V49 nolan pecho introducing new market offerings

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V49 nolan pecho introducing new market offerings

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

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