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Product Development & Planning. After we have:. Come up with a conceptual product idea. Profiled our target market (“customer”). Performed a SWOT analysis (“competition”). It is time to move on to the 4 P’s in our marketing plan……. Let’s look at our 1 st “P”............... .

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slide2

After we have:

  • Come up with a conceptual product idea
  • Profiled our target market (“customer”)
  • Performed a SWOT analysis (“competition”)

It is time to move on to the 4 P’s in our marketing plan……

slide4

“new” products are created as the result of an idea or perceived “gap” in the current world

  • it usually arises from a need or want that can’t be immediately filled and leads to the question:

“Why don’t I create and sell that product?”

slide5

“Product” Definition:

  • A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value.
  • “Product Planning” Definition:
  • refers to the systematic decision making related to all aspects of the development and management of a firm’s products
slide6

In order for a new product idea to succeed, it must

  • be or have:
  • Desirable attributes for their target market
  • Be unique
  • If the new product isn’t, it is doomed to fail
slide7

When a new idea is generated, the next stage is to do some research…

This research will focus on answering:

  • “Can we produce it?”
  • “Can we sell it?”
slide8

When a “new” product idea is created, the “new” idea or product is either an “invention” or “innovation”

1. “Invention”

  • New devices , methods or processes developed from research and experimentation
  • An original solution (product / service) that hasn’t existed up until you created it
  • “Innovation”
  • A product or service that that is new to the market, yet it arises as a result of changing / improving an existing product / service
slide9

“Feasibility Research”

  • Research conducted to determine if a business idea or opportunity is possible, practical and viable
  • “can it be done and is it worth it?”
  • Each element of the new idea must be thought through in order to determine if the idea should be acted upon
  • All ideas need to go through this research….but to differing levels
slide10

STAGES OF PRODUCT DEVELOPMENT

  • If the “feasibility research” finds that the idea is worth pursuing and is “doable”, the product development process begins
  • This process involves 8 stages that every product needs to go through in order to “be brought to market”:
slide11

Idea Generation

  • An invention or innovation as a result of a gap in the current market
  • An idea to produce a product or service not currently available

2. Idea Screening

  • Not all ideas are good ones (ie – New Coke, McPizza)
  • Marketers need to test consumer reaction to their idea before they continue
  • Throw the idea around and see what people think
slide12

Concept Development

  • If the feedback from consumers and your business associates is positive, a prototype or sample is created
  • This stage will allow you to see if the product works and to allow your target market to use it / provide feedback for improvements, etc..
  • Market Strategy
  • The development of your marketing strategy
  • Determine your target market and how to use the 4 Ps to optimally sell them your product
slide13

Feasibility Analysis / Study

  • At the end of the day, is it “doable” and worthwhile?
  • Often done at the same time as the product design and market strategy stages
  • Many questions are answered in this stage
  • Ie:
      • Materials / labour required
      • Price of production
      • Distribution channels
      • Cost of promotion
  • This analysis will simply answer the following question:
  • “Can we make and sell this product and make money doing it?”
slide14

Product Design

  • What the product will look like
  • The design will depend on what it does and what the target market want
  • Test Marketing
  • Test acceptance of the product
  • Usually occurs by offering the product to a random sample of your target market
  • Customer feedback is used to improve the venture and determine whether the product should “go to market”
slide15

Market Entry

  • The product is officially “in the market” and being sold to all
  • The “Product Life Cycle” begins and it’s life will be determined by the consumer market, competition and further product advances
slide16

As a result, “new” products are being continually created as the result of new ideas

  • In order to ensure success, marketers must perform a “Feasibility Study” and use the “Product Development” process to create, plan and test their ideas before committing them to market
  • Following this process provides a new product with a much better chance of success
slide17

Why New Products Fail !!

  • there are a variety of reasons for why a new product fails……here are the most popular:
  • Not different
  • Poor marketing plan
  • Poor timing
  • Poor product quality
  • Target market too small