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V49 nolan pecho introducing new market offerings

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  • 1. Introducing New Market Offerings Nolan E. Pecho, MD MBAH Batch 8 Chapter 20
  • 2. Objectives
    • What is needed before introducing a new product
    • How to create/develop a new product
    • How to reach the consumers
    • Application to the medical community
  • 3. Info needed before developing new product……….
    • Identify target customers
    • Identify customers’ needs
    • Determine desired market positioning
    1
  • 4. Offering new products through…
    • Acquisition
    • Develop own product
    • Medical City - acquiring Saviour International Hospital
    • Pharmaceutical Co. - buying patent from other pharmaceutical co. for drug manufacturing and distribution
    • Pharmaceutical Co. – R&D for new drugs
    • Hospitals – application of internal research outputs to patients’ management (i.e. innovative surgical procedures)
    Buy 2
  • 5. New Product Categories
    • New to the world
    • New product line
    • Addition to existing product lines
    • Improvement and revision of existing products
    • Repositioning
    • Cost reductions
    Kotler: Marketing management 13 th ed
  • 6. The need for new-product managers….
    • Responsible for seeing through the success of a new product development from conceptualization to commercialization
  • 7. Eight stages involved in new product development
    • Idea generation
    • Screening
    • Concept development and testing
    • Marketing strategy development
    • Business analysis
    • Product development
    • Market testing
    • Commercialization
    Kotler: Marketing Management 13 th ed
  • 8. What makes a successful new product….
    • Should be superior and/or unique
    • Well defined product concept
      • Define and assess target market
      • Product requirements
      • Benefits
      • Technological and marketing synergy
      • Quality of execution
      • Market attractiveness
  • 9. Consumer – Adoption Process
    • The process by which customers learn about new products, try them, and adopt or reject them.
    3
  • 10. Stages in the Adoption Process Awareness Interest Evaluation Trial Adoption
  • 11. Application in the Medical Community….
    • Hospitals – acquisition
    • Pharmaceuticals – acquisition &/or development
    • Medical Suppliers – acquisition &/or development
    4
  • 12. New offerings in a hospital setting…… 1. Repositioning
    • NKI -------- NKTI
    • CMC ------ STI / Accent Health
    • Drugs ----- side effects
    2. Additions to existing product lines
    • SLMC -- Sleep Center
    • In-hospital Dialysis Center
    • In-hospital Ambulatory Care Facily
  • 13. New offerings in a hospital setting…… 3. Improvements and Revisions of Existing Products
    • MMC -- creation of an minimally invasive operating suite
    4. New product lines
    • Creation of subspecialty clinics
    • Sexual health center
    • Wellness center
  • 14. New offerings in a hospital setting…… 5. New-to-the-world Products
    • Surgical Center for Congenital Anomalies?
    • Cancer Center?
  • 15. Summary
    • Identify target market and their needs
    • Develop superior value products that satisfy consumers’ needs
    • Market the product at every stage of development
  • 16. Introducing New Market Offerings Nolan E. Pecho, MD MBAH Batch 8 Chapter 20

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