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1、Chapter NineNew-Product Development and Product Life-Cycle StrategiesCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development and Product Life-Cycle Strategies New-Product Development Strategy New-Product Development Process Managing New-Product Development Product Life-C

2、ycle Strategies Additional Product and Service ConsiderationsTopic OutlineCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development StrategyAcquisition refers to the buying of a whole company, a patent, or a license to produce someone elses productNew product development r

3、efers to original products, product improvements, product modifications, and new brands developed from the firms own research and developmentTwo ways to obtain new productsCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development ProcessMajor Stages in New-Product Developm

4、entCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development ProcessIdea generation is the systematic search for new-product ideasSources of new-product ideasInternal ExternalIdea GenerationCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Developmen

5、t ProcessInternal sources refer to the companys own formal research and development, management and staff, and intrapreneurial programsExternal sources refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firmsIdea GenerationCopyright 2014

6、by Pearson Education, Inc. All rights reservedNew-Product Development ProcessInviting broad communities of peoplecustomers, employees, independentscientists and researchers, and even thepublic at largeinto the new-productinnovation process.CrowdsourcingCopyright 2014 by Pearson Education, Inc. All r

7、ights reservedNew-Product Development Process Identify good ideas and drop poor ideas R-W-W Screening Framework: Is it real? Can we win? Is it worth doing?Idea ScreeningCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development ProcessProduct idea is an idea for a possible

8、product that the company can see itself offering to the marketProduct concept is a detailed version of the idea stated in meaningful consumer termsProduct image is the way consumers perceive an actual or potential productConcept Development and TestingCopyright 2014 by Pearson Education, Inc. All ri

9、ghts reservedNew-Product Development ProcessConcept testing refers to testing new-product concepts with groups of target consumersConcept Development and TestingCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development Process Marketing strategy development refers to the i

10、nitial marketing strategy for introducing the product to the market Marketing strategy statement includes: Description of the target market Value proposition Sales and profit goalsMarketing Strategy DevelopmentCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development Proce

11、ssBusiness analysis involves a review of the sales, costs, and profit projections to find out whether they satisfy the companys objectivesMarketing Strategy DevelopmentCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development ProcessInvolves the creation and testing of one

12、 or more physical versions by the R&D or engineering departmentsRequires an increase in investment Shows whether the product idea can be turned into a workable product.Marketing Strategy DevelopmentProduct development Copyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Devel

13、opment ProcessTest marketing is the stage at which the product and marketing program are introduced into more realistic marketing settingsProvides the marketer with experience in testing the product and entire marketing program before full introductionMarketing Strategy DevelopmentCopyright 2014 by

14、Pearson Education, Inc. All rights reservedNew-Product Development ProcessMarketing Strategy DevelopmentWhen firms test market New product with large investment Uncertainty about product or marketing programWhen firms may not test market Simple line extension Copy of competitor product Low costs Man

15、agement confidenceCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development ProcessTypes of Test MarketsStandard test markets Controlled test marketsSimulated test marketsCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Development Process Advantage

16、s of simulated test markets Less expensive than other test methods Faster Restricts access by competitors Disadvantages Not considered as reliable and accurate due to the controlled settingMarketing Strategy DevelopmentCopyright 2014 by Pearson Education, Inc. All rights reservedNew-Product Developm

17、ent ProcessCommercialization is the introduction of the new productWhen to launchWhere to launchPlanned market rolloutMarketing Strategy DevelopmentCopyright 2014 by Pearson Education, Inc. All rights reservedManaging New-Product DevelopmentSuccessful new-product development should be:Customer cente

18、redTeam-basedSystematicCopyright 2014 by Pearson Education, Inc. All rights reservedManaging New-Product DevelopmentCustomer-centered new product development new ways to solve customer problems and create more customer satisfying experiencesNew-Product Development StrategiesCopyright 2014 by Pearson

19、 Education, Inc. All rights reservedManaging New-Product DevelopmentTeam-based new-product development Company departments work closely together in cross-functional teams, overlapping in the product-development process to save time and increase effectivenessNew-Product Development StrategiesCopyrigh

20、t 2014 by Pearson Education, Inc. All rights reservedManaging New-Product DevelopmentSystematic new-product development innovative development approach that collects, reviews, evaluates, and manages new-product ideasCreates an innovation-oriented cultureYields a large number of new-product ideasNew-

21、Product Development StrategiesCopyright 2014 by Pearson Education, Inc. All rights reservedProduct Life-Cycle StrategiesProduct Life CycleCopyright 2014 by Pearson Education, Inc. All rights reserved Product development Sales are zero and investment costs mount Introduction Slow sales growth and pro

22、fits are nonexistent Growth Rapid market acceptance and increasing profits Maturity Slowdown in sales growth and profits level off or decline Decline Sales fall off and profits dropProduct Life-Cycle StrategiesCopyright 2014 by Pearson Education, Inc. All rights reservedProduct Life-Cycle Strategies

23、Copyright 2014 by Pearson Education, Inc. All rights reservedProduct Life-Cycle Strategies Slow sales growth Little or no profit High distribution and promotion expenseIntroduction StageCopyright 2014 by Pearson Education, Inc. All rights reservedProduct Life-Cycle Strategies Sales increase New comp

24、etitors enter the market Price stability or decline to increase volume Consumer education Profits increase Promotion and manufacturing costs gain economies of scaleGrowth StageCopyright 2014 by Pearson Education, Inc. All rights reservedProduct Life-Cycle Strategies Slowdown in sales Many suppliers Substitute products Overcapacity leads to competition Increased promotion and R&D to support sales and profitsMaturity StageCopyright 2014 by Pearson Education, Inc. All rights reservedProduct Life-Cycle Strategies Market modifying Product modifying Marketing mix