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MARKETING MANAGEMENT 12 th edition

20 Introducing New Market Offerings. MARKETING MANAGEMENT 12 th edition. Kotler Keller. Chapter Questions. What challenges does a company face in developing new products? What organizational structures are used to manage new-product development?

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MARKETING MANAGEMENT 12 th edition

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  1. 20 Introducing New Market Offerings MARKETING MANAGEMENT12th edition Kotler Keller

  2. Chapter Questions • What challenges does a company face in developing new products? • What organizational structures are used to manage new-product development? • What are the main stages in developing new products? • What is the best way to set up the new-product development process? • What factors affect the rate of diffusion and consumer adoption of newly launched products?

  3. Categories of New Products • New-to-the-world • New product lines • Additions to product lines • Improvements to products • Repositionings • Cost reductions

  4. Factors That Limit New Product Development • Shortage of ideas • Fragmented markets • Social and governmental constraints • Cost of development • Capital shortages • Faster required development time • Shorter product life cycles

  5. Venture Team Cross-functional group charged with developing a specific product or business; Intrapreneurs are relieved of other duties and provided a budget and time frame.

  6. Criteria for Staffing Venture Teams • Desired team leadership style • Desired level of leader expertise • Team member skills and expertise • Level of interest in concept • Potential for personal reward • Diversity of team members

  7. Idea Generation: Creativity Techniques • Attribute listing • Forced relationships • Morphological analysis • Reverse assumption analysis • New contexts • Mind mapping

  8. Variations on Failure • Absolute product failure • Partial product failure • Relative product failure

  9. Concepts in Concept Development • Product idea • Product concept • Category concept • Brand concept • Concept testing

  10. Concept Testing • Communicability and believability • Need level • Gap level • Perceived value • Purchase intention • User targets, purchase occasions, purchasing frequency

  11. Marketing Strategy • Target market’s size, structure, and behavior • Planned price, distribution, and promotion for Year 1 • Long-run sales and profit goals and marketing-mix strategy over time

  12. Product Development • Quality function deployment (QFD) • Customer attributes • Engineering attributes

  13. Prototype Testing • Alpha testing • Best testing • Rank-order method • Paired-comparison method • Monadic-rating method • Market testing

  14. Consumer Goods Market Testing • Sales-Wave Research • Simulated Test Marketing • Controlled Test Marketing • Test Markets

  15. Test Market Decisions • How many test cities? • Which cities? • Length of test? • What information? • What action to take?

  16. Timing of Market Entry • First entry • Parallel entry • Late entry

  17. Criteria for Choosing Rollout Markets • Market potential • Company’s local reputation • Cost of filling pipeline • Cost of communication media

  18. Consumer-Adoption Process Adoption is an individual’s decision to become a regular user of a product.

  19. Stages in the Adoption Process Awareness Interest Evaluation Trial Adoption

  20. Adopter Categorization • Innovators • Early adopters • Early majority • Late majority • Laggards

  21. Characteristics of an Innovation • Relative advantage • Compatibility • Complexity • Divisibility • Communicability

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