Chapter9 New Product Development And Plc
- 1. Resources: Marketing an Introduction / Gary Armstrong, Philip Kotler New Product Development and Life Cycle Strategies
- 2. New Product Development Strategy Idea generation Idea screening Concept development and testing Marketing strategy Business analysis Test marketing Commercialization Product development
- 3. Idea Generation and Screening Generation Process Internal sources Customers Competitors Distributors and suppliers Screening Process Usefulness Relevance to strategy Resources Advertising and etc.
- 4. Concept Development and Testing Concept Development Detailed version of new product idea stated in meaningful consumer terms. Concept Testing Involves testing new product concept with groups of target consumers.
- 5. Marketing Strategy Target market Product positioning Sales, market share, profit goals for few years Product price Distribution Marketing budget for first years Long-run sales Profit goals Marketing mix strategy Part 1 Part 2 Part 3
- 6. Business Analysis A review of the sales, costs , and profit projections for a new product to find out whether these factors satisfy the company’s objectives .
- 7. Product Development Developing the product concept into a physical concept in order to ensure that the product idea can be turned into a workable product .
- 8. Test Marketing The stage of new product development in which product and marketing program are tested in more realistic marketing settings .
- 9. Commercialization Introducing a new product into the market .
Editor's Notes
- #2: Philosophy Recognition that our customers are unique with their own culture, image, workplace issues, change rates Recognition that standard solutions do not work Recognition that each customer needs to be treated as and individual market Manufacturing Flat organizational structure, easy to get to the right resources, greater empowerment Mass customization Vs. mass production Highly vertical and highly integrated operation Cellular organization - lot size of one