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CHAPTER 9 PRODUCT STRATEGY
Developing New Products Product Life Cycle Branding Strategy
DEVELOPING NEW PRODUCTS New Product Process New Product Failures
NEW PRODUCT PROCESS Creative Ideas Time Creative Business Ideas Development and Testing Introduce New Product
SEARCH FOR CREATIVE IDEAS Create cross-functional committees Collect stakeholder ideas Listen to customers
TYPES OF CREATIVE IDEAS Never been done before Improved product technology Creative twist of an existing idea
CREATIVE IDEAS EXAMPLES Charles Schwab Ralph Lauren Polo Shirts Houston National Bank Blue Chip Forecast
Ralph Lauren Polo Shirt for Dogs
CREATIVE BUSINESS IDEAS Company Fit Financial Analysis - Feasibility study - Business Plan
COMPANY FIT Existing Production Fit Existing Distribution Fit Product Strategy Fit
FEASIBILITY STUDIES Studies of potential new products, with evaluations of resources and time in screening creative ideas
FEASIBILITY STUDY PROCESS Potential New Products Financial Viability Time and Resources Proceed or Drop Creative Idea
PRODUCT DEVELOPMENT AND TESTING Product development - Types of new products - Product design Testing - Beta testing - Store audits
COMMERCIALIZATION Launch new product Design and place promotions Fill distribution pipeline
NEW PRODUCT FAILURES Failure to define target market Lack of customer knowledge Poor product performance
NEW PRODUCT FAILURE EXAMPLES Betamax Harley Davidson Perfume Susan B Anthony Dollar
PRODUCT LIFE CYCLE Sales IntroductionGrowthMaturityDecline Time
STAGES OF PRODUCT LIFE CYCLE Stage SalesProfits Introduction Low Negative Growth ClimbingRising Maturity StablePeaking Decline DroppingDeclining
CHARACTERISTICS OF THE INTRODUCTION STAGE Negative Profits Heavy Promotion Cost Heavy Distribution Cost
INTRODUCTION STAGE EXAMPLES Electric vehicles Life Straw Astrata
ASTRATA THEFT BOX Stops motor on stolen trucks Locks doors remotely, trapping thieves Programmed to notify police
CHARACTERISTICS OF THE GROWTH STAGE Increasing Revenue Experience Curve Increasing Profits
GROWTH STAGE EXAMPLES Kindle Greek Yogurt Smart Phones Zip Lines Audio Books
SALES OF KINDLES 2009 2 million 2011 12 million
AUDIO BOOK SALES 1997$480 Million 2013$1,200 Million
CHARACTERISTICS OF THE MATURITY STAGE Intense Competition Maintain Promotion Layering Strategy
MATURE STAGE EXAMPLES Crayola Baby carrots Campbell soup
CONCEPT OF LAYERING Sales Time
LAYERING EXAMPLES Chicken Soup for the Soul Movies Dental Services
MOVIE EXAMPLES OF LAYERING Shrek Star Trek Halloween
LAYERING OF DENTAL SERVICES Cosmetic Straighten Teeth Bonding Teeth Whiten Teeth
DECLINE STAGE STRATEGIES Simplify Product Line Minimize Promotional Cost Discontinue Product Line Sell Product Line
DECLINE STAGE EXAMPLES Hostess Brands Kodak Yellow Pages PC Decline
YELLOW PAGES REVENUE 2005 14 Billion 2011 9 Billion
BRANDING STRATEGY Product Names Major Types of Branding Multiple Branding Strategy Brand Extension
PRODUCT NAMES Commodity Any company can use Grade Defined by government Brand Owned by a company
COMMODITY EXAMPLES Aspirin Gasoline Nylon
GRADING EXAMPLES Grade AA eggs Choice beef Organic foods
MAJOR TYPES OF BRANDING National Brands by Manufacturers Store Brands by Retailers
MANUFACTURING BRANDS ARE LOSING TO STORE BRANDS Mass media universe has shattered Mass channel universe has consolidated High gross margins for store brands
MULTIPLE BRANDING STRATEGY BLANKET BRANDS - Same brand name INDIVIDUAL BRANDS - Different brand names
EXAMPLES OF BLANKET BRANDS IBM Whole Foods (365) Costco (Kirkland)
EXAMPLES OF INDIVIDUAL BRANDS Yum Brands Sears
YUM BRANDS Pizza Hut Taco Bell Kentucky Fried Chicken
SEARS RETAIL BRANDS Kenmore Craftman Diehard
BRAND EXTENSION A company with a well-known brand uses that brand to market to a different product category.
BRAND EXTENSION SUCCESSES Visio JELL-O pudding IAMS pet insurance
BRAND EXTENSION FAILURES New Coke BIC pantyhose Hooter’s airline
MOST POWERFUL BRANDS IN 2013 #1) Apple #2) Microsoft #3) Coca Cola #4) IBM #5) Google
Section 30.1 Product Development Chapter 30 product planning Section 30.2 Sustaining Product Sales.
