New product development life cycel

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Information about New product development life cycel
Business & Mgmt

Published on February 6, 2014

Author: ayeshakhalil3705



difference between product and services.
Product classification.
Product life-cycle strategies
New-product Development process.
Product-line decision and strategies.
how to firm become successful?

Idea generation Idea screening Business analysis Concept Development & Testing Test Marketing Commercialization

1. Idea generation 2. Idea screening 3. Concept development and testing 4. Marketing strategy development 5. Business analysis 6. Product development 7. Test marketing 8. Commercialization

. . . . . .

Idea screening refers to reviewing new-product ideas in order to drop poor ones as soon as possible

is the stage at which the product and marketing program are introduced into more realistic marketing settings Test marketing provides the marketer with experience in testing the product and entire marketing program before full introduction

o o o o o o o New product with large investment Uncertainty about product or marketing program When firms may not test market Simple line extension Copy of competitor product Low costs Management confidence

Customer acquisition Customer monitoring Creating valve for customer Customer retention Customer identification

Time Cost Competitors can monitor the test Competitor interference Competitors gain access to the new product before introduction

are panels of stores that have agreed to carry new products for a fee Less expensive than standard test markets Faster than standard test markets Competitors gain access to the new product

Simulated test markets are events where the firm will create a shopping environment and note how many consumers buy the new product and competing products. Provides measure of trial and the effectiveness of promotion. Researchers can interview consumers.

Successful new product development should be: o Customer-centered o Team-centered o Systematic

oProduct Class oProduct Form oBrand

o Customer-cantered o Team-cantered o Systematic

have the longest life cycles, with sales of many product classes in the mature stage for a long time have the standard PLC— shape, introduction, rapid growth, maturity, and decline have changing PLCs due to competitive threats

is when a company tries to increase consumption of the current product New users Increase usage of existing users New market segments modifying strategy is when a company changes one or more of the marketing mix elements Price Promotion Distribution channels when sales decline or level off for an extended time, creating a weak product o Maintain the product o Harvest the product o Drop the product

low high cost per customer negative create product awareness and trial offer a basic “core” product based primarily on cost :- build selective distribution heavy to entice product trial

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