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MARKETING AN INTRODUCTION Armstrong/Kotler MARKETING AN INTRODUCTION Armstrong/Kotler 8 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice.

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Presentation on theme: "MARKETING AN INTRODUCTION Armstrong/Kotler MARKETING AN INTRODUCTION Armstrong/Kotler 8 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice."— Presentation transcript:

1 MARKETING AN INTRODUCTION Armstrong/Kotler MARKETING AN INTRODUCTION Armstrong/Kotler 8 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Developing New Products and Managing the Product Life-Cycle 8

2 8 -2 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Chapter Outline New-Product Development Strategy The New-Product Development Process Managing New-Product Development Product Life-Cycle Strategies Product Decisions and Social Responsibility International Product and Services Marketing

3 8 -3 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Today’s Outline New product development process Class activity three

4 8 -4 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall What do you think about these NEW PRODUCTS? Smucker’s ketchup Gerber’s beef mushroom gravy Fruit of loom detergent Eagle snacks (Anheuser-Busch)

5 8 -5 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 5 LO 3 Why New Products Fail No discernible benefits Poor match between features and customer desires Overestimation of market size Incorrect positioning Price too high or too low Inadequate distribution Poor promotion Inferior product

6 8 -6 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall New-product Development Strategy New-product development is the development of original products, product improvements, product modifications, and new brands through the firm’s own product- development efforts.

7 8 -7 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall The New-product Development Process

8 8 -8 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Idea Generation Internal Idea Sources External Idea Sources

9 8 -9 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall 9 Idea Generation

10 8 -10 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Idea screening Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible. Real – Any real need and wants from customer? Win – Any competitive advantage? Worthdoing – Sufficient profit?

11 8 -11 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Concept Development and Testing Product concept is a detailed version of the new-product idea stated in meaningful consumer terms.

12 8 -12 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Concept Development and Testing Concept testing is testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

13 8 -13 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Concept Testing Questions Battery-Powered Electric Car

14 8 -14 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Marketing Strategy Development Step 1 Target market Planned value proposition Sales Market share Profit goals Step 2 Price Distribution Marketing budget Step 3 Long-run sales Profit goals Marketing mix strategy Marketing Strategy Statement

15 8 -15 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Business Analysis Business analysis is a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives.

16 8 -16 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Product development Product development is developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.

17 8 -17 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Test marketing Test marketing is the stage of new-product development in which the product and marketing program are tested in realistic market settings.

18 8 -18 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Commercialization Commercialization involves introducing a new product into the market.

19 8 -19 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall New Product Development Process

20 8 -20 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Customer-Centered New-Product Development New-product development that focuses on finding new ways to solve customer problems and create more satisfying customer experiences.

21 8 -21 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Class activity four New product development

22 8 -22 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Systematic New-Product Development The new-product development process should be holistic and systematic rather than compartmentalized and haphazard.

23 8 -23 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Product Life-cycle Strategies

24 8 -24 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Style, Fashion, and Fads

25 8 -25 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Summary of Product Life-Cycle Characteristics, Objectives, and Strategies

26 8 -26 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Summary of Product Life-Cycle Characteristics, Objectives, and Strategies

27 8 -27 Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall General Mills Video Case


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