Marketing Chapter 9 New Product Development

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Marketing Chapter 9 New Product Development
2013-10-17 18:49:54
Chapter9 New Products

This is the main points of chapter 9 in the marketing class
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  1. Disruptive Innovation
    A fundamental change in the market place.
  2. Sustaining Innovation
    A product that expands and improves on an existing product
  3. Repositioning
    Setting up a product to go after a different market segment.
  4. Cost Reduction
    Offering a product at lower cost than before to attract price sensitive customers
  5. Three major activities in new product development
    • Identify Product Opportinities
    • Define the Product Opportinity
    • Develop the Product Opportunity
  6. Sources to help Identify Product Opportunities
    • Internal Sources
    • External Sources
    • Customers
    • Distributors
  7. Steps to Identify Product Opportunities
    • Screen and Evaluate Ideas
    • Define and Test Product Concept
    • Create your Marketing Strategy (The 5 P's)
    • Conduct Business Case Analysis
    • Develop the product (testing the product)
  8. Define Innovation Diffusion Process
    How long it take a product to move from first purchase to last purchase (the last set of users adopt the product)
  9. Five stages of the consumer adoption process
    • Awareness
    • Interest
    • Evaluation
    • Trial
    • Adoption
  10. Characteristics of Services
    • Intangibility
    • Inseperability
    • Variability
    • Parishability
  11. Internal Marketing
    Treating employees as customers, and developing systems and benefits that satisfy their needs