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Chapter 10: Developing New Products and Services
Transcript of Chapter 10: Developing New Products and Services
and Why they Succeed or Fail Variations
of Product 1. Insignificant point of difference The Product What is New Product? Functionally Different from Existing Products
FTC: Newness = 6 Months or less After Regular Distribution
Company: Simply Anything Different
Developing New Product Production Goods Classifying Business Goods Classifying
Product Line Product Line and Product Mix Classifying Consumer Goods and Services Resources The New-Product Process Product Mix a group of products that are closely related because they satisfy a class of needs, are used together, are distributed through the same type of outlets, or fall within a given price range. the number of product lines offered by a company. Product Line Product Line and Product Mix Product Mix a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range. the number of product lines offered by a company. Type of User Classifying Products Degree of Tangibility Consumer goods - products purchased by ultimate consumer
Business goods - products that assist directly or indirectly in providing products fore resale. Nondurable good - consumed in a few uses
Durable good - one that usually last over a number of uses
Services - activities, benefits, or satisfactions (intangible) Four I's of Services The Uniqueness of Services Intangibility - services are intangible
Inconsistency - depend on people who provide them
Inseparability - consumers often cannot distinguish the deliverer of the service from the service itself.
Inventory - different from that of goods.
Product goods, services, or idea consisting of tangible and intangible features Support Goods items used in manufacturing process that become part of the final product items used to assist in producing other goods and services Classifying Services Delivered by people or equipment
Profit or Nonprofit Organizations
Government sponsored Continuous innovation
Dynamically continuous innovation
Discontinuous Innovation Marketing Reasons for New-Product Success and Failure product must have superior characteristics that deliver unique benefits to the user compared to those of competitors.
2. Incomplete market and product definition before product development starts
a new product needs a protocol
well-defined target market
specific customer's needs, wants, and preferences
what the product will be and do 3. Too little market attractiveness
4. Poor execution of marketing mix (4P's)
5. Poor product quality or sensitivity to customer needs on critical factors.
6. Bad timing
7. No economical access to buyers Class Activity Class must be divided into two (2) teams
Then each team will then be divided in to three (3) sub-groups.
10 minutes will be given for each team to prepare for the activity
Each team will be given 12 minutes to present their work in the class. Thank you for participating and cooperating!!