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Developing & Managing Products. Chapter 11. New Product Development. New-product Strategy. Link product development to MKT strategy 3M Identify markets and strategic roles Environmental scanning SWOT analysis. Source: http://www.logotecs.com. Idea Generation. Customers Employees

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new product strategy
New-product Strategy
  • Link product development to MKT strategy
    • 3M
  • Identify markets and strategic roles
    • Environmental scanning
    • SWOT analysis

Source: http://www.logotecs.com

idea generation
Idea Generation
  • Customers
  • Employees
  • Distributors
  • Vendors
  • Competitors
  • Research & Development
  • Consultants

Source: http://www.clker.com/clipart-9721.html

idea screening
Idea Screening
  • First filter
  • Committee Reviews
  • Concept test
business analysis
Business Analysis
  • Last checkpoint before capital is committed
    • Look at product and marketing strategy needed to commercialize it
    • Preliminary figures
development
Development
  • “Paper into prototype”
    • Testing against standards
  • Work on marketing mix
  • Team-based analysis
    • Internet
    • Customer panels
market testing
Market Testing
  • Company chooses a specific market, based on criteria
  • Advantages
  • Disadvantages
  • Internet
commercialization
Commercialization
  • Positioning and launching a product
  • Most expensive step
  • Slotting fee
  • Failure fee
diffusion of innovation
Diffusion of Innovation
  • Innovators (2.5%)
  • Early adopters (13.5%)
  • Early majority (34%)
  • Late majority (34%)
  • Laggards (16%)

Source: http://tutor2u.net

diffusion of innovation1
Diffusion of Innovation
  • Factors for Adoption
    • Complexity
    • Compatibility
    • Relative advantage
    • Observability
    • Trialability
  • Implications
the product life cycle
The Product Life Cycle
  • Introduction Stage
  • Growth Stage
  • Maturity Stage
  • Decline Stage
introduction stage
Introduction Stage
  • Create awareness and encourage customers to try the product
    • Advertising
      • Primitive demand
  • Distribution issues
  • Pricing issues
growth stage
Growth Stage
  • Rapid increases in sales
  • Competition
  • Advertising
    • Selective demand
  • Who is buying?
  • Distribution
maturity stage
Maturity Stage
  • Slowing sales and decreasing profits
  • Marketing strategy
    • Hold market share
decline stage
Decline Stage
  • Sales and profits drop
  • Marketing strategy
    • Deletion
    • Harvesting
product cycle dimensions
Product Cycle Dimensions
  • Length
  • Shape
    • Generalized product
    • High learning product
    • Low learning product
    • Fashion product
    • Fad product

Source: www.your90s.com

why do new products fail
Why do New Products Fail?
  • Insignificant “point of difference”
  • Incomplete market and product definition before development starts
  • Too little market attentiveness
  • Poor execution of marketing mix
  • Bad timing
  • No economical access to buyers