COMM 223 Lecture Notes - Lecture 10: New Product Development, Business Analysis, Marketing Strategy

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Hon Fung Li

Document Summary

Chapter 10 new product development and product life-cycle strategies. New product development the development of original products, product improvements, product modifications, and new brands through the firms own product-development efforts. Idea generation - the systematic search for new product ideas. Internal idea sources the company can find new ideas through formal research and development: companies can also obtain good new-product ideas from external sources i. e. suppliers and distributors. Marketing strategy development designing an initial marketing strategy for a new product based on the product concept: marketing strategy statement consists of 3 parts. Describe the target market, the planned value proposition and the sales, market share and profit goals for the first years. Outline the products planned price, distribution, and marketing budget for the first year. Describes the planned long-run sales, profit goals and marketing mix strategy. Business analysis a review of sales, costs, and profit projections for a new produ(cid:272)t to fi(cid:374)d out (cid:449)hether these fa(cid:272)tors satisfy the (cid:272)o(cid:373)pa(cid:374)y"s o(cid:271)je(cid:272)ti(cid:448)es.