MANAGING PRODUCTS THROUGH PRODUCT LIFE CYCLE. Product Life Cycle The product life cycle describes the stages a new product goes through in the marketplace:
1 New-Product Development and Life-Cycle Strategies Chapter 9.
Course Name: Principles of Marketing Code: MRK 152 Chapter: Eight Developing New Products and Managing the Product Life-Cycle.
ENTREPRENEURSHIP I. Think about the last product you purchased…. Have you ever thought about who’s responsible for those products and what their job duties.
MANAGING PRODUCTS, SERVICES, AND BRANDS C HAPTER.
New-Product Development and Life-Cycle Strategies Chapter 9.
Product Management New Products Product Life Cycle New Product Development Process Innovations and Their Diffusion.
©2003 South-Western Chapter 9 Version 3e1 Developing and Managing Products Prepared by Deborah Baker Texas Christian University chapter 9 9.
9-1 Chapter 9 New Product Development and Product Life-Cycle Strategies PRINCIPLES OF MARKETING.
1Chap. 10 Marketing 7e Lamb Hair McDaniel ©2004 South-Western/Thomson Learning Developing and Managing Products Prepared by Deborah Baker Texas Christian.
New-Product Development and Product Life-Cycle Strategies Chapter 10.
Product Planning Sustaining Product Sales Chapter 30.2.
©2002 South-Western Chapter 10 Version 6e1 Developing and Managing Products Prepared by Deborah Baker Texas Christian University chapter 10.
1 Lamb, Hair, McDaniel CHAPTER 11 Developing and Managing Products.
Chapter 10 Developing and Managing Products. There are degrees of “newness” New to the World Discontinuous innovation Dynamically Continuous Innovation.
New-Product Development & Product Life-Cycle Strategies.
Chapter Eight New-Product Development and Product Life-Cycle Strategies.
9-1 Chapter 9 New-Product Development and Product Life-Cycle Strategies.
Copyright ©2008 by South-Western, a division of Thomson Learning. All rights reserved Chapter 10 Product planning is crucial to the launch and success.
Product Planning Ch. 30 ME. Product Planning, Mix and Development Section 30.1.
Product Life-Cycle The Product Life Cycle (PLC) has Five Stages Product Development, Introduction, Growth, Maturity, Decline Goal 1: Know the stages.
Product Life Cycle Marketing I. Product Life Cycle Product Life Cycle – stages a product goes through during its life in the marketplace ◦ 4 stages: introduction,
ENTREPRENEURSHIP I 4.03 – Understand Product/Service Management and Its Importance.
Unit 2 Product Planning Chapters 34. What is Product Planning? Product planning Making decisions about the production and sale of a business product Packaging,
Chapter 9 New-Product Development and Product Life-Cycle Strategies.
Key Concepts. The New-Product Development Process Long-term commitment Company-specific approach Capitalize on experience Establish an environment New.
CHAPTERS 30 & 31: BRANDING, PACKAGING, AND LABELING.
Marketing Management New Product Development and the Product Life Cycle Paul Dishman, Ph.D. Department of Business Management Marriott School of Management.
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9- 1 Chapter Nine New-Product Development and Product Life-Cycle Strategies.
1 Chapter 9 New-Product Development and Product Life-Cycle Strategies.
Chapter 10 Developing and Managing Products. Categories of New Products New-To-The-World New Product Lines Product Line Additions Improvements/Revisions.
Chapter 11 Copyright ©2012 by Cengage Learning Inc. All rights reserved 1 Lamb, Hair, McDaniel CHAPTER 11 Developing and Managing Products © imagesource/photolibrary.
Copyright 1999 Prentice Hall 9-1 Chapter 9 New Product Development and Product Life-Cycle Strategies PRINCIPLES OF MARKETING Eighth Edition Philip Kotler.
Unit 10 Product and Service Management Chapter 30Product Planning Chapter 31Branding, Packaging, and Labeling Chapter 32Extended Product Features.
Manage the Product Chapter Nine. Chapter Objectives Explain the different product objectives and strategies a firm may choose Understand how firms manage.
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Chapter 11: Developing and Managing Products Prepared by Amit Shah, Frostburg State University Designed by Eric Brengle, B-books, Ltd. Copyright 2010 by.
Chapter 11 Copyright ©2012 by Cengage Learning Inc. All rights reserved 1 Lamb, Hair, McDaniel CHAPTER 11 Developing and Managing Products ©
Chapter 9- slide 1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Chapter Nine New-Product Development and Product Life-Cycle Strategies.
1 Categories of New Products New-to-the-World New-to-the-world products (or discontinuous innovations) create an entirely new market and are the smallest.
2.2 Product Life Cycles Product Life Cycles describe changes in consumer demand over time based on the idea that no product will be in demand forever.
Product Life Cycles Instructor: Safaa S. Y. Dalloul Principles of Marketing Unit 5.
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