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Ch. 20 Introducing New Market Offerings

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by

leslie lupian

on 22 April 2014

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Transcript of Ch. 20 Introducing New Market Offerings

Today's Schedule
1. New Product Options
2. Challenges in New- Product Development
3. New-Product Development Decision Process
4. Exercise
5.Managing the Development Process
6. Exercise
7.The Consumer Adoption Process


New Product Options
New-to-the-world
Products that create an entirely new market
Challenges in New-Product Development
1. Staying innovative
2. Focusing on incremental innovation
3. New-product failure
New Product Development Decision Process
Ch. 20 Introducing New Market Offerings
Managing the Development Process: Development to Commercialization
The Consumer Adoption Process
Revisions of existing products
Improving products
GE
Constantly innovating
Designs products for the world market
1. Idea Generation
Is the idea worth considering?
New product ideas
Brainstorming
Does the product idea meet company objectives/resources?
Turn idea into concepts
who, what, why
Presenting concept to target consumers
5. Business Analysis
prepare sales, cost, and profit projections
Will it meet our goals?
5. Product Development
7. Market Testing
Have product sales met expectations?
8. Commercialization
Are product sales meeting expectations?
Product Development
Prototypes
American Apparel Case Study
Evaluation
Consumer considers whether to try it
Trial
Consumer tries to improve his/her perception of value
Adoption
Consumer becomes regular user
Smart Car Case Study
Awareness
Interest
Consumer wants to seek more information
2. Idea Screening
3. Concept development & testing
4. Marketing Strategy Development
Marketing plan
Have we found Target market, product position, profit goals?
Turning customer requirements into working prototypes
Take list of desired customer attributes
Manufacturing and developing successful prototypes
Testing
Market Testing
Logo, branding, packaging
Product is put to test
Have we got a technically and commercially sound product?
Commercialization
Consumer is aware of innovation
Lacks information about it
Game: Phase 1
Create a drawing of your
new product
Create Prototype
Conclusion of Our Voyage
Write your name on your stars.
Game 1:
Look for moon rocks!!!
The PowerPot
Full transcript