MGMT 105 Lecture Notes - Lecture 12: Swot Analysis, Marketing Mix
Document Summary
Stages of the new product planning process: idea generation. Internal sources, customers, middlemen, suppliers, competitors, international markets: screening. Swot analysis: long-term & short-term perspective on consumer welfare, new product category vs. Assessment of potential demand for new product: population-based estimates, Population*usage-based estimates, forecast by analogy, forecast by percentage of complementary product sales and forecasting based on past competitor performance. Concept testing using informal focus groups to formal surveys; more careful questioning for completely new product categories, form ideas about marketing mix variables: development. Developing model prototype and test marketing: commercialization. Introduction of product and marketing mix to final target market, gradual or full rollout. Involves testing the whole marketing mix, not just the product. Amount of test-marketing needed varies with each new product. Can be risky because it may give information to competitors. Signal jamming by competitors may hide useful information about consumer reactions to test-marketed product.
