Mark 201 Final Review

MARK 201: Introduction to Marketing
Taught by: Chelsey Stuart-Duval
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This course is also offered Digitally!
Tuesday, 11 December, 12

CHAPTER 10: New-Product Development and Product Life-Cycle Strategies

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New-Product Development
2 ways to get new products: 1. Acquisition: either a company, patent, license or product. Ex: Lancome buying L’Oreal 2. New Product Development: Original ideas, improved products, product modification, and new brands created in house. Ex: Coke made Coke Zero Vanilla
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New-Product Development
Major Stages

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New-Product Development
Biggest reasons for Failure:
Thinking the Market is bigger then it really is Poor Design Bad Positioning Wrong Timing Price too high Ineffective Promotion Management Influence High Development costs Competition
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New-Product Development Process
Idea Generation Internal: Looks at company’s own research and staff for ideas External: Looks at ideas outside the company like customers, suppliers, competitors, etc.
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New-Product Development Process
You need to identify the good products from the Bad. How? RWW Screening system: R: Is it Real? W: Can we Win? W: Is it Worth doing?
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New-Product Development Process
Concept and Development Testing Product Idea: A possible product the company can see itself offer a market Product Concept: Detailed version of the product in consumer terms Product Image: How the product will be perceived Product Testing: testing the product with groups of target Consumers. 8
Tuesday, 11 December, 12

New-Product Development Process
Marketing Strategy Development The initial strategy for introducing the product to Markets
Description of target Market Value Proposition Sales Profit Goals