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Chap012
 

Chap012

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    Chap012 Chap012 Presentation Transcript

    • 12
      THE PRODUCT EXPERIENCE:NEW PRODUCT DEVELOPMENT
      Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved
      McGraw-Hill/Irwin
    • LEARNING OBJECTIVES
      Recognize the importance of new product development to long term success
      Understand the new product development process
      Comprehend the process consumers use in adopting a new product
      Identify how new products become diffused in a market
      12-2
    • NEW PRODUCTS – CREATING LONG TERM SUCCESS
      “New” Defined
      Company Perspective
      New-to-the-World
      Disruptive Innovation
      Sustaining Innovations
      Reposition Existing Products
      Cost Reduction
      12-3
    • NEW PRODUCTS – CREATING LONG TERM SUCCESS
      “New” Defined
      Customer’s Perspective
      The customer’s perspective is much more narrow and self directed.
      The customer is most interested in an answer to the fundamental question, is this new product new to me?
      12-4
    • NEW PRODUCTS – CREATING LONG TERM SUCCESS
      12-5
    • NEW PRODUCT DEVELOPMENT PROCESS
      The three major activities in new product development are:
      Identify Product Opportunities
      Define the Product Opportunity
      Develop the Product Opportunity
      12-6
    • NEW PRODUCT DEVELOPMENT PROCESS
      Identify Product Opportunities
      Generate New Ideas
      12-7
    • NEW PRODUCT DEVELOPMENT PROCESS
      Identify Product Opportunities
      Screen And Evaluate Ideas
      Go-to-Market Mistake
      Stop-to-Market Mistake
      12-8
    • NEW PRODUCT DEVELOPMENT PROCESS
      Define the Product Opportunity
      Define and Test Product Concept
      Product definition has three objectives:
      Defines the product’s value proposition; what customer needs are being addressed and, in broad terms, at what price.
      The definition briefly identifies the target market(s) (who is the target market(s), what is the purchase frequency).
      The definition delineates the product’s characteristics (look, feel, physical elements, and features of the product).
      12-9
    • NEW PRODUCT DEVELOPMENT PROCESS
      Define the Product Opportunity
      Create Marketing Strategy
      Marketing
      Program
      Target
      Market
      Promotion
      Product
      Price
      Place
      12-10
    • NEW PRODUCT DEVELOPMENT PROCESS
      Define the Product Opportunity
      Conduct Business Case Analysis
      Total Demand
      New purchases
      Repeat purchases
      Replacement purchases
      Profitability Analysis
      12-11
    • NEW PRODUCT DEVELOPMENT PROCESS
      Develop the Product Opportunity
      Develop The Product
      Product Testing
      Test the Market
      Consumer Product Market Tests
      Business Product Market Tests
      Product Launch
      12-12
    • Summary of Decision Criteria in Market Tests
      EXHIBIT 12.5
      Source: www.emeraldinsight.com.
      12-13
    • CONSUMER ADOPTION AND DIFFUSION PROCESS
      Consumer Product Adoption Process
      Innovation diffusion process is how long it takes a product to move from first purchase to last purchase (the last set of users to adopt the product).
      12-14
    • CONSUMER ADOPTION AND DIFFUSION PROCESS
      Consumer Product Adoption Process
      An individual moves through five stages before adopting a product:
      12-15
    • CONSUMER ADOPTION AND DIFFUSION PROCESS
      The Diffusion Of New Innovations
      Innovators (2.5%)
      Early Adopters (13.5%)
      Early Majority (34.5%)
      Late Majority (34%)
      Laggards (16%)
      12-16
    • Consumer Product Adoption Chart
      EXHIBIT 12.7
      Source: www.rubiconconsulting.com.
      12-17
    • Thank You, Please Visit Us At :
      http://wanbk.page.tl