DEVELOPING NEW PRODUCTS AND SERVICES

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Presentation transcript:

DEVELOPING NEW PRODUCTS AND SERVICES

THE VARIATIONS OF PRODUCTS Product Line and Product Mix Classifying Products Type of User Consumer goods Business goods Degree of Tangibility Services and New-Product Development

CLASSIFYING CONSUMER AND BUSINESS GOODS Classification of Consumer Goods Convenience goods Shopping goods Specialty goods Unsought goods

Classification of consumer goods

CLASSIFYING CONSUMER AND BUSINESS GOODS Classification of Business Goods Production Goods Support Goods Installations Accessory Equipment Supplies Services

NEW PRODUCTS AND WHY THEY SUCCEED AND FAIL What is a New Product? Newness Compared with Existing Products Newness in Legal Terms Newness from the Company’s Perspective Newness from the Consumer’s Perspective

Consumption effects define newness

NEW PRODUCTS AND WHY THEY SUCCEED AND FAIL Marketing Reasons for Failures Insignificant “point of difference” Incomplete market and product definition (Protocol) Too little market attractiveness Poor execution of the marketing mix Poor product quality or sensitivity Bad timing No economical access to buyers

NEW-PRODUCT PROCESS

THE NEW-PRODUCT PROCESS New-Product Strategy Development Objectives of the Stage: Identify Markets and Strategic Roles 3M: Cross-Functional Teams, Six Sigma, and Lead Users

THE NEW-PRODUCT PROCESS Idea Generation Customer and Supplier Suggestions Employee and Co-Worker Suggestions Research and Development Breakthroughs Competitive Products

THE NEW-PRODUCT PROCESS Screening and Evaluation Internal Approach External Approach

THE NEW-PRODUCT PROCESS Business Analysis Development Market Testing Test Marketing

Six important U.S. test markets

THE NEW-PRODUCT PROCESS Market Testing Simulated Test Markets When Test Markets Don’t Work

THE NEW-PRODUCT PROCESS Commercialization Burger King’s French Fries: The Complexities of Commercialization The Risks and Uncertainties of the Commercialization Stage Slotting fee Failure fee Speed as a Factor in New-Product Process

Marketing information and methods used in the new-product process

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