in this online Study Guide. As you read, keep in mind the learning objectives for this lesson. Pay special attention to Table 8.1 on page 282 of the textbook. It is a good reference guide to consumer product categories and marketing considerations. Note Table 8.2 on page 295 of the textbook. It provides a good overview of product life-cycle characteristics, objectives, and strategies. Take time to study Figure 8.6 on page 303 of the textbook. It illustrates four characteristics of services. Learning Objectives After completing this lesson, you will be able to 1. define product, and describe the main classifications of products and services. (textbook, pp. 278–282)
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2. list and describe the steps in the new-product development process from idea generation and screening to commercialization. (textbook, pp. 282–291) 3. describe product life-cycle stages, and explain how marketing strategies change over the life cycle of a product. (textbook, pp. 291–297) 4. describe the decisions firms make when developing product lines and mixes. (textbook, pp. 282–291) 5. identify the four characteristics that influence the marketing of a service. (textbook, pp. 302–307) 6. define and describe the concept of a brand. (textbook, pp. 322–326) 7. discuss the main characteristics of brands. (textbook, pp. 326–329) 8. list and describe the major strategic and ongoing branding management decisions. (textbook, pp. 329–336) 9. explain the various ways marketers can engage consumers through brand communications. (textbook, pp. 336–342) Review Questions Turn to the Discussion Questions on page 345 of the textbook and answer Questions 1, 2, and 3. You should not proceed to the next lesson until you have completed these questions.
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