MKTG
Class 11 - New Products & Innovation.pptx

Timing launch prof charles byers c 2018 process of

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Timing & Launch Prof. Charles Byers (c) 2018 Process of developing new products can be relatively quick or slow Delays caused by Internal activities such as testing External factors such as regulations e.g., New pharmaceuticals take years Promotional efforts are intended to create enough sales to recoup development costs Realization of the “Place” & “Promotion”
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Product Life Cycle Describes the evolution and duration of a product in the marketplace Phases have predictable sales and profits as well as optimal marketing actions 1 6
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Technology Adoption 1 7
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Adoption Life Cycle Innovators: first 3–5% Like to try new products; willing to take risks Early adopters: next 10–15% Even more influential as opinion leaders because the group is bigger Early majority: next 34% More risk averse Waiting to hear about favorable experiences from early adopters 1 8
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Adoption Life Cycle Late majority: next 34% Even more cautious Often older and more conservative Want to buy only proven products Laggards or non-adopters: next 5–15% Most risk averse Skeptical of new products Stereotypically lower in income Product category may not be relevant to them 1 9
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Discussion Question Use the diffusion of innovation model to explain the growth of the Smartphone market.
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