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Marketing . Charles W. Lamb, Jr. Joseph F. Hair, Jr. Carl McDaniel. Slides Created and Designed by Apple Mountain Software, Inc. http://www.apmtnsoft.com. Categories of New Products. New-To-The-World. New Product Lines. Six Categories of New Products. Product Line Additions.

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Slides created and designed by apple mountain software inc apmtnsoft

Marketing

Charles W. Lamb, Jr.

Joseph F. Hair, Jr.

Carl McDaniel

Slides Created and Designed by

Apple Mountain Software, Inc.

http://www.apmtnsoft.com


Categories of new products

Categories of New Products

New-To-The-World

New Product Lines

Six

Categories

of

New

Products

Product Line Additions

Improvements/Revisions

Repositioned Products

Lower-Priced Products


New product introductions

New Product Introductions

Technology

1.1%

Positioning

39.1%

New Formulation

47.8%

Packaging

8.6%

New Market

3.4%

Source: Statistical Abstract of the United States (1996), p. 548.


New product development process

New Product Development Process

New Product Strategy

Idea Generation

Idea Screening

Business Analysis

Development

Test Marketing

Commercialization

New Product


New product introductions in 1994

New Product Introductions in 1994

Food

3,883

Beverages

807

Health and

Beauty

2,655

Household

Products

378

Pet Products

161

Miscellaneous

87

Source: Statistical Abstract of the United States (1996), p. 548.


Why some new products succeed

Why Some New Products Succeed

Failure Factors

Poor match between product and market needs

Overestimation of market size

Incorrect positioning

Inappropriate price

Inadequate distribution

Poor promotion

Success Factors

Good match between product and market needs

Adequate target market size

Offers a clear, meaningful benefit

Distinguishable from substitute products

Offers unique, superior value

Organizational commitment to new product development


Organization for new product development

Organization for New Product Development

New Product

Committee

Structures

Used to

Facilitate

New Product

Development

New Product

Department

Venture Teams

Simultaneous

Product Development


The product life cycle

The Product Life Cycle

Introductory

Stage

Growth

Stage

Maturity

Stage

Decline

Stage

Product

Category Sales

Dollars

Product

Category Profits

0

Time


The importance of new products

The Importance of New Products

New product 1

New product 2

Sales volume

Sales volume

Dollars

Profits

Profits

+

0

Time


Adopters categories

Adopters’ Categories

ADOPTERS’ CATEGORIES BASED ON INNOVATIVENESS

Percentage of Adopters

Early

Adopters

13.5%

Late

Majority

34%

Early

Majority

34%

Laggards

16%

Innovators

2.5%

Time


The diffusion process

The Diffusion Process

Relationship of the Diffusion Process to the

Product Life Cycle

Introduction

Growth

Decline

Maturity

100

90

80

70

60

50

40

30

20

10

0

Product

life cycle

curve

Early majority

Cumulative Percentage of Adoption

Late majority

Early adopters

Innovators

Laggards

Diffusion

curve

Time of Adoption of Innovations


Rate of adoption

Rate of Adoption

Complexity

Compatibility

Characteristics

Affecting

New Product

Diffusion

Relative Advantage

Observability

Trialability


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