MKTG 3000 Lecture Notes - Lecture 15: Organic Food, Marketing Mix, New Product Development

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22 May 2018
Department
Course
Professor
Marketing
Tippie Young Alumni Board
-This Friday
I. Name 3 Brands that describe who you are.
II. Innovation benefits
a. Position of firm in its industry
i. Leader= 49% of sales from porudcts introduced in the last 3 years
ii. Top third=35%
iii. Middle third= 27%
iv. Bottom third = 11%
b. Important rule: in order to ensure growth, 50% of your revuneue each year should come
from new products
III. Why new products fail
a. Lack of market research
b. Insignificant points of difference
c. Too like market attractiveness
d. Poor execution of marketing mix
e. Poor product quality
f. Bad timing.. too early/ too late
g. Economical access to buyers
h. 90% of new products fail
IV. Product life ycle
a. Refers to ategory=> a onept that proides a ay to trae the stages of a produt’s
acceptance, from is introduction (birth) to its decline (death)
V. Where are we?
a. Mobile phones=> mature
b. Premium coffee shops=> declining
c. Electric cars => growth stage
d. Self driven cars => introductory
e. Organic food => growing
f. VR headsets => growing
VI. Categoies of adopters
a. Innovators= those that are super passionate.
b. Early adopters= 34%
c. Early majority=>34
d. Late majority=> 34%
e. Laggards=? 13?
VII. Product characteristics and rate of adoption
a. Faster or slower?
i. Complexity
1. If it is super complex, slows things dodnw.
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Document Summary

Name 3 brands that describe who you are. Innovation benefits: position of firm in its industry, leader= 49% of sales from porudcts introduced in the last 3 years, top third=35, middle third= 27, bottom third = 11% Important rule: in order to ensure growth, 50% of your revuneue each year should come from new products. Why new products fail: lack of market research, too like market attractiveness, poor execution of marketing mix, poor product quality, bad timing too early/ too late, economical access to buyers, 90% of new products fail. Product life ycle: refers to (cid:272)ategory=> a (cid:272)on(cid:272)ept that pro(cid:448)ides a (cid:449)ay to tra(cid:272)e the stages of a produ(cid:272)t"s acceptance, from is introduction (birth) to its decline (death) Where are we: mobile phones=> mature, premium coffee shops=> declining, electric cars => growth stage, self driven cars => introductory, organic food => growing, vr headsets => growing. Innovators= those that are super passionate: complexity.

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