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Chapter 10

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MARK 201
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Marketing Management I COMM 223Winter 2013Chapter 10 Product LifeCycle Strategies1NewProduct Development StrategyaNewproduct development the development of original products product improvements product modifications and new brands through the firms own product development effortsbMany new products fail because iCompany overestimate market sizeiiExecutives push bad ideas despite poor market researchiiiLaunched at the wrong time2NewProduct Development ProcessaIdea generation systematic search for new ideasiInternal Idea Sources through company Wikis or conventions for idea buildingiiExternal Idea Sources 1Distributorssuppliers are closer to the market and can better relate customer concerns2Competitors they buy a competitors product see how it works determine if they should release a product of their own3Outside firms4Asking customers what they want through online surveys etc careful here not to rely too much on customersbIdea Screening screening new product ideas to spot good ideas and drop for ones as soon as possibleiRWW real win worth it1Is it real Is there a real need for the product and will customers buy it2Can we win Does the product offer a sustainable competitive advantage3Is it worth doing Does the product set the companys overall growth strategycConcept Development and TestingiProduct concept detailed version of the new product idea stated in meaningful consumer termsiiIs important to distinguish between the product idea product concept and the product image 1Product idea idea for a possible product of the company conceives of offering to the market 2Product concept a detailed version of the idea stated in meaningful consumer terms
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