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New Products by Page Moreau
 

New Products by Page Moreau

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  • See if you can figure what went wrong with some of these: Concept -Gerber food for adults Nestea’s launch of a yellowish carbonated beverage: Tea Whiz- nam Frito-Lay Lemonade Ben-Gay aspirin – concept and branding Packaging and price -Parfum Bic
  • p.59 Cooper 2001
  • Phase 5: Continued testing -- more elaborate and expensive. Includes test markets, roll-outs, and ultimately mass launch. Fuzzy Front-End: Why? The lack of good, hard info. Complicates all these pre-technical evaluations. However, the amount of time spent in these stages often determines the probability of the product’s success. Remember the flops I showed you. Most of those wouldn’t have required hard data to determine that they sucked. “Clairol Look of Buttermilk?”
  • Everett Rogers is one of the best known diffusion researchers. But, diffusion has it’s history in a variety of disciplines: anthropology, rural sociology (agricultural ideas/innovations), communication, education, and of course, marketing. This pic. Should look familiar -- comes from Geoffrey Moore’s Crossing the Chasm. The Tech. Adoption Life cycle - shows how communities (markets) respond to discontinuous innovations. (We’re not talking about M&M’s with crispies inside). How is this different from PLC? Does not include REPEAT only 1st-time use. Each segment in the curve represents a standard deviation from the adoption norm. Thus, the early and late majority EACH represent about a third of the population. Innovators: Tech enthusiasts Late Majority: Conservatives Early Adopters: Visionaries Laggarts: Skeptics Early Majority: Pragmatists
  • The speed with which the new product will diffuse depends on these 6 characteristics. Also, on things like the social system (what the visionaries look like -- are they opinion leaders) Understanding these factors is clearly crucial to crafting the marketing mix variables: ad copy, promotion strategy, etc., but it’s also critical to understand these up front when devleoping the concept and especially the pay-back period for the financial analyses.
  • Robertson - chair of mkt. Dept. at Wharton, now dean of Emory’s business school. Discontinuous: require consumer to learn new behaviors and change their methods of doing things Continuous: require no new behaviors: Relate back to Rogers’ compatibility, complexity, and risk. More commonly accepted categories: from the firm’s perspective::::

New Products by Page Moreau New Products by Page Moreau Presentation Transcript

    • WELCOME!
    • Looking for team members or a team to join?
      • Use the Facebook Discussion Board
      • Search: CU New Venture Challenge
      • http://www.facebook.com/group.php?gid=69467455116&ref=ts
    • Website: http://cunvc.org
    • Twitter: @cunvc
  • New Products January 20, 2010
  • Risky
    • To avoid failure, everything has to be right:
      • Concept
      • Design
      • Pricing
      • Positioning
      • Packaging
      • Advertising and Promotion
  • Drivers of Success in NPD Success Drivers Correlation with Profits Timeliness A unique, superior, differentiated product .53 n/s A strong market orientation w/voice of customer .44 .41 Early fact-based product definition prior to development .39 .24 Effective implementation of front-end activities .37 .41 Use of true cross-functional teams .33 .48 Leverage – project builds on firm’s core competencies .32 n/s Market attractiveness – size, growth, margins .31 .22 Quality of launch effort – planning and resources .29 .20 Tech. competencies and execution of technical activities .26 .32
  • The NPD Process Phase 1: Opportunity Identification and Selection Phase 2: Concept Generation/ Ideation Phase 3: Concept Evaluation & Screening Phase 4: Development Phase 5: Testing & Launch “ Fuzzy” Front End
  • NPD in Perspective
    • Diffusion of Innovations
      • Rogers (1962, 1983, 1995)
  • NPD in Perspective
    • Diffusion of Innovations
      • Rogers (1962, 1983, 1995):
        • Product Factors Influencing Diffusion Speed:
          • Relative Advantage (+)
          • Compatibility (+)
          • Complexity (-)
          • Trialability (+)
          • Observability (+)
          • Risk (Ostlund) (-)
  • NPD in Perspective
    • Are all new products the same?
      • Continuity Continuum (Robertson ‘71)
      • Commonly accepted categories:
        • New-to-the-World
        • New Category Entries (New Lines for Co.)
        • Additions to Product Lines
        • Product Improvements
        • Cost Reductions
        • Repositionings