24220 Lecture Notes - Lecture 6: Qantas, New Product Development, Competitive Advantage
Document Summary
Lecture 6 developing products for overseas markets. What is it: the offer that you make to your target market customers in the international market. If the offer is successful you can earn revenue and profit and start to grow your business. How does it work: through extensive research into the external environment, target customer needs, competitor offers, competitive advantage evaluation and building a marketing plan, launching, managing and adapting it as needed. The importance of npd: most growing, profitable firms find that most of their revenues come from products that did(cid:374)(cid:859)t e(cid:454)ist (cid:1009) (cid:455)ea(cid:396)s ago. Immediacy and dependency firms have in order to keep up with changing customer needs. New products classifications: classification of the development and management of a new product, new to the world, new product lines, additions to existing lines, revisions to existing lines, cost reductions, re-positionings. Diffusion: the movement of new products to and within international markets (e. g. smartphones hardware/software)
